TechNavio today launched its report Global Biometrics Technology Market for Financial Services 2011-2014 based on an in-depth study. The report aims to aid decision makers™ understanding of the key trends impacting the future of this market.
Commenting on the report, an analyst from TechNavio™s IT Security team 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.
The report also discusses that the high cost of biometric solutions is a barrier to the adoption of biometrics technology.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key players.
TechNavio, the market research platform of Infiniti Research Ltd, publishes periodic reports on niche and emerging technologies. For further information, please visit https://www.technavio.com/content/global-biometrics-technology-market-financi…
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TechNavio Announces the Publication of its Report – Global Biometrics Technology Market for Financial Services 2011-2014
