NEW REPORT: The Booming Biometric Boon?

While it may still seem like something that was once reserved for science fiction, today consumers are increasingly interacting with biometric technology without giving it a second thought. 

Many smartphone users go through biometric authentication processes every time they unlock their phone using a fingerprint, and many secure applications, including banking and other financial services apps, are enabling users to log into their accounts using a fingerprint or eye scan or other biometric indicators.

As this biometric boom goes mainstream, several providers have rolled out new solutions and features over the past month. Nuance Communications, for one, announced a new partnership with biometrics provider BioCatch to offer their biometric authentication service as part of Nuance’s Security Suite.

Meanwhile, iris-based identity management technology solution providers IriTech, Inc., recently announced a new partnership with fingerprint sensor manufacturer Egis Technology. As part of the newly struck agreement, the companies will market their offerings as one complete biometric solution. The partnership will specifically target the augmented reality (AR) and virtual reality (VR) markets, according to IriTech CEO Daniel Kim.

As biometrics becomes more popular, never beloved usernames and passwords are falling out of favor fast. Case in point: USAA Bank recently reported that 2 million of its own customers have traded passwords for biometric security. And as digital identity protection and security become increasingly important to financial markets and institutions across the U.S. and globally, Gary McAlum, USAA Bank’s chief security officer, told PYMNTS in a recent interview that the company is focused on bringing new and more secure authentication methods and technology to consumers not just at USAA, but around the banking world.

“We are moving away from knowledge-based authentication to authenticate member interactions across all of our channels. Instead, we encourage our members to voluntarily adopt the multi-factor authentication options we offer,” McAlum said.

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The Digital Identity Tracker™, powered by Socure, is a forum for framing and addressing key issues and trends facing the entities charged with efficiently and securely identifying and granting permission to individuals to access, purchase, transact or otherwise confirm their identity.