The University of Oxford Department of Computer Science study, titled Mobile Biometrics in Financial Services: A Five Factor Framework, found that more than 90 per cent of financial services customers believe biometrics are more secure and convenient that passwords.
"Traditional password-based mechanisms are becoming insecure, inconvenient, or both, as evidenced by the rise of digital fraud rates and users who report frustration with authenticating to financial services," said the report.
However, while consumers are clear in their preference for biometrics, only 36 per cent of the people in the finance industry feel they have sufficient knowledge to implement biometrics.
"These gaps inhibit adoption of biometrics, as they prevent effective communication and collaboration among different entities involved in the process of deployment," said the study.
The 'five factor' framework for the successful implementation of biometrics outlined by the study include:
- Performance: Create frictionless yet secure biometric solutions by combining low algorithmic error rates with a second factor of device ID for a multi-layered solution.
- Usability: Design a user experience that conveys trust and security while being easy enough to delight even the technophobes.
- Interoperability: Future-proof your solution to work with a range of devices, use cases and modalities (face, iris, voice, etc).
- Security: Minimise your risk by encrypting biometric templates and ensuring they never leave the user’s device.
- Privacy: Use cutting-edge biometric data protection technologies to preserve confidentiality and anonymity even within an authentication system.