When it comes to the protection of their biometric data, British people are nearly twice as likely to trust banks (60 percent) than government agencies (33 percent) in doing so.
According to new research from Visa, 85 percent of British consumers said they would trust banks to offer biometric authentication as a service to confirm identity, followed by payment networks (81 percent), global online brands (70 percent), and smartphone companies (64 percent).
More than 14,000 consumers from the UK, Sweden, Spain, France, Germany, Italy and Poland participated in the survey with around 2000 respondents per country.
“The true strength of behavioural biometrics is in providing trust. While the consumer trusts the fingerprint, or the voiceprint, retinal scan or any other visible security the bank may choose, that is what they see and how they feel – it's the guard at the door if you will. Using passive and invisible behavioural biometrics (BB), the bank can also have full trust in their key objectives, protecting the user account and providing a good customer experience. In this way BB solutions can draw a straight line to a trust-trust relationship between banks and customers,” said Robert Capps, VP of business development at NuData Security.
Nearly two-thirds of consumers (64 percent) want to use biometrics as a method of payment authentication. The growth in fingerprint authentication for mobile payments is bringing the benefits of biometric authentication to life. Fingerprint authentication (88 percent) is viewed as the most secure form of payment, higher than other biometric authentication options like iris-scanning (83 percent) and facial recognition (65 percent).
“Banks have a tremendous opportunity in this payment revolution. From trialing voice recognition to behavioural biometrics for authentication, we're already seeing banks –both high street and challenger banks alike – making positive steps to adopt this technology in a variety of use cases. This consumer confidence in both authentication, as well as the storage of their biometric data, gives banks the perfect win-win scenario, enabling them to provide a service that the public wants which will also benefit the banks themselves,” said Kevin Jenkins, UK and Ireland managing director at Visa.