REPORT: By 2020, biometrics will be predominant method bank customers will use to identify themselves

Tuesday, June 2, 2015

Goode Intelligence, a leading research and consultancy organisation for the biometric and banking industry, today issued a new Analyst Report forecasting that by 2017 there will be over one billion users accessing banking services through biometric systems.

In its latest Analyst Report, Biometrics for Banking; Market and Technology Analysis, Adoption Strategies and Forecasts 2015-2020, Goode Intelligence also predicts that by 2020, bank customers will use biometrics as the predominant method of identifying themselves to access bank services. Biometrics for banking is already a mature industry with plenty of successful implementations around the world; millions of bank customers are already using their biometrics on a daily basis to provide secure convenient authentication across every major bank channel.

According to Goode Intelligence, biometrics is being adopted across all of the major bank channels and by the end of 2015 some 450 million bank customers will be using biometrics in a variety of bank scenarios including:

  • Withdrawing cash from ATMs
  • Proving identity when contacting their bank via telephone
  • Authenticating into their mobile bank app using fingerprint
  • Using a combination of face and voice to fulfil Know Your Customer (KYC) and Anti-Money Laundering (AML) measures when accessing web-based eBanking services

Source: Goode Intelligence (link opens in a new window)

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banking, financial inclusion, financial services