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Mobile Biometrics for Financial Services: Market & Technology Analysis, Adoption Strategies and Forecasts 2015-2020
Mobile Biometrics for Financial Services is a market analyst report investigating the adoption of mobile biometrics for financial services.
This comprehensive report includes a review of current global adoption, market analysis including key drivers and barriers for adoption, interviews with leading stakeholders, technology analysis with review of key biometric technologies and profiles of companies supplying biometric systems for this industry plus forecasts (regional and global) for users and revenue within the six-year period 2015 to 2020.
The report predicts that by 2020 over 16 billion mobile biometric payment transactions will be made.
According to Goode Intelligence, today, millions of customers (120 million plus during 2015) are using mobile biometrics on a daily basis around the world to provide secure convenient user authentication and transaction authorisation with this theme set to continue and accelerate.
Adoption is being seen across almost all of the financial services industry; from traditional (ATMs) to alternative (Bitcoin Wallets) – the mobile is fast becoming the biometric authenticator of choice for the financial services industry.
Alan Goode, author of the report and founder of Goode Intelligence said 'Biometrics is a disruptive force for the financial services industry and is being used by new FinTech entrants, including mobile device manufacturers and mobile platform owners (Apple, Google and Samsung), as a method of dominating the banking and payment experience through ownership of a customer’s identity.'
The report identifies the major trends shaping this industry and includes analysis of how mobile biometrics is playing an increasing important role in reducing fraud and improving the customer experience for millions of financial services customers around the world.
Mobile biometrics for financial services is being used in a wide-range of scenarios including mobile banking app authentication, payment transaction authorisation, cash withdrawal authorisation at ATMs, telephone banking (contact centre) security, authorisation for mobile contactless payments (in-store), authorisation for in-app purchases and out-of-band transaction verification. Mobile-based biometrics is an ideal solution for transaction authorisation to reduce card-not-present fraud and could be adopted for 3D Secure (3DS) 2.0.
The report has identified key biometric technologies that are suitable for mobile and financial services and include:
Eye (Iris and Eye-Vein)
The report includes an analysis of all major biometric technologies with a review of the active vendors offering these biometric solutions and is backed up with six-year forecasts (2015-2020) for users (by technology and type), revenue, and payment transaction volume and value.
This report is aimed at technology vendors and service providers involved in providing biometric systems for mobile devices and financial services providers wanting to understand the reasons for deploying and what biometric solutions they should implement. The report is also aimed at management and technology consultants, hardware ODMs looking to support biometrics and investors looking to take advantage of this growing industry.
Companies referenced in this report include: Alipay, Agnitio, Apple, ARM, Banco Santander, Bank of Lanzhou, Bank of China, Bank of Korea, Barclays, BehavioSec, BioCatch, BIO-key, Biometrics Signature ID, British Bankers Association, Cirrus Logic, Daon, DARPA, Diamond Fortress, Diebold, EarlyWarning, Edgar, Dunn & Co., EMVCo, Encap Security, Ernst & Young, ECB, eyeLock, EyeVerify, Facebanx, FFIEC, FCA, FFA, Fingerprint Cards, Fotonation, Fujitsu, Garanti Bank, Gemalto, Getin Bank, Google, Hitachi, Hoyos Labs, HYPR Corp., Huawei, Idair, IDEX, IEEE, ING Bank, IrisGuard, Isbank, KeyLemon, MasterCard, Microsoft, NIST, NCR, NEXT Biometrics, Nok Nok Labs, NTT DoCoMo, Nuance, OCBC, OCC, OKI, PayPal, Pindrop, Qualcomm, RBS, Royal Bank of Canada, RSA Security, Samsung, SayPay, St Georges Bank, Sonavation, Synaptics, Tangerine Bank, Tencent, The FIDO Alliance, The Natural Security Alliance, Trustonic, USAA, US Federal Reserve, ValidSoft, Verint, VISA, VoiceTrust, VoiceVault, VOXX International, Westpac, Wincor Nixdorf and ZTE.
Report Contents / Forecasts
•Market & Technology Analysis
•An introduction to biometric technologies
•How mobile biometrics is used for financial services
•Market Drivers & Barriers
•Regulation & Technology Standards
•Mobile Biometric for Financial Services Market Adoption and Analysis
•Mobile Biometric Technology Analysis & Vendor Review
•By Service Type
•Payment Transactions & Value
•Appendix A – Companies referenced
•Appendix B – Goode Intelligence Biometric Assessment Tool