Mobey Group sees standards as key to biometrics in banking
30 November 2015 10:34 GMT

Global banking association the Mobey Forum has said that greater collaboration and increased standardisation efforts are needed to accelerate biometrics takeup by banks.

In a new report called, ‘Biometrics in Payments: Touching Convenience’, the group states that the convenience that biometric offers makes it a very attractive option for payments authentication.

“Compared to entering a PIN or a password, biometrics offers a fantastically convenient user experience which is well suited to the mobile environment, so it is easy to see why they are in such demand,” comments Sirpa Nordlund, Executive Director, Mobey Forum.

“Naturally, banks and financial institutions are keen to offer this experience, but must also ensure they strike the right balance between convenience and security. A number of key issues exist that banks need to consider during deployment … The development of common standards, evaluation criteria and certifications will make biometrics even more valuable in the future.”

In the report, Mobey Group writes that because each manufacturer uses its own algorithms, scanners and software, that this in turn means a lack of interoperability for service providers and the absence of a common user experience for customers.

Citing the past interbank cooperation needed to introduce EMV, the group stated that “Mobey Forum strongly believes that collaboration is the future.”