Banks and financial institutions around the world are rapidly increasing their usage of biometric verification, as the world continues its transition to a totally digital and cashless society.
In March, 2022, Research & Markets, the self-proclaimed largest market research store, managing and analyzing data from a whole host of the world’s most recognizable brands – published a report that indicated banks all over the planet are adopting biometrics, largely wrought by the Covid lockdowns and social distancing that was implemented in 2020.
The group forecasts that the market for biometrics in the banking sector will reach $8.9 Billion by 2026, maturing by 12.8% compound annual growth rate (CAGR). The group added in their assessment:
One of the measures being actively pursued by banks is biometrics, since the technology assists in the creation of secure banking environment by reducing instances of identity fraud, establishing audit trail of transactions, and protecting financial data. The shift towards biometrics is also being driven by the inability of traditional security measures such as PINs, passwords and tokens to effectively offer protection, particularly against the growing sophistication of intruder attacks…