According to a study conducted by TrendForce, innovations within the global finance industry will see the market value of biometric identification for financial services applications increasing from USD 123 million in 2015 to USD 657 million in 2019.
While fingerprint recognition systems are currently the most available biometric identification technology in the market currently, fingerprints are easy to duplicate and thus there are rising security risks for fingerprint-based solutions. Increasingly, the financial sector is favouring vein patterns as its biometric identifier. Other technologies of promise include 3D facial recognition and iris recognition.
Vein recognition technology is restricted to checking vein patterns of living body tissues and offers reliable reading. Moreover, vein patterns are nearly impossible to counterfeit. Many banks worldwide consequently have incorporated this technology into their ATMs to improve the user authentication procedure of these machines.
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