Be Your Own Password: The Rise of Biometrics for Business
The biometrics is increasingly making inroads to the businesses of today. Fingerprint scanners being used to let employees “clock-in” to work, or using iris scanning or facial recognition etc for unlocking our smartphones, the biometrics is already all around us. In an age that is getting digital with every passing day, different businesses are utilizing biometrics in a number of creative and innovative way. As per the BBVA research, the biometrics market across the globe will nearly double from $11 billion, previously valued in 2015, to $22 billion by 2020. While that research clearly paints a promising scenario for the biometrics, experts also perceive a rise in the market for biometric authentication. As per the estimates released by Juniper Research, users would have downloaded over 770 million biometric authentications app by 2019.
At the heart of this massive adoption is to safeguard online data in the age of cybercrimes and frauds, in addition to making the process more convenient, natural and easily accessible to all. While passwords can easily be stolen or forgotten, one can hardly forget any biometric feature – say their face or fingerprints. In fact, the biometrics scanning market has also undergone several disruptions. While fingerprint scanning had its shortcomings, in regards to the age, nature of job, deemed unsuitable for manual labourers, we now have Iris Scanning. Utilizing the thin, donut like muscle of the eye, Iris offers richer patterns, higher entropy and is more secure and resilient as a form of biometrics scanning.
Let’s have a look at how businesses across different industry verticals are or may adopt these disruption in biometric scanning.
Biometrics for Payments: In India, the wave of increasing digital adoption and affordability of smartphones is going to usher in a number of first-time users; biometrics makes security rather convenient and easy to use. At the same time, yesteryear’s demonetization drive and this
year’s GST regime has created solid grounds for users to adopt digital transactions. Hence, one of the chief applications of biometrics is going to be for ensuring secure online payments.
In fact, across the globe, online payments have been identified as one of the pain points when it concerns security. As a consequence, we already have a number of tech-giants vying to simplify online payments for their customers. MasterCard offers ‘Selfie’ payment technology, enabling online payments after verification via a selfie.
Features like Iris Scanning in smartphone etc can be further used to ensure secured transaction, without putting the entire onus of creating ‘secured, unique, and un-hack-able’ passwords on to the customers.
Biometrics for Banking: In addition to payments, biometrics can be used for a seamless banking experience. Offering customers a better security than passwords that can be hacked or identity thefts, banks have a lot to benefit from adopting biometrics scanning. Dwelling in an age that is marked with rapid digitalization, banking customers are less motivated than ever before to visit a bank branch.
With biometrics, banks get to provide their customers with digital security and ease of banking. With a number of banks, FinTech players and NBFCs sprouting up off late, providing unrivalled customer services is a way for these payers to establish their unique appeal; adopting biometrics is perhaps a step forward in the same direction. Affirming the rise of this trend is the report by Consultancy group, Google Intelligence, predicting that biometrics will be the predominant method for customers to identify themselves while accessing banking services by 2020.
Biometrics is Coming to Automobiles: As per Markets and Markets, the biometric vehicle access system will grow at a 14.06 percent CAGR by 2021 to be worth $854.8 million. Biometrics authentication not only provides secured access to the vehicle, but when coupled with Internet of Things, can also predict any impending security concerns. Iris scanning & IoT can also be utilized to switch to self-driven or send alerts if the driver may snooze while driving.
The next tech-disruption in automobiles is going to be the advent of connected cars. In fact, as per the estimates released by Gartner, we should be expecting more than a quarter billion connected automobiles on the road by 2020. This, along with the expected advent of self-driven cars creates immense opportunity for the adoption of Iris Scanning in cars.
In a nutshell, businesses adopting biometrics is increasingly becoming a norm. Whether we consider the high-risk segments or the small businesses, biometric adoption offers a number of key benefits, keeping the risk and costs to a bare minimum. Key decision-makers of businesses should opt for biometrics authentication, in order to offer convenience to customers, whilst making the businesses pro-actively secured.
Key decision-makers of businesses should opt for biometrics authentication in order to offer convenience to customers, whilst making the businesses pro-actively secured
In fact, across the globe, online payments have been identified as one of the pain points when it concerns security. As a consequence, we already have a number of tech-giants vying to simplify online payments for their customers. MasterCard offers ‘Selfie’ payment technology, enabling online payments after verification via a selfie.
Features like Iris Scanning in smartphone etc can be further used to ensure secured transaction, without putting the entire onus of creating ‘secured, unique, and un-hack-able’ passwords on to the customers.
Biometrics for Banking: In addition to payments, biometrics can be used for a seamless banking experience. Offering customers a better security than passwords that can be hacked or identity thefts, banks have a lot to benefit from adopting biometrics scanning. Dwelling in an age that is marked with rapid digitalization, banking customers are less motivated than ever before to visit a bank branch.
With biometrics, banks get to provide their customers with digital security and ease of banking. With a number of banks, FinTech players and NBFCs sprouting up off late, providing unrivalled customer services is a way for these payers to establish their unique appeal; adopting biometrics is perhaps a step forward in the same direction. Affirming the rise of this trend is the report by Consultancy group, Google Intelligence, predicting that biometrics will be the predominant method for customers to identify themselves while accessing banking services by 2020.
Biometrics is Coming to Automobiles: As per Markets and Markets, the biometric vehicle access system will grow at a 14.06 percent CAGR by 2021 to be worth $854.8 million. Biometrics authentication not only provides secured access to the vehicle, but when coupled with Internet of Things, can also predict any impending security concerns. Iris scanning & IoT can also be utilized to switch to self-driven or send alerts if the driver may snooze while driving.
The next tech-disruption in automobiles is going to be the advent of connected cars. In fact, as per the estimates released by Gartner, we should be expecting more than a quarter billion connected automobiles on the road by 2020. This, along with the expected advent of self-driven cars creates immense opportunity for the adoption of Iris Scanning in cars.
In a nutshell, businesses adopting biometrics is increasingly becoming a norm. Whether we consider the high-risk segments or the small businesses, biometric adoption offers a number of key benefits, keeping the risk and costs to a bare minimum. Key decision-makers of businesses should opt for biometrics authentication, in order to offer convenience to customers, whilst making the businesses pro-actively secured.
