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June 2 - Biometrics will be main
banking identity authorization method by 2020, says report
Article: Technology For A Global Monetary System
Goode Intelligence published its “Analyst Report, Biometrics for Banking; Market and Technology Analysis, Adoption Strategies and Forecasts 2015-2020,” which forecasts that there will be over one billion users accessing banking services through biometric systems by 2017.
In the report, Goode Intelligence predicts that by 2020, bank customers will use biometrics as the predominant identity authorization method to access bank services. By the end of 2015, there will be approximately 450 million bank customers using biometrics in various bank scenarios including withdrawing cash from ATMs, proving identity when telephone banking, and authenticating into their mobile bank app using fingerprint.
“There is a growing desire from the banking industry to adopt convenient methods to verify the identity of their customers and this is creating the conditions to drive the adoption of biometrics in banking even higher,” said Alan Goode, author of the report and founder of Goode Intelligence. “The adoption for banking purposes is a major contributor to this growth and we are forecasting that by 2020 it will contribute US$5.5 billion in revenue for companies involved in delivering biometric systems to the banking industry.”
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