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Biometric banking ‘gaining popularity’ with Britons

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Biometric banking ‘gaining popularity’ with Britons

April 2017

British consumers are increasingly in favour of using biometric security rather than passwords for accessing online services like banking, new research from Equifax, the consumer and business insight firm, suggests.

As reported by Information Age, the YouGov study commissioned by the company shows that a significant 33 per cent of people would prefer to use fingerprint recognition to access their bank accounts.

13 per cent were in favour of iris scanners, seven per cent facial recognition and three per cent voice recognition. Older, traditional methods of authentication - passwords and memorable questions - are waning in popularity (only 19 per cent and 13 per cent respectively).

The study also suggests that banks are not offering the requisite technology to allow customers to bank the way they want. 64 per cent of respondents with a bank account aren’t able to use fingerprint recognition to manage their finances and 68 per cent are unable to use voice recognition.

“With major data breaches and hacking scandals regularly making the headlines, people are losing trust in the protection passwords can offer,” John Marsden, head of ID and fraud at Equifax, said.

“Consumers are embracing new technologies, and want to use these advances to provide them with extra security and easy access to their financial accounts.”

Mr Marsden added that with mobile banking the first choice for many consumers, and as a technology that’s online set to evolve, banks and other financial providers must “address the disparity” between consumer demand for biometric security and its actual availability.

“Biometrics offer consumers the combined advantage of security and convenience and are a great solution to password fatigue and PIN overload, but they are not a panacea,” he said.

“Even biometrics can be compromised and once that happens, it’s difficult to rectify. We believe multi-layered defences incorporating biometrics and device recognition are the best way forward for both security and a positive customer experience.”

Find out more about biometric-based technologies available for license from Ploughshare


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