Biometrics, the word with which everyone is familiar now. There used to be a time when biometrics was seen in the context of fingerprints and voting systems only. But with the invention of smartphones, especially the iPhone X, biometrics are taken to another level. The face ID using facial biometrics has gained quite a popularity. People are now getting familiar with facial recognition technology as well. Moreover, businesses are actively seen incorporating this technology for security and customer experience.
According to the report, the Biometric system market is expected to grow USD 33 billion by 2023. In addition, the Face Identification Online market is predicted to grow USD 8.93 billion by the end of 2022, reports Market Research Future Report.
Biometric Solutions – New face of Customer Experience
Biometric authentication is rapidly adopted by organizations because of two main reasons; first security and second customer experience. Balancing these two is essential for businesses and organizations in this digital era. Online biometric verification is favorably addressing this challenge. As per the 2017 visa study, 70% of the respondents claimed they find biometrics easier than passwords and 46% claimed that biometrics are more secure than passwords and pins.
Going beyond the Passwords
Online biometric authentication delivers an exceptional customer experience. The reason is it eliminates the hassle of remembering pin codes and passwords and timely updating them to follow strict password practices and protect them from getting hacked. Through face verification, no specific equipment is needed from the user’s end; a simple mobile or webcam would do.
In digital businesses, users don’t need to enter passwords in order to gain access, just by showing their face to the camera the authentication is done. Moreover, the authentication process is more streamlined and friction-less because of a substantial reduction in abundant login attempts that happen when the user forgets or mistypes the password.
Biometric-enabled Payment Systems
As per Statista, the global biometrics market revenue in 2018 was 21.8 billion and is expected to grow in upcoming years. This increased trend of biometrics is paving ways for financial institutes and other online businesses to think beyond passwords and PINs and discover the extensive potential of biometrics-authorized payments.
According to IBEX biometrics recent research, 53% of consumers find the use of fingerprints to authenticate payments more trustworthy and convenient as compared to traditional pin codes. The big industrial giants are already incorporating biometrics to secure their payments while enhancing the customer experience as well. For instance,
- Apple Pay, Google Pay, and Samsung Pay are using fingerprints to secure payments.
- Mastercard is introducing new application “pay through face” to authenticate payments.
- Retailer giants such as Amazon is exploring biometrics through facial recognition technology. In fact, Amazon’s “Smile to Pay” feature is already in use.
Combating Frauds and Chargebacks
Authentication has always revolved around two major things,
ID/username – who you are?
Passwords/PINS – are you who you say you are?
But with the advent of technology, these traditional checks have failed to verify authorized users in the digital world. Biometric verification services verify a user on the basis of unique biometric features that can’t be stolen or exploited. Hence, the Bio Authentication serves as the most reliable defense against identity theft, account takeover, and other digital frauds.
In addition, the e-commerce platforms and financial institutes integrating the digital authentication services to authenticate the payments are able to successfully combat the false chargeback claims. Through biometrics, the remote presence of the person can be ensured at the time of transaction which automatically reduces the payment frauds in the digital world.