LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global biometrics market in BFSI sector provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Biometrics is widely being implemented in mobile devices to control accessibility. The Touch ID in Apple devices, which allows end-users to unlock their devices and make payments for their purchases on Apple digital media stores, uses fingerprint biometrics. Further, an individual's fingerprint data is neither stored on Apple servers nor on iCloud, but on the chip inside the device. This avoids instances of privacy intrusion and fortifies security. Mobile companies like Motorola and Samsung have also incorporated biometric fingerprint sensors in their devices to manage the accessibility of applications and data. The global biometrics market in the BFSI sector is anticipated to witness impressive growth and will post a staggering CAGR of close to 20% over the forecast period.
Amrita Choudhury, a lead analyst from Technavio, specializing in research on automatic identification systems sector, says, “With increase in instances of security breaches and transaction frauds, the need for highly secure identification and verification systems has increased manifold in the BFSI sector. Biometrics authentication is considered as an ideal solution to address the security issues in the BFSI sector because it relies on the unique physiological features of the individuals.”
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The top four emerging trends driving the global biometrics market in BFSI sector according to Technavio ICT research analysts are:
- Adoption of vein recognition in ATMs and POS terminals
- Multimodal biometrics in BFSI sector
- Proliferation of facial recognition in BFSI sector
- Introduction of voice biometrics in BFSI sector
Adoption of vein recognition in ATMs and POS terminals
Banks and financial institutions in the developing countries such as India, China, Argentina, Brazil, Mexico, and South Africa are ready to adopt vein recognition biometrics to verify the identity of their customers. Also, in the global BFSI sector, vein recognition is likely to find greater adoption in the next two years, specifically in m-banking as it is accurate and user-friendly. The major application areas of vein recognition biometrics in the BFSI sector includes door security, log-in management for PCs, ATMs, POS terminals, and banking transactions.
Multimodal biometrics in BFSI sector
Multimodal biometrics uses a combination of two or more biometric technologies to identify and verify individuals. In many situations, one form of biometric identification does not yield accurate and exact match of the identity of an individual. The combination of biometrics like fingerprint and finger vein pattern or a combination of fingerprint, iris, and voice pattern, is more reliable, accurate, secure, and capable of avoiding spoofing attacks. This is likely to lead to higher adoption of this system in the BFSI sector in countries across the world.
Proliferation of facial recognition in BFSI sector
Facial recognition biometric technology is gaining traction in the BFSI sector to provide clients secure access to their bank accounts eliminating the need for a username and password.
3D facial recognition technology is further influenced by its increasing demand in ATMs, mobile payment at POS, and online banking services. “The use of 3D biometric facial recognition in the global BFSI sector is gaining popularity and is likely to be adopted in other areas of the business like loan approval, personalized assistance, as well as determination of blacklist customers,” says Amrita.
Introduction of voice biometrics in BFSI sector
The usage of various internet networks for financial transactions have increased the vulnerability of financial accounts and user data. Further, customers are expected to remember numerous passwords, PINs, and card numbers to verify themselves and proceed to make secure transactions, which is rather inconvenient. Therefore, voice biometrics is being used in the financial sector that will provide secure access to bank accounts and will help end-users to carry out financial transactions by verifying their identity with their voice.
For instance, in 2014, Abu Dhabi Commercial Bank deployed FreeSpeech, a voice biometric solution from Nuance Communications, for secure and easy authentication for customers through their unique voice pattern. It supports banking transactions through mobile devices and languages like Arabic, English, and Hindi.
Browse Related Reports:
- Biometrics Market in North America 2016-2020
- Global Biometric Sensors Market 2016-2020
- Global Vein Recognition Biometrics Market in BFSI Sector 2015-2019
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