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  4. > Biometrics for Finance Applications: Mobile Banking, Point-of-Sale Transactions, High-Value Banking, Fraud Protection, Cash Dispensers, and Unstaffed Bank Branches - Global Market Analysis and Forecasts

Finance is the most mature biometrics market outside of the government. That is logical: the first thing that most people want to protect is their money. Financial institutions have been early adopters of cyber security and biometrics will be no exception. The perception of security is comforting to banks’ customers and biometrics can enhance that comfort level. Passwords are stolen. Cash dispensers are compromised with card skimmers and pinhole cameras. Charge card fraud escalates at the point of sale. Protection that was once strong is now weak. Biometrics has the ability to restore that strength: those attacks are tougher if the thief must also possess the victim’s biometric identity. Financial institutions want that added protection for their clients and for themselves.

Many industries are getting close to adopting biometrics but finance is there now. Cash machines with fingerprint readers, vein imaging, and iris imaging are increasingly deployed, especially where fraud is high and law enforcement is low. Innovative point-of-sale authorization requires a fingerprint, facial recognition, or even an electrocardiogram. And mobile banking can be authorized through many types of biometrics, only readable from the customer’s own device. Financial institutions understand the need for this added protection and are ready to act: Tractica forecasts that, starting from a base of $126 million in 2015, global biometrics finance revenue will reach $2.2 billion by 2024, with cumulative revenue for the 10-year period totaling $11.7 billion at a compound annual growth rate (CAGR) of 38%. Biometrics app downloads are especially ready to break out of the starting blocks.

This Tractica report examines the market for biometrics in the finance industry, including 10-year forecasts for the period from 2015 through 2024. The report examines six use cases specific to finance, focusing on consumer-facing use cases to improve security and convenience simultaneously. The report forecasts revenue, device shipments, and software licensing volumes. Within each world region, market forecasts are further segmented by biometrics modality and use case. The report also includes profiles of 22 key industry players in the biometrics finance market.

Table Of Contents

Biometrics for Finance Applications: Mobile Banking, Point-of-Sale Transactions, High-Value Banking, Fraud Protection, Cash Dispensers, and Unstaffed Bank Branches - Global Market Analysis and Forecasts
SECTION 1 2
Executive Summary 2
1.1 The Finance Biometrics Market . 2
1.2 Market Forecast . 3
SECTION 2 4
Market Issues . 4
2.1 Market Overview 4
2.1.1 How Biometrics Is Used in the Financial Industry . 4
2.1.2 Scope of This Report 4
2.2 Market Drivers . 5
2.2.1 Common Drivers of Biometrics in All Industries . 5
2.2.2 Improved Protection from Theft and Fraud .. 6
2.2.3 User Convenience . 6
2.2.4 Higher Value Transactions Desired.. 6
2.2.5 Implementation via App Download 7
2.2.6 Greater Inclusion in Developing Economies 7
2.2.7 Harder to Spoof, Remote Attacks More Difficult 8
2.3 Market Barriers 8
2.3.1 Common Barriers in Biometrics Markets 8
2.3.2 Consumer Acceptance of Biometrics .. 9
2.3.3 Competition among Modalities for a Fixed Amount of Business 9
2.4 Key Use Cases in Finance Biometrics . 10
2.4.1 Cashpoint/ATM . 10
2.4.2 Fraud Identification . 11
2.4.3 Mobile Banking - Regular .. 11
2.4.4 Mobile Banking - High-Value Second Factor .. 12
2.4.5 Point-of-Sale Transactions . 13
2.4.6 Unstaffed Bank Branches 14
2.5 Regulatory Issues .. 14
2.5.1 Personal Data Privacy Laws . 14
2.5.2 Financial Data Privacy Regulations .. 15
2.5.3 Payment Card Industry Data Security Standards .. 16
2.6 Regional Differences . 16
2.7 Case Studies in Brief . 17
2.7.1 Eye White for Mobile Banking .. 17
2.7.2 Face and Voice Biometrics for Mobile Banking 17
2.7.3 Voice Recognition for High-Value Transactions .. 18
2.7.4 Fingerprint Authentication for Microcredit Loans . 19
SECTION 3 . 20
Technology Issues 20
3.1 Technology Overview 20
3.2 Technology Differentiators . 20
3.3 Key Biometrics Modalities for Finance Industry Use Cases . 21
3.3.1 ECG Wristband . 21
3.3.2 Eye White Recognition . 21
3.3.3 Facial Recognition on Mobile Devices . 22
3.3.4 Fingerprint - Standalone Device . 22
3.3.5 Fingerprint on Mobile Device . 23
3.3.6 Iris Recognition - Standalone Device .. 23
3.3.7 Iris Recognition on Mobile Devices 24
3.3.8 Vascular Imaging . 24
3.3.9 Voice Recognition .. 25
3.4 Accuracy of Biometric Modalities 26
3.4.1 Enrollment Rates . 26
3.4.2 False Reject Rates . 27
3.4.3 False Accept Rates 27
3.4.4 Cancelable Identities . 28
SECTION 4 . 29
Key Industry Players 29
4.1 3M Cogent .. 29
4.2 Aurora Biometrics 29
4.3 Cognitec .. 30
4.4 Crossmatch 30
4.5 EyeVerify . 31
4.6 FaceFirst . 32
4.7 Fujitsu 32
4.8 HID Biometrics (Formerly Lumidigm) 33
4.9 Hitachi .. 33
4.10 Honeywell 34
4.11 Iris ID . 34
4.12 IrisGuard .. 35
4.13 IriTech .. 35
4.14 M2SYS . 36
4.15 NEC 36
4.16 Nuance . 37
4.17 Qualcomm .. 37
4.18 Suprema .. 38
4.19 Synaptics . 39
4.20 VerifyMe .. 39
4.21 VoiceTrust .. 40
4.22 VoiceVault .. 40
SECTION 5 . 42
Market Forecasts 42
5.1 Introduction to Forecasts . 42
5.2 Forecast Methodology and Assumptions 42
5.3 Total Revenue Forecast .. 43
5.4 Hardware Forecasts - Revenue and Device Shipments 45
5.5 Software Forecasts - Revenue and Licenses . 47
5.6 Use Case Forecasts - Revenue and Devices . 49
5.7 Modality Forecasts - Revenue and Devices . 51
5.8 Conclusions and Recommendations 53
SECTION 6 . 55
Company Directory .. 55
SECTION 7 . 57
Acronym and Abbreviation List 57
SECTION 8 . 59
Table of Contents .. 59
SECTION 9 . 62
Table of Charts and Figures 62
SECTION 10 .. 63
Scope of Study 63
Sources and Methodology .. 63
Notes . 65

TABLE OF CHARTS AND FIGURES
Chart 1.1 Finance Biometrics Revenue by Region, World Markets: 2015-2024 3
Chart 5.1 Cumulative Finance Biometrics Revenue by Region, World Markets: 2015-2024 43
Chart 5.2 Finance Biometrics Revenue by Hardware/Software, World Markets: 2015-2024 44
Chart 5.3 Finance Biometrics Device Revenue by Region, World Markets: 2015-2024 . 45
Chart 5.4 Finance Biometrics Device Shipments by Region, World Markets: 2015-2024 .. 46
Chart 5.5 Finance Biometrics Software Revenue by Region, World Markets: 2015-2024 . 47
Chart 5.6 Finance Biometrics Software Licenses by Region, World Markets: 2015-2024 . 48
Chart 5.7 Finance Biometrics Revenue by Use Case, North America: 2015-2024 49
Chart 5.8 Finance Biometrics Devices and Licenses by Use Case, World Markets: 2015-2024 50
Chart 5.9 Finance Biometrics Devices and Licenses by Use Case, Mobile Banking Omitted,
World Markets: 2015-2024 . 51
Chart 5.10 Finance Biometrics Revenue by Modality, World Markets: 2015-2024 .. 52
Chart 5.11 Finance Biometrics Devices and Licenses by Modality, World Markets: 2015-2024 53
Figure 2.1 Syrian Refugee Using Iris Scan Cash Machine in Amman, Jordan . 8
Figure 2.2 ATM in Brazil with Palm Vein Reader .. 10
Figure 2.3 Voice Authentication to Mobile Banking App 11
Figure 2.4 Fujitsu Smartphone with Iris Image Authentication 12
Figure 2.5 Apple Pay Transaction Using TouchID 13
Figure 2.6 Unstaffed Bank Branch in Poland .. 14
Figure 2.7 Fingerprint Authentication for Microfinance with M2SYS Reader .. 19
Figure 3.1 Wristband Used for Point-of-Sale Purchase . 21
Figure 3.2 Eye White Verification App on Mobile Phone 22
Figure 3.3 Using Finger Vein Reader to Access Banking Application 25
Figure 3.4 Equal Error Rate Compared to False Accept and False Reject Rates 26
Figure 10.1 Tractica Research Methodology 64

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