6 Biometric Authentication providers for Digital Onboarding in Investment solutions

Biometric authentication uses your unique biological characteristics like fingerprints, facial features, iris or voice patterns to confirm your identity to access applications or complete a Digital Onboarding process. These characteristics are way harder to reproduce or steal than a password. That is the reason why many financial entities (also companies from other industries) are using this method. This help them to give their clients a secure, 100% digital and efficient way.

Advantages of Biometric Authentication

We have mentioned some advantages in the previous paragraph. In a nutshell:

• Better Security: As mentioned before, biometric features are individual to every person, and it is considered that currently it is better than knowing one's password.

• Better Convenience: No more need to remember long and/or complex passwords. User can use the fingerprint, face, or voice for easy and fast authentication.

• Reduced Fraud: Hard to access unauthorized persons to your accounts.

• Better User Experience: Log in faster and easier than with traditional passwords.

What Will Be the Future for Biometric Authentication

Biometric authentication is fast evolving, especially with the arrival of new technologies like voice recognition and vein scanning. As technology in this area gets more sophistication, biometric authentication will increasingly be deployed in all industries (it is currently widely used in financial services or healthcare), and used for online shopping as well as control worldwide.

Best Biometric Authentication Providers in Finance

Below, you can find some examples of Biometric Authentication Providers (BAPs) that may be relevant for private banks seeking to integrate such solutions into their digital onboarding process for prospects.

• NEC Corporation: Strong focus on biometric payments with facial and fingerprint recognition.

• Fujitsu Biometrics: With PalmSecure, based on palm vein pattern recognition, it is one of the most accurate biometric authentication solutions nowadays, according to the company.

• LexisNexis: It is not a direct biometric authentication provider, but it's worth to know that it helps verify IDs, during digital onboardings, minimizes risks, and improving customer's experience.

• BIO-key: It provides simple and flexible security for digital onboardings. With strong expertise, in multiple industries, such as finance, healthcare, education, manufacturing, communication, transportation, or government.

• iProov: Offering cutting-edge technology to avoid fraud and improves secure online identity verification.

• OneSpan: Providing a broad range of security solutions including biometric authentication with facial recognition, fingerprint or Voice recognition.

• Jumio: Specializes in identity verification and biometric authentication solutions

• Regula: Focuses on biometric authentication technologies like fingerprint and facial recognition.

It's important to take into account that this is not a definitive list, and the best Biometric Authentication Providers for a particular financial institution will depend on its specific needs, business and/or priorities. Here are some additional tips for choosing the rights Biometrics Authentication Provider:

• Industry Reputation: Research the Biometrics Authentication Provider's reputation within the financial services industry.

• Client Testimonials: Ask the provider for case studies or testimonials from other entities that have successfully implemented the Biometrics Authentication Provider's solution.

• Security Certifications: Ensure the BAP holds relevant security certifications (e.g., SOC 2, ISO 27001).

• Integration: Make sure your entity will be able to implement the solution easily and efficiently.

By carefully considering these factors, private banks can select a Biometric Authentication Provider that helps them to offer a secure and efficient digital onboarding experience for their clients.