Trends affecting Biometrics in BFSI Industry
The upcoming generation of biometrics leverage smart devices for the sake of reach to a larger audience. Smart devices also support in gathering high quality of data, also the speed and accuracy of authentication from smart devices are high. Hybrid devices help increase accuracy even further in authentication by combining two or three biometric patterns in the market.
The security of data across smart or hybrid devices is ensured to be intact. These devices are composed of integrated biometric capture devices and are capable of authenticating anyone with accuracy. The biometric data usually include fingerprints, face and Iris. The challenge we commonly face with smart devices is security and size of the device.
There has been a number of breakthroughs in the recent past related to device security, data security and device size, battery life so on. These technology advancements have brought in considerable changes in the BFSI sector. We make an attempt to look at the trends that are affecting the biometrics for BFSI. Biometrics as an authentication service in BFSI is becoming more and more in use, as with an advanced program executed. Biometrics are gathered from the people to provide proof of identity not just for government services, but banking, telecom and healthcare services as well.
Recent years have witnessed the increase of digitization of the BFSI sector and has been the major growth driver for BFSI biometric market. We are aware the rise of mobile technology has made us habituated to digital transactions and payments. With the growing volumes of transaction, banking field often needs to authenticate a customer without inconvenience to the customers. Biometrics have paved the way for this activity.
The trends that are affecting BFSI biometric space are:
This has been recently adopting in banking space in POS terminal, ATMs. Vein recognition technology is now being used as an additional authentical factor in the multi-modal biometric platform in addition to voice and face. Banks and financial institutions in developing countries have expressed intent towards this technology and is likely to find more adoption in the next few years.
Multimodal biometrics since its inception has been a proven concept with the adoption of a combination of biometrics like face, fingerprint and IRIS. World’s largest biometric exercise is leveraged on this concept. However, in banking and financial institutions, the recent success has shown that the combination of fingerprint, voice and Iris in multimodal biometrics platform has been widely adopted.
It is growing in traction in the BFSI sector. 3D technology of facial recognition technology is accepted as an industry standard and is being used for online banking, ATMs, mobile payments so on. It helps in the easy determination of blacklist customers and defaulters with bad credit history.
Voice biometrics offer secure access to bank accounts. This helps end-users to perform a transaction through authentication of voice. This technology has just seen light and has the potential to make its mark in BFSI biometrics space.
The trends along with technologies keep evolving from time to time and change the dimensions of biometrics being adapted to be suitable for that industry. The trends discussed here are set to stay for quite some time due to the reliability they possess. However, industry research is in the process of connecting a few dots to make all of this work for us in a secure and convenient way.