Iris scanning has overtaken fingerprinting as the most popular biometric measure, it’s suggested.
Demand for types of biometric authentication has risen significantly since 2014, according to the Intelligent Environments’ 2016 Future Password Index (FPI). The second iteration of the FPI found that 60 per cent of consumers would consider using iris scanning technology in 2016 compared to just 33pc two years ago. The latest FPI also highlights that other technologies, such as facial recognition, heartbeat monitors and voice verification have also risen in popularity.
A new addition to the list is vein verification, which was added to the list after Barclays’ announcement of late 2014 that the bank was planning on introducing it; some 37 per cent of consumers said that they would consider using it.
The research comes in the wake of a series of public hacks and cyberattacks, and suggests that security has become a deciding factor when choosing who to bank with for over a third (37 per cent) of British consumers. British consumers aren’t totally satisfied with their banks’ security offering, with over a quarter (26 per cent) stating their bank could do more to protect their data from hackers and online fraudsters.
One of the ways consumers are looking for banks to better protect their data is through the use of biometric authentication. Almost half (45 per cent) would like to use biometric tools to access their bank account, and nearly a third (29 per cent) say they would be more likely to use a bank that has biometric security.
While consumer demand continues to grow, biometric adoption remains low. Fingerprinting came out top in terms of use according to the index, with 13 per cent saying they already use it, but adoption rates for all other forms of biometric authentication remains at less than 4 per cent. This is despite several financial institutions, such as HSBC and Barclays, as well as the new bank Atom, which is a client of Intelligent Environments, and the payment provider MasterCard, introducing tools such as vein, voice and selfie (face) authentication.
Clayton Locke, chief technology officer at Intelligent Environments said: “Given the increase in high profile cyberattacks over the past couple of years, it’s no surprise that security is increasingly a priority for consumers. Our previous research shows that traditional PINs and passwords are no longer up to the task of keeping valuable personal and financial details safe.
“Given the clamour for biometrics amongst consumers, those banks who seize the moment and are able to introduce biometric security measures across the board are likely to attract new customers from rival outfits. Over the coming decade, biometrics and security more broadly will undoubtedly become a key battleground within the banking industry where we are likely to see some of the more innovative banks steal a march on their rivals.”
About Intelligent Environments
The form provides mobile and online products for financial services providers with offices in London and Belfast. Its clients include Atom Bank, Generali Wealth Management, HRG, Ikano Retail Finance, Lloyds Banking Group and Think Money Group; visit www.intelligentenvironments.com.
