Biometrics for Banking Financial Services Market Scope
Biometrics are automated methods of recognizing customers through their biological characteristics and traits such as fingerprints, iris, and voice recognition. Financial service biometrics refers to biometric systems used to aid in the flow of money. The rise in the use of biometrics in banking is helping to better secure customer transactions to prevent fraud. It helps to create a secure banking environment by establishing a concrete audit trail for transactions, reducing identity fraud and safeguarding financial data.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Biometrics for Banking Financial Services market throughout the predicted period.
3M (United States), AllTrust Networks (United States), HID Global (United States), NuData Security Inc. (Canada), United Biometrics (Paris), Fujitsu (Japan), Gemalto N.V. (Netherlands), IDEMIA (France), Ingenico S.A. (France) and Nuance Communications Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Innovatrics (United States), Suprema (South Korea), VoiceVault Inc. (United States), Morpho (France) and Voice Commerce Ltd. (United Kingdom).
Segmentation Overview
The study have segmented the market of Global Biometrics for Banking Financial Services market by Type (Face Biometrics, Voice Biometrics, Fingerprint Biometrics, Iris Biometrics, Hand Vein Biometrics and Others), by Application (On-site Banking (Branch Banking, ATMs, Points of Sale, and Call centers), Online Banking, Mobile Banking (Banking Apps, and Mobile Wallets) and Others) and Region with country level break-up.
On the basis of geography, the market of Biometrics for Banking Financial Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Biometric Single Sign-on Solution for More Effective Password Management and Mobile Payments Drives Adoption of Biometrics Technology
Market Growth Drivers:
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., Reduction in Transaction Times and Authentication Convenience, Improved Security and Unreliability and Vulnerability of Traditional Authentication Methods Fuels Adoption of Biometrics Solutions
Challenges:
Competition to Deliver Best Customer Experience and Building Customer Loyalty Whilst Ensuring Customer Security
Restraints:
Recovering from a Compromised Biometric and Ramifications of Security Breach Involving Biometric Information is Serious
Opportunities:
Biometric Payment Cards Propelling Growth in the Biometrics Market in BFSI Sector, Alternative Way to Combat Money Laundering, Internet Transaction Fraud, And Identity Theft Related Crimes and Advent of Artificial Intelligence (AI) To Monitor Behavioural Anomalies and Prevent Security Threats with Much More Precision
Market Leaders and their Expansionary Development Strategies
On March 29, 2017, Mastercard has announced that it has entered into an agreement to acquire NuData Security, a global technology company that helps businesses prevent online and mobile fraud using session and biometric indicators.
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.
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.
Key Target Audience
Biometrics Hardware Manufacturers, Software Developers and Service Providers, Banking and Financial Institutions, Technology and Security Firms, Government and Public Sector and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.