A REPORT by EyeVerify, maker of the Eyeprint ID biometric technology for smart mobile devices, found that nearly 8 out of 10 respondents want more biometric authentication methods beyond the fingerprint to access mobile banking or payment apps.
The relevance of the report for electronic security people is that biometric authentication is seen as adding security, value and quality to providers, as well as driving increased app use – that’s vital for mobile security applications seeking a differentiator.
“The Retail Banking Biometrics Confidence Report,” the survey was conducted to give financial institutions insight into consumer preferences and behaviour regarding various biometrics offerings, according to the company.
“Most people use some form of biometrics every day, but they want more opportunities to use it to make their lives easier and more secure. Banks and payment providers have a huge opportunity right now to build brand trust by giving customers the user experience they want,” says Toby Rush, CEO and founder of EyeVerify. “Those who are investing in biometrics authentication will be able to increase customer usage and reduce risk at the same time.”
Other findings of the report included that biometrics decrease login friction and drive more app use – nearly 90 per cent of respondents said that biometrics makes logging into apps easier than typing in a password. When comparing those who use fingerprint scanning to the general population, the data shows that the more frequently they use it, the more likely they are to use other biometrics modalities for mobile banking and payments. Those who use fingerprint scanning once a day or more are twice as likely to use eye recognition as those who don’t use fingerprint scanning at all.
Biometrics also drive higher trust in brands — biometrics reflect positively on brands by inspiring trust in those that offer it to their customers. More than 80 per cent of respondents report they believe banks offering biometric authentication are proactively addressing mobile security. More than three-quarters (78 per cent) agree that mobile apps with biometrics are more secure than apps that don’t use it, and 82 per cent said biometrics are more secure than passwords for mobile banking and payment transactions.
Interestingly, 42 per cent said they would not use a banking or payment app that doesn’t offer biometric authentication.♦