Biometric Banking to Generate $4.8B in Revenues by 2023: Goode Intelligence

Goode Intelligence is predicting some serious growth for biometric technology in the banking sector.

In a new report entitled “Biometrics for Banking: Market & Technology Analysis, Adoption Strategies and Forecasts 2018-2023 – Second Edition,” the market research firm predicts that by the end of 2020, 1.9 billion bank customers around the world will be using biometrics. That will cover a range of applications, from ATM withdrawals to mobile app login to digital onboarding via facial recognition – all of which are already in play today.

All of this is, of course, good news for vendors of biometric technologies, with Goode Intelligence asserting in a report synopsis that the banking sector is “a major contributor” to the “tremendous growth” such vendors are experiencing. By 2023, the firm predicts, the banking sector will be generating $4.8 billion in revenue for such companies.

Elaborating on the trends, report author Alan Goode said that “[c]ustomer experience and convenience are major drivers for the adoption of biometrics by agile third parties wanting to differentiate their services with each other – it will be an ultra-competitive market and biometric authentication could be a key differentiator.” And looking ahead, Goode sees more opportunities emerging with the Internet of Things and the Open Banking movement’s promotion of secure banking APIs that allow banking services to be integrated into third party hardware devices. “Biometric technology is fast becoming the glue that binds this technology together,” Goode said, offering the example of “passively verifying a person’s voice while they talk to their smart speaker and allowing them to pull up their latest account balance with a voice command.”

Goode Intelligence’s report is the first in what is to be a three-part series, with forthcoming titles including “Biometrics for Payments” and “Mobile Biometrics for Financial Services.”

–

June 12, 2018 – by Alex Perala