The advent of technology is bringing new revolutions to human life. From the way we live to the way of communication, everything is redefined because of advance innovations. The things once we used to see in movies are becoming the reality of life. In fact, we are living in a science-fiction world. Every day we come face-to-face with new technology, Biometrics is one of them.
Biometric Authentication working on human’s unique features is taking over the industry gradually. According to the study, the biometric system market is expected to grow approximately $33 billion by 2023. From security to enhanced customer experience, biometrics are reshaping the businesses. Every institution is proactively adopting biometrics – including face verification, fingerprints, voice recognition, etc – due to their enormous advantages.
Applications of Biometrics
Biometrics technology is known as the automatic technique of recognizing and confirming the identity of living individuals on the basis of their unique physiological or behavioral traits. Henceforth, biometrics solutions can be used for authentication and verification. However, the applications of biometrics are not limited to verification only, in fact, this technology has set new grounds for secure and enhanced customer experience.
Verification and Authentication
Biometrics systems are proactively used by government agencies and businesses to verify an individual’s identity. As the world is moving towards the fourth industrial revolution, manual verification processes are no more effective or appreciated.
Implementing biometric identification systems makes the verification process more reliable, faster and error-free.
Moreover, biometrics are ideal for the authentication of an individual. Through fingerprint scanning and facial recognition, the authorized individuals can access the services or particular region.
Replacing the Passwords
Passwords and Pin Codes have always been the traditional authentication checks used for ages. But due to the growing presence of cybercriminals on the internet and advanced technological advancements, passwords are no more secure.
Through social engineering tactics, the fraudsters are readily exploiting the user accounts by accessing their credentials.
Biometric verification, due to it’s enhanced security and uniqueness, biometrics are safe to use. Moreover, the effort of remembering the passwords is totally eliminated.
Enhanced Customer Experience
Biometrics, especially face recognition is considered a new parameter for enhanced customer experience. Imagine entering the store and getting greeted by the staff with your name and personalized recommendations as per your interest, enticing right? Well, it is no longer just a concept, it is now actually happening.
The giant retailers are actively using this technology to enhance the user experience of their customers. For instance, the Walmart uses facial technology to monitor the facial expressions of the people standing in a queue on the counter to analyze their experience.
A New Parameter for Security
Biometrics are the unique feature of any individual that can’t be changed or stolen and that’s what makes them more secure. The secure nature of biometrics is actively used now for fraud detection and prevention. Online businesses and social media platforms are constantly being exploited by cybercriminals and fraudsters.
Accounts take over frauds, identity theft, data breaches, and other digital frauds are on the rise.
Biometric verification is making the industry secure and real-time authentication services can detect any unauthorized person combating fraud. Unlike traditional authentication checks, biometric solutions can’t be manipulated by imposters.
Future of Payments
The explosion of mobile devices and the internet has driven a concept of online and mobile payments. The banks and other organizations are actively adopting biometrics and taking the payments to another level. Fintechs, mobile banking applications, and retailers are incorporating fingerprints and face verification to ensure secure payments. For example, Amazon’s “Smile to Pay” feature is using Biometric solutions in order to authenticate the payment.