biometric authentication methods

Biometric Authentication Methods in Banking & Beyond

Biometric authentication methods provide superior user experience to traditional methods, with increased trust and accountability. With expanding mobile use cases showing particular promise, particularly for replacing tokens, it’s no wonder that more businesses are embracing biometrics. With an improved user experience as a key driver of biometric authentication, companies are able to provide increased usability and reliability to their end users, particularly with mobile fingerprint technologies. But biometrics are still evolving, and have a long way to go before edging out passwords and tokens entirely.

From identity and access management to digital banking, Gartner has listed biometric authentication methods as a key part of these fields’ hype cycles, with many businesses considering deployments within the next two to five years, and a current market penetration of about 5 percent to 20 percent.

“Biometric methods are a viable alternative or adjunct to passwords and tokens,” notes Ant Allan, research VP, Gartner. “But these technologies need to continue evolving past their current stages before they see true adoption. Touch ID and similar fingerprint technologies offer an improved user experience, but have limited security benefits.”

Some improvements are being made in face, iris, and other biometrics, and businesses need to consider solutions that allow for multiple biometric options to avoid reliability issues for individual users. Such solutions provide control over enrollment (ie – NOT Touch ID), and solutions with excellent UX design. Furthermore, offerings that leverage existing hardware in mobile devices are particularly promising, and integration with solutions like Microsoft Windows 10 are advantageous for enterprises and their customers alike.

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With considerable flux in digital banking technologies, this industry in particular is a key one to focus on. More financial institutions are already leveraging biometric authentication methods for customers, but are also considering internal deployments for secure access to records and data. The combination of advanced identity access management and mobile security allows many firms to leverage biometric authentication quickly and effectively, while ensuring the user experience remains convenient for their employees and customers.

Of course, the identity and access management market itself is critical for continued advancement of biometrics, with heavy focus is on identity governance and administration; access management with support for OpenID Connect and RESTful architectures; privileged access management with improved monitoring of user permissions; DevOps initiatives; and infrastructure-as-a-service. Phone-based biometric authentication allows for significantly increased agility in these areas while improving security and adding additional benefits, such as transaction signing and other necessary improvements.

Ultimately, as more companies consider biometric authentication the potential for this technology will also grow. Being on the frontlines of this hype cycle allows for advanced innovation and the reputation for being a pack leader.

For more information on the Gartner 2017 Hype Cycles that include Veridium, you can read more or purchase them at the links below:

2017 Hype Cycle for Identity and Access Management Technologies
2017 Hype Cycle for Mobile and Endpoint Technologies
2017 Hype Cycle for Mobile Security
2017 Hype Cycle for Digital Banking Transformations
2017 Hype Cycle for Human-Machine Interface
2017 Hype Cycle for IT in GCC

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Veridium The True Passwordless Enterprise

Veridium The True Password-less Enterprise In February 2017 when I joined Veridium as CPO, I recognised and appreciated one of the biggest challenges for Enterprise