New report warns: High cost of biometric solutions is barrier to adoption

TechNavio’s analysts forecast the Global Biometrics Technology market for Financial Services to grow at a CAGR of 40 percent over the period 2011-2014. One of the key factors contributing to this market growth is the Government Regulations. The Global Biometrics Technology market for Financial Services has also been witnessing financial institutions progress toward provision of self-service facilities for end-users. However, slow adoption of biometric technology by banks could pose a challenge to the growth of this market.

TechNavio’s report, Global Biometrics Technology Market for Financial Services 2011-2014, has been prepared based on an in-depth analysis of the market with inputs from industry experts.
Key vendors dominating this market space include Morpho, Cross Match Technologies Inc., Suprema Inc. and 3M Cogent Inc.
Commenting on the report, an analyst from TechNavio’s IT Security said “For better service, to control cost, and to meet customer demand, financial institutions are moving the majority of services to internet to progress toward self-service. It is critical to identify and verify the individual at the other end of the transaction and this, currently, is the most important obstacle which financial institutions online dealings are getting affected. Biometric technology can help in providing a means to meet this demand.”
According to the report, in North America and South Asia, regulatory compliance is one of the biggest motivating factors in the adoption of biometric devices by financial institutions. Biometrics technology is known for its features such as high accuracy, capability to map an individual’s transaction to its account, and cost effectiveness. Moreover, customers are demanding secure authentication and this helps in improving regulations by the regulatory authorities. Some of the recent government regulations include the Federal Financial Institutions Examination Council (FFIEC) 2005, the Sarbanes-Oxley Act 2002 and the Basel II Accord 2004.
For more information visit http://www.researchandmarkets.com/research/97cb23/global_biometrics

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