Biometrics are Setting Another Revolution in the Financial Sector

Share this post

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.

More To Explore


Are you a member of The Payments Association?

Member benefits include free tickets, discounts to more tickets, elevated brand visibility and more. Sign in to book tickets and find out more.


Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.

Having trouble signing?

We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.

First things first

Have you set up your Member account yet? If not, click here to do so.

Still not receiving your auto-login link?

Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.

Please click the button below which relates to the issue you’re having.

I didn't receive an e-mail

Tip: Check your spam

Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association

Tip: Check “other” tabs

Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.

Tip: Click the link within 60 minutes

For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.

Tip: Only click once

The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.

Tip: Delete old login e-mails

Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.

Tip: Check your security policies

Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.

Need to change your e-mail address?

For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.

Still got a question?