Mobile banking biometrics gains traction
02 July 2015 | 12082 views | 1
Banks are rapidly adopting biometrics as an authentication method for mobile services and are willing to cooperate to provide customers with a common interface, according to a survey from the Mobey Forum.
Of 235 respondents from financial institutions and solutions providers in Europe, North America and the Middle East, 22% currently offer biometric authentication for access to mobile services. However, this is set to rise to 65% in the near future, with fingerprint scanning the most popular method of authentication, followed by voice recognition and iris scanning.
The most common use for biometrics is authenticating users at the login, while transaction confirmation is also seen as a possible use for the technology and digital document signing is cited by some respondents. The main reason for introducing biometrics is customer convenience, while security is also important and many respondents simply want to be viewed as innovative and advanced.
There are concerns about the technology, noticeably the fact that things such as fingerprint scanning makes banks dependent on the handset makers. The vast majority of survey respondents say that fingerprint sensors with open interfaces that let banks control the authentication data are preferable to closed interfaces.
Meanwhile, 58% of banks are willing to collaborate on biometric authentication to create a common interface and enable customers to have one identity for many services.
Sirpa Nordlund, executive director, Mobey Forum, says: "Successful financial solutions need to be easy and convenient; a collaborative approach will ensure consumers are presented with stable and consistent services, driving adoption."