As more FIs seek to make their customers lives easier, the once staunchly resisted idea of exchanging the task of recalling passwords for a fingerprint scan or some other biometric key is meeting with heightened anticipation.
“Advances in mobile device technology is increasing the speed and accuracy of biometrics, such that they can be used for financial transactions,” said Gord Jamieson, Head of Risk Services, Visa Canada. “This makes it the ideal time to integrate biometric technology into payments experiences for customers. At Visa, we are investing in the best ways to add these emerging technologies to our products and services.”
Mercator Advisory Group’s coverage of these developments, both on the technological side and with regards to consumer acceptance has shown that more consumers are opting for biometric identity authentication with increasing regularity over passwords and PIN. The uptake in Mobile Cash Access at ATMs is just one illustration of how the biometric sensor on one’s own device is preferred over card and PIN access. We anticipate a standardization of tiering in the marketplace where the value of the transaction will determine the number and level of biometric authentication process employed to verify identity.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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