Biometrics in Banking: Who Is Killing the Passwords in 2016?

Biometrics are gaining more and more popularity in the financial sector worldwide. The technology is claimed to be the most convenient method as users don’t have to remember the numbers, codes or passwords. With smartphones, the only thing we have to do is put the finger or say a short phrase to the speaker.

There is actually a particular company to thank for popularizing fingerprint biometric authentication – Apple. The tech giant performed an amazing job on creating a habit to get authenticated with TouchID and paved the way for other companies across industries to implement the technology with no market resistance and necessity for consumer education.

Realizing the power of convenience and habit, banks recently started rushing into the implementation of biometrics authentication in mobile banking. ...

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