A White Paper on Biometrics
Executive Summary
For years, banks have toyed with the idea of using biometric information for customer authentication, validation and verification. Yet, after decades of trials, the actual use of biometrics in financial services is still sparse, particularly in a customer context.
Most biometric deployments in developed banks, for example, are for internal management purposes of secure access to sensitive storage areas of the bank, such as the vault and storage lockboxes in the back of a branch. Therefore, biometric usage is accepted for employee management today, with many firms using fingerprint, palm print, iris and face recognition systems to ensure undesirables are kept out and desirables are tracked and audited.
However, times change, and potential for the large-scale rollout of biometrics is ready for prime-time today. This can be clearly seen as we look to new economies and emerging markets. These markets represent the next billion middle-class consumer structures. The BRICs – Brazil, Russia, India and China – are the major markets, not forgetting the rise of Mexico, Chile, Indonesia and changes in the African continent introduced through mobile, wireless technologies.
This white paper explores how the situation in the emerging markets are changing and the need for a Biometrics solution is increasingly rising.
Please register to download the white paper here.