Goode Intelligence has outlined five key trends driving the adoption of biometric technology in the financial services sector. Basing the assessment on three reports comprising its Biometrics for Financial Services series, the market research firm predicts that the market will reach a value of $11 billion by the year 2020.

One of the major trends highlighted by Goode Intelligence is a predicted rise in the use of biometric authentication on ATMs. While this application is only in its nascent stages, ATM maker Diebold has recently been eager to show off such concepts, and the use of biometric authentication is very likely to play a significant role in the NFC-equipped mobile interface ATMs being developed by major American banks. This relates to another major trend identified by Goode Intelligence—the rise of mPayment platforms, the most prominent of which already rely on biometric authentication for transactions.

Other key trends outlined by Goode Intelligence include increases in the incidence of card-not-present fraud, digital payments via wearables, and the rise of multi-modal biometric authentication on banks’ mobile apps.

The market research firm also offers a number of other interesting predictions for the year 2020, asserting that by that time there will be 622 million mobile banking apps offering biometric authentication by 2020, 160 million biometrics-equipped wearables compatible with banking applications, and $5.6 trillion in payments being secure by biometrics. It’s a bright picture for the future of biometrics in banking.

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February 3, 2016 -by Alex Perala