Biometrics, AI to Have Big Year in FinTech: Unisys

Biometric and artificial intelligence technologies will have a big year in the financial services sector, and will help smaller banks to offer cutting-edge solutions to their customers, predicts Unisys.

The company says that this is the year that “biometric authentication will go mainstream”, according to a statement announcing its predictions. And that mainstreaming process will be credited not just to “more traditionally understood” technologies like fingerprint and iris scanning, but also to the behavioral biometrics systems that are increasingly being embraced by banks and other financial services organizations.

Meanwhile, advancing AI technology “will allow chatbots to deliver a more comprehensive and personalized banking experience,” Unisys says; and that will help to drive down operational costs for banks as there will be less need for customers to speak to bank employees. And thanks to the disruptive efforts of newer FinTech partners, these technologies – AI and biometrics – are becoming available to the smaller and mid-size financial services organizations that lack the internal R&D budgets of bigger banks.

Looking at trends currently underway, many will agree that these are safe bets. Indeed, almost 80 percent of respondents to the recent FindBiometrics Year in Review survey thought that biometrics is already a mainstream technology; meanwhile, a range of organizations are making major investments into AI technology, recognizing its transformative potential across a range of sectors. It should all make for an exciting year to come in the financial services sector, for banks big and small.

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January 22, 2018 – by Alex Perala