Biometric technology is becoming part of our everyday lives. The use of human characteristics such as voice, fingerprint, palm vein or iris patterns for identification or task initiation is now commonplace for many consumers. Today's smartphones have put fingerprint authentication into people's pockets, while Amazon Echo and its Alexa voice service has brought voice command technology into peoples' homes.
The biometric trend has significant implications for financial services, particularly in the area of authentication. Replacing passwords with fingerprints can simplify the login process for mobile banking apps, palm or iris scans can shorten authentication times and speed up teller lines in the branch, while voice recognition can help prevent fraud and the use of shared credentials.
Improved Experiences in the Palms of Consumers' Hands
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