Research Shows the Growth of Biometric Tech
A new study from the research and consultancy group Goode Intelligence underlined the importance of biometric research and technology.
Biometric technology has received some, albeit minimal, support from fintech companies across the globe. The primary obstacles facing the sector are the fear of the lack of privacy and the difficulty in developing key technologies in the field. Despite the obstacles, Goode Intelligence believes biometrics will play a key role in the future development of financial technologies, products and services.
The research predicts that over 1.1 billion consumers will be using mobile biometric technology by 2020. The research also claims that in the same year, over 16 billion online biometric payments will be made. Goode Intelligence has studied the biometric technologies for some time, and has continually underlined the importance of innovation in the biometric field.
Although there have been relatively few developments that have made headlines, over 100 million mobile users utilize biometrics on a daily basis for authentication purposes.
The research discussed the vital role of security and authentication within the financial technology sector. Although other developments are being explored, such as blockchain technology, biometrics could potentially provide wholly unique and top-level security features by utilizing unique human identifiers such as finger prints, irises and possibly even DNA.
Goode Intelligence believes biometrics already plays a vital role in the financial services sector and will become increasingly important over the next five years.