In North America and Europe, regulatory compliance drives the increasing adoption of biometrics. In the emerging regions of Asia Pacific and Latin America, a key driver is the competitive advantage offered by self-service banking solutions. Biometrically enabled ATMs have become immensely popular in Japan and have seen widespread adoption in India, Latin America, and the Middle East.
New analysis from Frost & Sullivan (autoid.frost.com), World Financial Biometrics Markets, finds that the markets earned revenues of $117.3 million in 2006 and estimates this to reach $2.07 billion in 2013.
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"With the Federal Financial Institutions Examination Council (FFIEC) and the Sarbanes-Oxley Act pushing for stronger guidelines in multi-factor authentication and access to customer data and employee audit trails, financial institutions look to adopt biometrics to maintain regulatory compliance," notes Research Analyst Imran F. Khan. "These end users are beginning to realize the advantages that biometrics offer which enhances security, time efficiency and convenience."
In the past, the financial services sector viewed biometrics as a novelty and implemented them sporadically. With the technology now mature, institutions now regard biometrics as a suitable solution to combat identity theft and bank fraud. In the last two years, numerous financial organizations deployed non-AFIS fingerprint recognition and voice verification to meet FFIEC guidelines.
However, financial institutions historically are slow adopters of new technology due to the complexity of integrating biometrics within the existing infrastructure. Moreover, low awareness of the ROI and low number of credible reference sites are major restraints.
"Lack of awareness has led people unfamiliar with biometrics to think of it an intrusion of their privacy," notes Khan. "Furthermore, even if financial institutions are convinced of the cost savings and adopt biometric solutions, they may face resistance from their employees or customers, who do not want to submit biometric information."
Vendors must be more pro-active about quantifying the cost-efficiencies that biometric solutions offer to offset the competition from alternate, non-biometric solutions.
The World Financial Biometrics Market is part of the Auto ID and Security Growth Partnership Service program, which also includes research in the following markets: North American AFIS markets, World Biometrics Markets. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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