Due to Apple’s work on inbuilt Biometric Authentication system using finger prints or other methods in its iPhone and iPad devices, there is a huge opportunity for any iPhone Development Company to develop mobile apps with Biometric Authentication support. There is no doubt that technology is evolving at very fast pace and we have been seeing so many changes happening in the technology front in last few years. Biometrics is a cutting-edge technology which is a form of measuring physical characteristics of a user to verify his identity. It has emerged in last decade or so and has been on an upsurge since then and with the growth and easy availability of mobile phones and mobile apps, is becoming the hottest technology around due to its lots of benefits for the users and people. You must have seen the use of biometrics in many science fiction movies. In today’s hi-tech age, many companies especially banks and financial institutions are facing the threat of frauds therefore these organizations are moving towards providing better security and authentication by using biometric authentication in their technical system.

Many financial and technical analysts are predicting that PIN number will become obsolete in next few years. Whether it becomes obsolete or not but everyone is agreeing on one point that in near future biometric authentication will play a much bigger role in the banking and financial industry in implementing the digital security.

Apple as well as Google both are working on incorporating Biometric Authentication into the platform itself which has enabled any Android Development Company or iOS app development company to build apps supporting this. Apple’s and Samsung’s finger recognition technologies has allowed the financial institutions to incorporate Touch ID authentication for mobile phones, which allow users to sign-in with a touch of a finger. The implementation of Biometric solutions provides an added layer of security beyond the simple passwords by measuring specific characteristics of a person, including his voice, handwriting, fingerprints, face, retina or iris of the eye, vein infrared thermogram or a combination of these identifiers. Now so many banks are adopting this technology to enhance their user experience for mobile banking by offering users lot more security and convenience in operation.

With the rise of fraud rates in banking industry, use of biometric authentication is surging very fast in the mobile space as banks are giving more priority to enhanced security. In this article, we will talk about how biometrics is helping the banking industry and how financial institutions can adapt this new technology.

Latest Trends in Biometric Landscape

As Apple is doing more research on using biometric authentication in mobile devices therefore take any iOS Development Company and it can help so many people by developing apps for this. Millions of customers are now shifting to mobile applications for their banking needs therefore preventing frauds has become a major concern for banks and financial institutions. As per a study, global biometric authentication market is expected to touch $25 Billion in next few years and most of this growth will come from banks. Below are some of the latest major trends in biometric technology which we will see during this growth period that will revolutionize the mobile banking industry.

By Using PINs and Passwords, Customers are at Risk of Fraud

All of the banks want that their customer data remains safe and secure with passwords and PINs but customers are still at a risk of fraud and we have been hearing many such news in past some years. Big companies have already realized that there is an urgent need of powerful security and therefore they are looking to build biometric authentication systems into their future products. These hi-tech companies are prompting the banks to enter into the biometric space for effective and safe use of mobile banking through banking mobile apps.

Latest Devices are Being Built with Biometric Authentication Support

Banks are now hiring App Development Company to build mobile apps supporting biometric authentication. Right now around 30% of the mobile devices are using biometric authentication for their secure login system. Now the number of mobile devices with biometric authentication is growing at a fast pace and banks are considering this as an opportunity.

Different Modes of Biometric Authentication

There are many modes of biometric authentication which institutions can adopt like fingerprint, voice, retina, heartbeat, facial recognition etc. Some banks like HSBC have already introduced the use of fingerprint and Touch-ID for logging into their mobile banking app. This removes the need of remembering long and complex passwords. With this technology, users can have better user experience with more convenience and security in place.

Use of Biometric Technology on Apple’s Smartphones

Apple Pay has already made mobile POS payments on smartphones more secure by using fingerprinting with Apple Touch ID to verify the identity of the user. Earlier, Touch ID was used only in App Store, iTunes purchases and to unlock the device itself. This new security method has already become popular among banks who are now integrating Touch ID for users to access their mobile banking services through the mobile apps. Banks like American Express, ING Direct and HSBC have already adopted this technology and more are following.

Multi-factor Authentication for Powerful Security

Many organizations are now considering multi-factor authentication (MFA) by combining a fingerprint with either retina, voice or facial recognition. MFA makes it almost impossible for a hacker to penetrate into customer’s accounts. For example, MasterCard has launched a selfie pay which allows users to approve online purchases by using facial recognition for verification. Users can opt for authenticating their purchase using a fingerprint as well.

Different Biometric Methods: –

These methods can be achieved on mobile devices either through its inbuilt biometric sensors or by attaching a portable biometric hardware to it via a USB cable or through a Wi-Fi connection. Below are some of the biometric methods which some of the banks are already using and others are planning to use in near future: –

Iris Scan
Voice Recognition
Facial Recognition
FingerPrint Scans
Vein Pattern Authentication

These above modes of biometric authentication can be used in different types of banking operations like withdrawing and depositing cash from ATMs, proving identity of the customers when contacting their bank and most popularly while authenticating through mobile banking apps. With the advancements of biometric technology, soon passwords, PINs and security questions will become obsolete. Hence by using Biometric modes for authenticating, financial institutions are trying their best to protect their customers as well as themselves.

Conclusion

Biometric authentication is brining revolutionary changes and benefits for the mobile banking industry as well as the users of these mobile banking apps. With this the financial institutions have the opportunity to optimize their user experience as Biometric Authentication will allow users to not remember passwords and usernames and this will simplify their lives. Also as biometric authentication cannot be hacked, shared or forgotten therefore customers are very excited to use biometrics in place of traditional authentication methods. This technology satisfies the bank’s urgent need to protect and safeguard their customer’s information. The success of biometrics will be extremely valuable for mobile banking customers and it will lower or totally eliminate the frauds using fingerprint and other biometric methods and will bring immense benefits to the customers and banks.