With so many convergences between the worlds of biometric authentication and fintech, we thought it would be a good week to round up some recent articles that sum up what’s happening in the worlds of digital security and financial technology innovation.

From a growing biometrics security market to a new potential Euorpean fintech investment hub, it’s a dynamic time.

 

1. Biometrics Security Market to Grow by 40% by 2021

As biometric authentication grows in popularity, it comes as little surprise that a new piece of research predicts the global biometrics industry will result in a market worth more than $30 billion by 2021, an incredible rise of 40%.

The forecast attributes this growth to increasing consumer security awareness, and predicts that although banking and financial services will be the biggest areas of growth, a whole range of biometric authentication applications are likely, from smart ATMs to voice recognition in customer call centres.

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2. Banks Using Biometrics to Detect Scammers

It isn’t just consumers who are growing in awareness of the potential of biometrics for security – a great Fortune article recently outlined how one bank was able to identify and stop a criminal gang orchestrating financial fraud using biometric sensors.

The sensors were able to detect unusual heartbeats and body heat patterns from new customers who had come to open an account, alerting the bank to the ruse.

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3. Is Stockholm the Next Fintech Hotspot?

Although we recently learned that the UK and Ireland are fast-growing as global fintech hubs, Stockholm is quietly emerging as a fintech force.

In 2014, Stockholm received the second largest amount of all European VC fintech funding, 18%, second only to London’s 37%.

With a financial services legacy and a growing number of skilled digital businesses, could Stockholm challenge London as the European fintech capital?

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4. The 2015 Fintech Investment Landscape

On the subject of investment, 2015 was an interesting year for fintech.

This SlideShare by Innovate Finance takes a detailed look at the investment landscape over the past 12 months, revealing that the UK attracted the highest volume of deals outside of the US. Overall investment increased by 35% to $901 million across 72 deals.

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5. Fintech Transatlantic Working Policy Group Formed

UK and US fintech ties continue to strengthen with the announcement that a new Transatlantic Policy Working Group (TPWG) has been created.

The group will advocate for policies that foster innovation and promote information sharing and best practice.

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Dan Morgan, Head of Policy and Regulation at Innovate Finance said the group:

...will help drive real change in the public policy arena when it comes to the development and growth of a vibrant FinTech sector that promotes transparency and competition in financial services.

6. HSBC Touts Biometrics for its Fintech Division

And finally, fintech and biometrics meet with the news that HSBC is investing in biometrics solutions for its financial technology division, and launching several biometric security technologies into its existing service models, including voice authentication for its online banking arm, First Direct.

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