New Research Report
The Business Case for Biometrics in Finance – 2nd Edition
The report contains up-to-date analysis of best-practice, developments and emerging trends in biometrics, including:
standards and compliance de-mystified and explained < Adapting biometric technologies from border control, ID cards, and passports < Assessing the reliability and robustness of the technologies developed to date, including: voice recognition technologies for customer verification, and the use of fingerprint technology < Biometrics within the range of financial operations: ATMs, call centres, cards, customer service, data protection, e-channels and fraud < The lessons from schemes and pilots already implemented
< Terminology,
By Jeremy Flye
Case studies and examples from countries including: Australia, Canada, Japan, Malaysia Mexico, Pakistan, Russia, Singapore, South Africa and the US.
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The Business Case for Biometrics in Finance – 2nd Edition
Many treat biometrics as a ‘big government’ thing, but today’s government technology is tomorrow’s banking standard... financial services strategists must keep themselves abreast of biometric developments and seek to find ways to bring these technologies to retail financial services.
Biometrics is not only the technology of here and now, but is also the technology of the future. With the drive to make transactional security and data ever more secure, cutting edge methods of verification are at a premium, and right now that means biometric technology. Its linkage to national security means that vast sums of government money worldwide are being spent on developing state-of-the-art biometric solutions. This report presents the concepts of biometrics and sets the scene for its use in banking and financial services, including: • The market for biometrics by region, by sector and by technology, with projections as to its future growth and development in the years to 2015. • A snapshot of the current status of biometric technologies, analysing each of the main technologies, looking at how and where they might be deployed and the strengths and weaknesses of each. • The market as it currently stands, identifying the drivers for future growth and discussing how these will shape the future market, and looking at some of the leading suppliers of biometrics technologies, such as L-1 Identity Solutions, Digimarc and LaserCard to name but three. • The standards and legislation that currently frame the development of biometrics worldwide, and discussing how these are designed to balance privacy issues with the need for security. • Key players and programmes in the deployment of biometric security in government sectors, including the US’ Department of Homeland Security, Visa Waiver Program and Real ID Act, and the UK’s ARC and ID card programmes (and charting the ongoing travails of the latter). • Biometrics programmes in the travel sector, including the European Visa Information System, Project Iris, the Registered Traveller Program and the deployment of biometric passports, and discussing security concerns about just how secure biometric data stored in biometric passports really is. • The financial services sector’s use of biometrics today, and examines customer-facing systems such as ATMs, online banking and access to bank vaults as well as the development of voice, fingerprint and signature verification technology for remote banking, and employee-facing systems for staff ID verification, access to physical areas of the branch and transactional security. • Case studies on the deployment of a range of biometric technologies, including both finger and palm vein technology, voice recognition, iris scanning and electronic signature verification. • The potential growth areas for banks that will drive the adoption of biometric technology such as online banking, e-commerce and the development of computers with finger scanners as standard, as well as ways in which biometrics can solve existing problems such as ID theft, card fraud, electronic crime and employee fraud. It also looks at new markets that will be accessed by the deployment of biometrics. • The overall business case for biometrics in banking, addressing issues such as whether it will achieve its return on investment, how it will address key strategic pressures such as globalisation and domestic competition. It also looks at those considerations not so easily incorporated into a Profit and Loss statement such as enhancing the bank’s competitive position in the marketplace and ‘hygiene factors’ that affect the technology.
Case studies include:
• ABN AMRO • American Express, US • Banco Azteca,Mexico • Bank Malawi Ltd, Malawi • Bank Hapoalim, Israel • BanCafé, Colombia • Banco Azteca,Mexico • Banco Bradesco, Brazil • First National Bank, South Africa • ING Direct, Canada • Midcounties Co-operative, UK • Nationwide, UK
Summary of Contents
The Business Case for Biometrics in Finance – 2nd Edition
1. Introduction 2. Market development 3. Current status of technology 4. Suppliers 7. Key players and programmes: Travel 8. Key players and programmes: Financial services and transactions 9. Case studies 10. Opportunities and challenges for finance
– Facial recognition /Fingerprint/ Voice recognition/Iris-Retina scans – ActivIdentity/Cogent Systems/ Digimarc/Corp
– Customer-facing/Employee-facing/ International payment schemes. – Fingerprint verification for employees/Voice recognition for telephone banking – Fingerprint technology for savings accounts/Signature verification for transaction processing.
– Identity theft/Global fraud/ Electronic crime/Card fraud/EMV (or Chip & PIN)/Contactless cards/Employee fraud.
5. Standards and legislation
– ISO/ICAO/US Department of Homeland Security (DHS)/ European Biometrics Forum
11. Conclusions: Establishing the business case for biometrics in finance
6. Key players and programmes: Governments
– Biometrics and strategic pressures/ Identity fraud/Regulatory costs/ Customer service/Customer acceptance/Standardisation/Return on investment.
Who should read this report?
Industry Financial services providers Financial services providers Job Title Chief executives Financial directors/heads of finance What are they looking for? Trends in usage and deployment of biometric technology Ways that biometrics can cut operational costs and reduce losses associated with identity theft New developments and applications for biometric technology, case studies of successful and unsuccessful deployments, the main players and suppliers in the markets Ways that biometrics can be deployed to open new markets, such as developing the unbanked sector by making the body into the identification token New technologies that make the call centre experience more enjoyable of at the least less fraught, case studies on deployments Ways that biometrics can cut operational costs New developments and applications for biometric technology, especially voice recognition, case studies of successful and unsuccessful deployments, the main players and suppliers in the markets Trends in marrying of biometrics technologies to ATMs. Ways that biometrics can cut operational costs and reduce losses associated with identity theft New ways of making it easier for customers to shop, case studies on successful deployments
Financial services providers
Chief information officers/heads of IT
Financial services providers
Heads of operations
Contact centre/call centre
Chief executives
Contact centre/call centre Contact centre/call centre
Financial directors CIOs and heads of IT
ATM deployers
Chief executives, finance directors/heads of finance
Retail
Chief executives, financial directors, CIOs
The Business Case for Biometrics in Finance – 2nd Edition
About the Author
Jeremy Flye is a UK-based journalist working in the financial services field. After a career in regional newspapers, working initially as a reporter then editor, he moved into b2b publishing and has worked with VRL KnowledgeBank on all its banking, accountancy and cards newsletters, as well as a range of reports.
Other titles of interest from VRL KnowledgeBank:
• The Business Case for Mobile Banking – Ray Cain • Debit Cards as Profit Drivers – Victoria Conroy • Best Practice in Consumer Collections – Astrid Rial
Our list of blue-chip clients includes:
American Express, ABN AMRO, Accenture, Barclays Bank, Banksys, Carréfour, Citi, Credit Suisse, Deutsche Bank, Ernst & Young, Europay, GE Money, HSBC, ING, JPMorgan Chase, KPMG, MasterCard, McKinsey, The Royal Bank of Scotland, Société Générale, Standard Chartered.
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