Cash for biometrics
Payments biometrics will be a $1.8 billion market this year as banks turn to fingerprints, retinal identification, facial ID and voice patterns to protect financial transactions from fraud, identity theft and security breaches, according to Biometrics Research Group. And the research form says the deployment of new biometric tech in the banking sector has the potential to cut a financial institution’s operational risks by at least 20% over the next 10 years.
Banks have identified voice as one of the best means to secure client accounts and financial information, with biometrics comparing various characteristics such as inflection, pitch and dialect, drawn from a person’s voice for matching with voice pattern data previously captured. And the likes of JPMorgan Chase and Wells Fargo are already using voice screening to identify fraud suspects by monitoring for voices matching those stored on a suspects database.
The research outfit isn’t the only one expecting a bio-future. According to Viacom’s Millennial Disruption Index – a study of more than 10,000 millennials over three years – around 70% of respondents believe the way we pay for things will be totally different in five years’ time.
Biometrics also expects mobile commerce to emerge as the next killer application, with developments led by smartphone manufacturers and payment processors like PayPal. It expects the inclusion of biometrics in mobile devices to generate around $9 billion in revenue for the biometrics industry by 2018.