Research and Markets - HSBC Announces Biometrics Banking Amid Strong Global Market Growth

19 Feb, 2016, 07:53 ET from Research and Markets

DUBLIN, February 19, 2016 /PRNewswire/ --

The global biometric monitoring systems market is to grow at a CAGR of 26.71% over the 2014-2019 period, according to a recent report available from Research and Markets. The report accredits this high growth with the increasing adoption of biometric systems within a large number of industries including law enforcement, hospitals and financial institutions. This predicted growth was backed up today with news of British multinational banking and financial services company HSBC's intentions to offer biometric banking services to up to 15 million customers.

     (Photo: http://photos.prnewswire.com/prnh/20130307/600769 )

HSBC's internet banking customers in the UK will be able to use voice recognition and touch security services to access accounts. The voice biometrics technology will be supplied by Nuance Communications, while Touch ID is providing fingerprint biometrics technology. 

The global biometrics systems for finance market is expected to be worth USD 2.2 billion by 2024, as stated in an industry report. This technology is proving invaluable to the finance market, offering customers and institutions a greater level of protection over passwords or security questions.  

Fingerprint and voice recognition are by far the most common systems used today, but emerging technologies such as DNA analysis and keystroke recognitions are expected to become prevalent due to the even greater level of security provided. Indeed, another industry report estimates the global emerging biometric technologies market to grow at a CAGR of 13.37% by 2019, suggesting heavy investment in new technology.

For further information on this topic, and a full list of all related documentation, please visit the Biometrics section at http://www.researchandmarkets.com/rm/LQIK.
Source: http://www.bbc.com/news/business-35609833

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