The shift to biometric banking “is occurring faster than initially anticipated,” according to ABI Research Industry Analyst Dimitrios Pavlakis. In a new report, Pavlakis predicts that global revenues from biometric banking technologies will exceed $4 billion by 2021.

ABI Research credits much of the momentum to major banks and payment card companies’ targeting of the millennial demographic, “with many in this generation quick to adopt the new technology. A large swath of consumers who are quickly getting used to biometric scanning to unlock their smartphonesalso see the convenience of using biometrics in banking and financial transactions.

As evidence for the trends, the research firm notes that Mastercard has developed a payment authorization solution based on facial recognition via selfies, and name-checks Atom Bank for its “biometrically-fuelled, online-only banking approach.” ABI Research also points out that Hitachi and Fujitsu have refined vein scanning technology for ATM applications, and that Diebold has been working with Eyelock on an ATM that uses iris scanning for user authentication.

Still, the rush to biometric solutions presents “ever-increasing vulnerabilities,” with the need to protect user data emerging as a critical concern, given that it will now include biometric information. While consumers are evidently keen on the technology, it’s in banks and payment card companies’ long-term interest to ensure that it’s safe to use.

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