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Biometric ID Gains Trust Via Transparency

– PYMNTS

  • Report
  • Posted by Good ID team (Good ID)
  • 25 September 2020

Digital onboarding is on the rise in financial institutions

Research by PYMNTS found that over 65% of people in the last year opened an account digitally. While this can be highly efficient for consumers, it also generates a risk of fraud.

“To understand the growing importance of biometric identity verification, it’s important to grasp how large and lasting the COVID digital shift appears to be.”

The research found that most consumers remain skeptical of having their biometric scan taken as a form of ID, but they would feel more comfortable giving this information if they knew why it was necessary.

Only one-third are comfortable providing biometric information, such as fingerprints, photos for facial recognition or voiceprints, to their current financial institutions

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