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BizReport : Trends & Ideas archives : April 16, 2015

Brits warming to biometric technology for online banking access

Just as many UK consumers want to use fingerprint recognition technology to gain secure access to their online banking as those who want to use passwords, according to recent research from Equifax reveals.

by Helen Leggatt

In a survey of 2,090 UK adults conducted by YouGov on behalf of credit reference agency Equifax it was found that nearly as many consumers would prefer fingerprint recognition (31%) to gain access to online banking as would prefer passwords (32%). Two banks in the UK, the Royal Bank of Scotland and NatWest, have already implemented fingerprint recognition technology for logins due to customer demand for the service.

Just 21% of those surveyed for Equifax said they prefer answering security questions and just 3% were in favor of voice recognition technology.

According to John Marsden, a fraud and identity expert at Equifax, while biometric technology, such as fingerprint recognition, is still in its infancy in the UK, research has shown that consumers perceive it as a secure method of identification.

"As technology evolves, we are seeing a shift in security preferences online," said Marsden. "New biometric technologies could potentially see traditional means for authenticating identity online, such as passwords and security questions, become a thing of the past. Using fingerprint technology helps protect customers without the need to remember multiple passwords and pin numbers, while speeding up transactions and making the process more seamless."

Image via Shutterstock

Tags: biometrics, online banking, online security, trends

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