U.S. banks lag in implementing biometric security measures

Biometric technologies have an ever-growing presence in the banking industry, reports Boston, Massachusetts-based Celent Communications. Banks across the globe are using biometrics both to thwart fraud and to offer customers a convenient alternative to cards and PINs. U.S. banks, however, are more than a decade away from realizing the full benefits of biometric measures.

In its report, Celent explores the use of biometrics in financial services, focusing on the technology’s application for banks and their readiness to use the technology. Celent found that technological advancement and price improvements are among the factors making biometrics a useful tool for banks, but that U.S. banks face challenges — from creating standard biometric applications to encouraging customers to use biometrics — which will stall widespread use of the technology in the United States.

-download the Celent report at company Web site