Over half a billion customers worldwide will be using cloud-based biometrics to securely authenticate with their banks within two years, according to a new analyst report.
London-based
Goode Intelligence’s
Biometrics for Banking report details what might happen to the market over the next five years.
It claims that by the end of 2020, 1.9 billion bank customers will be using biometrics to: withdraw cash from ATMs, prove their identity over the phone, access banking services through smart devices and more. Sometimes a combination of biometrics will be needed, for example to initiative a transfer of funds from a web-based interface.
There’s a $4.8bn market expected for biometrics companies by 2023, but not all types of the technology are the same, according to the report.
Unlike device-based biometric systems — like FIDO, and Apple’s Touch ID and Face ID — cloud-based biometrics capture the information on the device but then send it to the cloud for processing.
