Consumer demand for banks to adopt biometric authentication doubles

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European consumers ready to use biometrics for securing paymentsDemand for different types of biometric authentication has risen significantly since 2014, with iris scanning moving ahead of fingerprint technology to the top of the 2016 Future Password Index (FPI).

The second iteration of the FPI revealed that 60% of consumers would consider using iris scanning technology in 2016 compared to just 33% two years ago. The latest FPI also highlights that other technologies, such as facial recognition, heartbeat monitors and voice verification have also increased in popularity.

A new addition to the list is vein verification technology, which was added to the list following Barclays’ announcement of late 2014 that they were planning on introducing the technology, with 37% of consumers saying they would consider using it.

The Future Password Index:

Rank

Biometric authentication method Proportion of consumers interested in using biometrics (2016) Proportion of consumers interested in using biometrics (2014)
1st Iris scanner 60% 33%
2nd Fingerprint scanners 57% 53%
3rd Facial recognition 55% 30%
4th Voice verification 45% 27%
5th= Electrocardiogram (ECG) heartbeat monitors 37% 29%
5th= Vein verification 37% n/a

 
The research, which comes in the wake of a series of public hacks and cyberattacks, reveals that security has become a deciding factor when choosing who to bank with for over a third (37%) of British consumers. In addition, British consumers aren’t totally satisfied with their banks’ security offering, with over a quarter (26%) stating their bank could do more to protect their data from hackers and online fraudsters.

One of the ways consumers are looking for banks to better protect their data is through the use of biometric authentication. Almost half (45%) would like to use biometric tools to access their bank account, and nearly a third (29%) say they would be more likely to use a bank that has biometric security.

Whilst consumer demand continues to grow, biometric adoption remains low. Fingerprinting came out top in terms of use according to Intelligent Environments’ FPI, with 13% saying they already use it, but adoption rates for all other forms of biometric authentication remains at less than 4%.

This is despite several financial institutions, such as HSBC and Barclays, as well as challenger bank Atom, which is a client of Intelligent Environments, and global payment provider MasterCard, introducing tools such as vein, voice and selfie (face) authentication technologies.

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