Consumer Trust in Biometric Banking Growing
May 11, 2017
A new study has once again shown that Biometric Banking is becoming ever more popular. The implementation of biometrics in payment and banking apps, is being recognised as a way to improve both security and convenience for a growing number of consumers.
Biometrics wanted and sometimes required
The study comes from American Company, EyeVerify, which provides biometric software for mobile apps. It surveyed just over 1,000 U.S. adults and found that 79 per cent of them were interested in using biometrics – such as fingerprints, eye, face and voice recognition – for their banking apps.
In fact, 42 per cent of the respondents indicated that they would not consider using a banking or payment app that didn’t have biometric options. Across the board and across all age groups, the survey found biometrics have an increasingly strong appeal.
The appeal of biometric banking lies in two main areas. First of all, it simplifies the experience for users. The survey demonstrated this benefit clearly, with some 86 per cent of respondents agreeing that biometrics makes logging into apps easier. With biometrics, the need to remember long unique passwords is removed for users, and banks can benefit from higher levels of engagement, as the users tend to log in more regularly.
The second advantage, for both the bank and its customers, is the improved security that biometrics provide. They are far more secure and difficult for hackers or fraudsters to overcome. Some 78 per cent of respondents to the survey indicated that they felt biometrics were a more secure option.
So, biometric banking brings benefits to both the customer and the provider in the shape of security and convenience. As such, it’s no surprise that the popularity of the technology is growing. But those two main benefits are not just limited to the world of banking. Whatever the industry, and whatever the application, if an element of identity management or user authentication is called for, then biometrics are growing in popularity as the best way forward for both public and private sector organisations.
Not surprisingly, that’s what we believe in here at BioStore, and we have plenty of experience of our solutions helping organisations, such as schools and businesses of all sizes, to run incredibly smoothly.
We offer a variety of authentication methods – such as passwords and smart cards – but it’s our biometric option that provides the greatest simplicity and tightest security for an organisation. Find out more here.