From fingerprint for unlocking smartphones to facial recognition for payments. The applications of biometrics linked to artificial intelligence (AI) technology already cover almost every aspect of our lives.
Thanks to its efficiency and versatility in recognizing the unique characteristics of each human being, biometric identification is one of the most accurate resources for identity validation and data protection, in addition to streamlining processes.
Some of the main examples of biometric authentication are:
- Facial recognition;
- Iris recognition;
- Voice recognition;
- Retinal Recognition;
- Recognition by typing.
The need for super fast and safe services in the digital age
We know that in an age of instant messaging and transactions, there is definitely no room for delay amid the constant stimulus bombardment vying for our attention. Therefore, companies in all industries are alert to the need for this type of improvement to remain relevant among their customers and users.
After all, how many times have you given up on registering on a website or opted for another financial service due to process slowness?
Although bureaucracy is commonly related to security procedures, this has ceased to be the norm for some time now. And the growth of mobile banking reinforces the urgency for speed to retain users, who in Brazil alone carried out 50% of financial transactions via mobile phones in 2021.
Simply replacing long visits to the bank with time-consuming online procedures is not enough. By 2024, slow onboarding and manual processes could cost banking institutions up to US$22 billion if they don’t adapt to new technologies to optimize their processes, according to a Fenergo report.
So, how to ensure speed and security in financial services?
Almost everything we do today requires some form of ID authentication. But, until now, these were the main tools used for this:
- Login and password;
- Credit/debit card;
- QR Code.
However, while credit card payments – which have made the use of physical money virtually obsolete – are considered quick and easy, it is even simpler to lose your card, fall for phishing scams or simply forget your password (which leads to even more bureaucracy).
And speaking of passwords, a 2021 study revealed that the average American loses access to 10 online accounts a month because of forgotten passwords. The worst thing is, two out of three of those surveyed avoid visiting these websites and accounts, rather than recovering them.
Meanwhile, QR codes are dependent on smartphones, which can also get lost, stolen, run out of signal or run out of battery.
Facial recognition: The key to security is in our faces
In recent years, biometric authentication has taken the place of old forms of identification, in addition to eliminating bureaucracy in data interpretation and greatly reducing the chances of errors and fraud.
This feature has proven so valuable that 85% of 1,500 global executives said they see biometrics as the top payment authentication method of this decade, in a study by the Economist Intelligence Unit.
No wonder why the Brazilian Federation of Banks (Febraban) recently decided to adopt facial biometrics as a rule, and announced that banks that are part of the organization will begin to apply it to all transactions carried out by their customers in Brazil.
The goal is to reduce the risk of scams and financial fraud, and this facial recognition trend, which has already become standard in China, is slowly reaching the rest of the world.
Pay with your face
A strong example of this movement is Mastercard, which intends to replace payments through cards, smartphones and passwords with facial recognition worldwide.
The payments giant recently began testing biometric identification in brick-and-mortar stores, at St. Marche supermarkets in Brazil. To pay, the consumer will only need to register their face and cards using an app, then carry out their facial identification at the cashier and choose the payment method.
“With the pandemic, everyone has gone digital and consumers have embraced new technologies”, said Ajay Bhalla, president of Mastercard Cyber & Intelligence, in an interview. “In fact, consumers all over the world have asked us to do this for shopping, for their retail experiences.”
The challenge of biometric authentication
From multinationals to local fintechs, players of all sizes and industries are investing in biometric technology to automate and optimize their processes, in addition to increasing security and offering increasingly better experience for users.
It is worth noting that with the digitalization of the financial market, LATAM has proven itself a hub of entrepreneurship, with a 112% growth in the number of fintechs since 2018. Today, the sector in this region already represents 22.6% of the total of 11 thousand fintechs in the world.
And with competition on the rise, those who grow are the ones innovating and distinguishing themselves from competitors. But creating your own artificial intelligence and biometric recognition software is not an option for the vast majority of companies.
MetaMap: The solution one click away
Through biometric authentication, your business can transform registration, login, payments and financial transactions, in addition to revolutionizing Know Your Customer (KYC) processes and access control for passengers, customers and employees, for example.
That's why we take care of offering all identification solutions for companies in a single tool, using the most advanced technology of artificial intelligence (AI). All of this is just a click away.
By using metamaps – customizable verification flows –, you only need to drag and drop the selected solutions to activate them and create a flow based on your business’ needs. In minutes, and without code.
Be a part of the borderless growth.