Over 1.1 bln customers to use mobile biometrics by 2020

According to a research conducted Goode Intelligence, by 2020 over 16 billion mobile biometric payment transactions will be made.

According to Goode Intelligence, today, millions of customers (120 million plus during 2015) are using mobile biometrics on a daily basis to provide secure and convenient user authentication and transaction authorisation. The report predicts that this trend is set to continue and accelerate.

Adoption is being seen across almost all of the financial services industry; from traditional (ATMs) to alternative (Bitcoin Wallets) – the mobile is fast becoming the biometric authenticator of choice for the financial services industry.

The report identifies the major trends shaping this industry and includes analysis of how mobile biometrics is reshaping the financial services industry by supporting both banking and payment services.

One of the major trends that the report has discovered is the pressing requirement from financial institutions for mobile-based biometric technology that is bank and payment grade. Goode Intelligence defines this trend as Mobile Biometrics 2.0; where you can meet userability and frictionless user authentication requirements but also meet the needs for an FI-managed trust model that ensures adequate security and privacy, enabling its use for higher value payments and full-feature mobile banking.

Mobile Biometrics 2.0 has to meet the needs of a robust and agile biometric authentication solution that supports enterprise-grade identity and access management features, meeting strict Anti-Money Laundering (AML) and Know Your Customer (KYC) regulation.