Over 1 billion people will use biometric authentication systems to access banking systems by 2017 – and by 2020 biometrics will be the principal method customers will use to authenticate to their bank services. So says a biometric security report by Goode Intelligence, the London-based research firm.
The report also notes that by the end of 2015 some 450 million bank customers will use biometric authentication for payments, transacting at ATMs, identifying themselves to their bank via telephone, using their mobile banking app via fingerprint, and for KYC and AML compliance when transferring funds online.
Responsible use of a person’s unique biometric signature is made possible through deployment of mobile devices with embedded biometric sensors and Trusted Execution Environments (TEEs). Biometric security for banking will be easier and more secure than bank security through customer use of outmoded passwords, password managers, and password management. Biometrics also replaces software and hardware two-factor tokens that are insecure, are an odd fit for consumers, and suffer from fragmentation that limits interoperability.