Source: Chris Skinner, TowerGroup
Rising fraud levels means that banks can no longer afford to ignore the potential of biometrics says Chris Skinner, Towergroup director and founder of shapingtomorrow.com.
A recent TowerGroup survey found that only 35% of banks have a biometric authentication program in place although, more encouragingly, a further 10% of firms were piloting. That is why we expect spending on biometrics to increase from about $1.4 billion this year to about $4 billion in 2007 with a Compound Annual Growth Rate of 28%.
The net result is that you should expect to see much more biometric deployments proliferating across the financial industry as we see these technologies becoming commonplace and mainstream.