Whether using a fingerprint, an iris scan or a “selfie” to confirm identity, banks see biometric technology as a way to provide greater convenience and security to customers as they use their accounts. But, it’s still early days in mobile biometrics.
A new report from Mastercard and the Department of Computer Science at the University of Oxford highlights a big barrier. Only 36% of relevant banking executives feel they have adequate experience to deliver.
To overcome this knowledge gap, “Mobile Biometrics in Financial Services: A Five Factor Framework” explores this fast-evolving technology landscape and provides bank executives with guidelines to successfully bring mobile biometrics to life.
Simply put, they need to focus on Performance, Usability, Interoperability, Security and Privacy.
Some of these factors are more visible to the consumer, having a real impact on user experience, while others operate behind the scenes. But, long-term success for a bank requires that they address all factors equally to protect against threats. The framework can help financial service companies avoid the trap of focusing only on the ones their customers see.
Considering that global sales of smartphones are expected to reach $400 billion by next year, people everywhere will increasingly have access to the tool that makes mobile biometrics possible. Banks see that as an opportunity, and with initiatives like the collaboration with the University of Oxford and pioneering biometrics solutions like Mastercard Identity Check Mobile, Mastercard is a partner to deliver widespread and responsible adoption of mobile biometric solutions in financial services.
An Opus Research synopsis of the research contains a breakdown of the critical issues financial service companies need to address to successfully guide their businesses through the biometric journey, ensuring they’re making the right decisions every step of the way. The white paper is now available here. In addition, a webinar on the Five Factor Framework will be hosted by Opus, in collaboration with Mastercard, on July 11. Register here to secure your place.