Biometric technologies have been increasingly incorporated into mobile devices in recent years; these technologies were originally used to improve mobile device security. With the advent of financial technology (FinTech), which employs mobile devices and applications as promotional platforms, biometrics plays a significant role in enhancing application identification for security.
However, people continue to be concerned about biometric privacy and trust. The use of financial technology (FinTech) in people’s professional and personal lives is altering the globe. FinTech allows people all around the world to connect, play, and communicate. Biometric technology is expected to improve secure identification solutions. The top four biometric technologies utilized in fintech are listed below.
Face Recognition:
Facial recognition is a technology-based method of recognizing a human face. A face recognition system maps facial characteristics from an image or video using biometrics. To identify a match, it compares the information to a database of known faces. Face recognition is the most common and natural kind of biometric identification, yet it can cause issues such as enhanced face roundness or other abnormalities.
To improve security, it is frequently integrated with other biometric technologies. It currently ranks second in terms of market share. Advanced technologies can enable face recognition that combines two-dimensional (2D) and three-dimensional (3D) modes, and face recognition requires biometric data to be updated on a regular basis to ensure accuracy. It can take the place of other commonly used monitoring systems.
Iris Recognition:
Iris recognition, also known as iris scanning, is the method of photographing a person’s iris using visible and near-infrared light. It is a type of biometric technology similar to facial recognition and fingerprinting. Iris recognition offers the highest level of individual uniqueness since no two people have the same irises.
Previously, it was used in access control systems. Iris recognition has increasingly been implemented in mobile devices as camera pixels in mobile devices have increased and light-emitting diode (LED) light assistance has improved, but it is still limited by many conditions. Furthermore, using specific contact lenses will reduce your chances of success.
Fingerprint Recognition:
Fingerprint recognition is the automated process of recognizing or verifying an individual’s identification based on the comparison of two fingerprints. Fingerprint identification is one of the most well-known biometrics, and it is by far the most used biometric option for computerized system authentication.
Fingerprint recognition is unquestionably the most innovative biometric technology included in mobile devices. Individual fingerprint identification is second only to iris recognition in terms of uniqueness.
Biometric information may be easily entered into mobile devices. However, the false acceptance rate of fingerprint recognition is significant, making it easier to exploit. It also has several working principles, such as optical, capacity, or ultrasonic principles, each of which has advantages and disadvantages.
Voice Recognition:
The capacity of a machine or software to receive and interpret dictation or to recognize and carry out spoken commands is referred to as voice or speaker recognition. Speech recognition is mostly dependent on an individual’s voice tone and audio quality. The form and pronunciation patterns of a person might cause a voiceprint to vary.
Field noise can also cause recognition mistakes. Because of the development of voice assistants and mobile device control features, as well as the enhanced performance of microphones, it has been common in recent years to include speech recognition in mobile devices.
Conclusion:
Biometrics is, of course, regarded as a more effective choice for identification than other methods in financial services applications, such as passwords, SMSs, and one-time passwords. Biometric identification in FinTech apps has introduced one-click onboarding and payment solutions from any location and at any time. People’s lives have become more pleasant as a result of technology’s simplicity of use and quickness.
Biometric identification is a prospective substitute for traditional identifying methods that have been used in a variety of applications. Biometric technologies allow exceptionally precise identification, ensuring safe access to sensitive information.
When correctly acquired, modalities such as fingerprints, iris, and retinal scans create entirely distinct data sets. In a world where everything is within reach, in your pocket, your data can occasionally fall into the wrong hands, and a biometric security system can prevent someone from accessing your device or information.
