PINs and passwords will soon be a thing of the past as the wave of capital and new technology centered on biometrics, physiological and behavioral authentication is quickly evolving. Biometric measures use DNA, fingerprints, eye retinas and irises, voice recognition, facial patterns, vein patterns and hand measurements to authenticate and verify people’s identities.
A new report by BBVA Compass economists finds biometrics in banking is most popular in developing economies in Asia, such as India and Indonesia; the Americas rank second.
Current estimates say the global biometrics technology market in the financial sector alone could reach into the billions by 2020. This includes biometric sensors, biometric app downloads, direct purchase and software development fees and authentications fees from biometrically secured payment and non-payment transactions.
Uncertainty about biometric authentication’s ability to guarantee the protection of personal information is common, but a recent survey found that one in five members of generations X and Y would be willing to share their DNA to help secure financial and personal information.
According to the BBVA Compass research report, the benefits of biometrics go beyond strengthening proof of identity and enhancing fraud detection.
BBVA Compass is a Sunbelt-based financial institution that operates 672 branches, including 341 in Texas, 89 in Alabama, 77 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico, and commercial and private client offices throughout the U.S.
For data, background and forecasts on BBVA Compass : Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 payments metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).