White paper explores how mobile has kickstarted the use of biometrics for payments authentication
25 November 2015 –Mobey Forum, the global industry association empowering banks and other financial institutions to lead in the future of mobile financial services, has today published a new white paper encouraging banks to view biometrics as one component in a suite of authentication methods to be applied in a multi-factor authentication strategy. Entitled ‘Biometrics in Payments: Touching Convenience’ the paper focuses on the applicability of biometrics as a method of identification, authentication and authorisation for mobile banking and payment services.
“Compared to entering a PIN or a password, biometrics offer a fantastically convenient user experience which is well suited to the mobile environment, so it is easy to see why they are in such demand,” comments Sirpa Nordlund, Executive Director, Mobey Forum. “Naturally, banks and financial institutions are keen to offer this experience, but must also ensure they strike the right balance between convenience and security. A number of key issues exist that banks need to consider during deployment, which are analysed in this paper. Current positive consumer attitudes give a degree of early mover advantage, but there is more work to be done. The development of common standards, evaluation criteria and certifications will make biometrics even more valuable in the future.”
The paper draws on research carried out by Mobey Forum in 2015 amongst banks, other financial institutions and solution providers to predict bank strategies. It investigates business issues affecting bank adoption of biometrics and the technical choices banks must make, including the different system architectures and the different biometric modalities a bank can choose from. It also reviews significant issues relating to standardisation and regulation that may impact the technology, and provides actionable takeaways for banks considering their next steps in this area.
The paper concludes that while the technology will continue to develop, collaboration and standardisation will be the best way for banks to move forward in this area.
‘Biometrics in Payments: Touching Convenience’ will be of interest to banks and other financial institutions considering biometrics, as well as to vendors serving the banking sector, and can be downloaded free of charge from the Mobey Forum website.
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About Mobey Forum
Mobey Forum is the global industry association empowering banks and other financial institutions to lead in the future of mobile financial services.
Mobey Forum connects industry thought leaders to identify commercial drivers for the development of better mobile commerce. Mobey Forum’s members collaborate to analyse business strategies and technologies to create innovative, interoperable and competitive financial services.