Leo Loomie, SVP, Client Services at Digital Risk was recently quoted in USNews in the article titled “Withdrawing Money With a Retina Scan: The Future of Biometrics and Banking” talking about the future of biometrics in banking and the slow but perpetual death of passwords.
Banks are already experimenting with ways to verify customer identities without using passwords or traditional IDs and one day you may be providing a retina scan to get into your bank account. While fingerprints are already in the mainstream and facial recognition is poised to follow, those aren’t the only forms of biometric authentication being used by banks. Last year, financial technology firm Fiserv announced the launch of Verifast: Palm Authentication, which identifies people based on the vein pattern in their palms. Currently, about 50 banks and credit unions nationwide are using the technology.
Leo says “Passwords are a major pain point” Once biometrics are integrated into the banking experience, they should be seamless and involve multiple levels of confirmation. That’s the layered approach banks are looking for to avoid the problems that could occur if someone happens to get ahold of one piece of biometric data. “Once you start combining them, it becomes extremely unlikely someone will be impersonating [someone else],” Loomie says.