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Another revolution is coming for the financial sector and this one could change the way that consumers and businesses conduct themselves forever.
We’re talking about biometric technologies and payments innovations like it that are focused on robust security and point-of-sale simplicity. Moving beyond the PIN and chip system of yesterday, these technologies are more than just a way to verify someone’s identity.
Today we are going to highlight seven ways that biometric technologies are bringing payments innovations to the financial sector and beyond:
1. Security and Convenience: No Longer a Tradeoff?
One of the major ways that biometric technologies are bringing a revolution to the financial sector is that they are bridging the gap between security and convenience in payments, identity verification, and beyond.
2. Biometrics is Here to Stay
While still a new and relatively novel technology for many of us, biometrics is already proven itself as the way of the future and looks set to take over everything typically left to the old ways of doing business. Beyond the ease of integrating with current technology, biometric technologies could also reshape and inform the way things such as smartphones and smartwatches are designed in the future.
3. Methods of Integration
From taking advantage of the widespread use of smart technologies to implementing biometric readers on legacy technology, payments innovations are being easily grafted on to a dual-track system that will eventually give way to a system fully supporter and centered on biometric technologies.
4. AI and Biometric Technologies
Artificial intelligence is not only making all of this possible but it is also going to help prevent a lot of the fraud and theft that happens now. Artificial intelligence is not only capable but also adaptable as well as scalable in ways that technologies in the past simply were not. This results in increased efficiencies in terms of speed and sophistication in everything from payment processing to fraud detection.
5. Contactless Payments
Contactless payments are seen as the future of payments and for many reasons. Not only is this fully actualized by the promise of biometric technologies but also it can be more quickly deployed thanks to innovations that rely upon things consumers already have such as their smartphone camera and fingerprint detection system.
6. Redefining Commerce and the Public Sector
Biometrics is not just coming to the financial sector but also to the public sector as well. This will enable new public-private partnerships and initiatives than ever before. It will also give companies and agencies the ability to more effectively coordinate in the future in areas ranging from healthcare to social services.
7. Financial Service Providers Focusing on Payments Innovations
As biometric technologies become more widespread and enable transactions with greater confidence and speed, the financial sector will begin to innovate in terms of focusing on new ways to do things and even new products to offer businesses and consumers. As fewer resources are consumed by fraud and necessary auditing, financial services providers will be able to more competitively address market needs.
The topic and the evolution biometric technologies, and the new solutions applied into the financial services sector as a consequence of that, are about to dominate more and more the of the fintech world, the payment options, and methods used by businesses and customers, the digital banking solutions available on the market and the status quo of how the industry will be dealing with payment and money processing as a whole.