EVP Corporate Business at Veritran
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Over the past year, biometrics has become a predominant part of the everyday world. Biometrics, the automated recognition of individuals based on biological and behavioral characteristics, are in play every time an individual unlocks their phone, logs in to their mobile banking app or goes through airport security.
Covid-19 created an inflection point in the way organizations approach technology, including biometrics.
A distributed workforce led to an expanded attack surface as employees used home networks and devices – cybersecurity breaches not only rose in number as a result, but they also became 10% more costly for enterprises to handle as the average cost per incidence rose to over $4 million. At the same time, businesses across industries had to rethink their operations to solve for social distancing mandates and physical safety. Biometrics, which are often contactless and provide increased security compared to traditional password security methods, became a clear solution for companies as they adapted to a rapidly changing business landscape.
Today, as companies enter a post-pandemic world where security and contactless methods of identification are more important than ever, the business case for biometrics is clear.
In a 2020 survey of more than 800 leaders in the technology industry, KPMG found that more than 50% of leaders surveyed report increasing their investment in biometrics compared to the previous year. Companies and governments alike are now creating biometric profiles of users for everything from logging into work laptops and unlocking sensitive data to gaining entryway into offices. The implementation of this technology is not only benefiting businesses, but also their end user — enabling greater speed, convenience and ease for consumers on a daily basis.
Biometrics provide users a secure and speedy way to access sensitivity data, all with a quick facial or retinal scan or with the touch of a finger. These tools prevent end users from using precious time to input usernames or passwords, or better yet, having all of their login credentials on tap. Biometric security features are also hard to fake, as each user’s biometrics are unique and nontransferable.
However, the business use case for biometrics isn’t bulletproof yet. Privacy is still a major concern, as some users are still wary of biological identifying information being stored in databases that could be subject to a data breach.
Furthermore, before implementing biometrics, business leaders should address whether or not they are appropriate for their client base using three guiding principles:
1. User-centricity
Biometric technologies are at the heart of user-centric design by using facial, retinal and/or thumbprint scans to allow access to sensitive information. Is your client base comfortable and ready to implement this type of technology, and how does it fit into the overall user experience of your application?
2. Usability
Keep in mind that biometrics are not a perfect solution. While technological advances in biometrics have come a long way, and continue to be refined, users can still experience challenges such as contact lens interference, voice command issues in noisy environments or a very timely issue of facial recoginition technologies not recognizing users who are wearing a mask or face covering. Applications should always have alternatives at the ready, such as a token or passcode option, so that users may still easily access their data.
3. Accessibility
Ensure that your client base has access to devices that are biometric-enabled, such as a cell phone with a screen-facing camera or a touch-enabled home button. If users do not have access to these devices, then biometric solutions may not be the best fit for your application.
Digital transformation occurs daily, and solutions to these hurdles preventing widespread business adoption are continuously being developed. Biometrics is set to disrupt a variety of industries, from financial services to healthcare to education, and early adoption may help drive a competitive edge. Financial services companies in particular are adopting stricter identification protocols in the face of increased fraud to boost transaction security. As a result, contactless and biometric-enabled payments have risen in popularity — a trend that my company, Veritran, predicts will continue.
As biometrics continue to grow in popularity and sophistication, companies must carefully weigh the pros and cons for their unique business use cases.
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