European Union's revised Payments Services Directive requires two-factor authentication. Alongside a PIN, a biometric feature is likely to be the second. Europe's open banking framework requires so-called strong customer authentication for banks to share customer data with other providers, with biometrics one of the options.

According to the report, Biometric Single Sign-on Solution for More Effective Password Management is one of the primary growth factors for the market. The rapid digitization of banking services combined with the continued need to adopt stricter customer and employee identification protocols to prevent identity theft and fraud is driving the market growth. is also expected to contribute significantly to the Biometrics for Banking Financial Services market. Overall, On-site Banking (Branch Banking, ATMs, Points of Sale, and Call centers) applications of Biometrics for Banking Financial Services, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The End-User, such as Banks, is boosting the Biometrics for Banking Financial Services market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Sales Channel, such as Direct Channel, is boosting the Biometrics for Banking Financial Services market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Component, such as Hardware, is boosting the Biometrics for Banking Financial Services market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Service Type, such as Identification & Authentication, is boosting the Biometrics for Banking Financial Services market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.

New technologies and major shifts in the industry will be game-changing factors that all players have to react now in order to maintain strong positions in the future. As many industry experts agree that significant changes are ahead. AMA’s Analyst on the Global Biometrics for Banking Financial Services market identified that the demand is rising in many different parts of the world as "Biometric Payment Cards Propelling Growth in the Biometrics Market in BFSI Sector ". Furthermore, some recent industry insights like "On April 10, 2019, HID Global, a worldwide leader in trusted identity solutions, has announced that its new fingerprint reader that merges credential excellence with HID’s globally-patented multispectral imaging technology to address this issue and fuel broad adoption of biometrics at the door." which is constantly making the industry very dynamic.

The report provides an in-depth analysis and forecast about the industry covering the following key features:
o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies
o Analyses the Global Biometrics for Banking Financial Services market according to Type, Application, and regions
o Analyzes the top 10 players in terms of market reach, business strategy, and business focus
o Provides stakeholders’ insights and key drivers & trends of the market

**The market is valued based on weighted average selling price (WASP) and includes any applicable taxes on manufacturers. All currency conversions used in the creation of this report have been calculated using constant annual average 2022 currency rates.

Market Size Estimation
In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Biometrics for Banking Financial Services market and other related sub-markets covered in the study.

o Key & emerging players in the market have been observed through secondary research.
o The industry’s supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes.
o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation
The overall Biometrics for Banking Financial Services market size is calculated using market estimation process, the Biometrics for Banking Financial Services market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Biometrics for Banking Financial Services market size has been validated using both top-down and bottom-up approaches.