As biometrics transitions from science fiction to reality, the financial services industry appears ready to embrace it as a mainstream means of authentication – for everything from mobile payment platforms to core processing systems.
According to the London-based firm Goode Intelligence, by the end of this year, some 450 million financial institution customers globally will use biometrics, which will also be the principal banking authentication method by 2020.
The Brookfield, Wis.-based core processor Fiserv, for instance, recently integrated palm vein biometrics technology into its DNA account processing platform, which will initially facilitate authentication for activities such as withdrawing funds or accessing a safety deposit box.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
