At a time that is seeing more and more emphasis placed on finding the right KYC solutions, biometrics is playing an increasingly prominent role. Once restricted to the military and secret service, biometric authentication is now common in organisations globally.
You see biometric authentication increasingly in industries such as finance, retail and health, where legislation such as PSD2 is driving the adoption. Unsurprisingly, experts predict the biometrics market will be worth $50 billion by 2024.
How biometric authentication helps to ensure a swift, secure and frictionless experience
Unique physical characteristics – such as face, fingerprint, iris and even behavioural patterns – are used to identify individuals. The practice is proving its worth in today’s emerging KYC solutions, where a KYC check can take 24 days on average.
Unsurprisingly, then, customers have come to expect both the utmost security and a seamless and hassle-free experience. Balancing convenience and security is a demand that biometrics serves by simplifying and speeding up the customer authentication process.
Thanks to biometric authentication, customers can avoid the hassle of having to frequently reset passwords or devise PINs to protect their accounts and helps to protect businesses by giving you significantly secure log in solutions.
Adopt biometric authentication now to gain an edge on competitors
Biometrics is by no means yet perfect or fool proof. Amazon’s facial recognition system, for instance, has attracted criticism for disproportionately misidentifying ethnic minorities and wrongly identifying 28 members of congress as arrestees. This shows the importance of choosing the right vendor for your business and that machine learning should be used to train neural networks. Having the right anti-spoofing capabilities in place is key to making biometric authentication successful, so make sure you do your research before putting something in place.
By making an educated decision on how to deploy biometric authentication across your business, you are giving yourself a competitive advantage. Two thirds of customers want biometric authentication as part of their banking process. By 2020, it’s estimated that 100% of smart mobile devices will include embedded biometric sensors as a standard feature making biometric adoption even more common. Businesses that embrace biometric authentication are now showing they are innovative and care significantly about the security of their customers.
KYC solutions grounded in biometrics could greatly help you to enhance customer trust, while also making the customer experience faster and more secure. Starting your journey to find the right biometric authentication for your business? Download our guide that takes you through four steps to choosing the right biometrics for your business.