For years, all we have been hearing about in the biometric security space is how demand is growing, and how businesses are integrating them at a high pace.
This begs the question, though: How do customers feel about biometrics?
Many business leaders are still concerned that consumers are not ready to submit biometric samples like fingerprint, facial or iris scanners when logging into accounts or verifying transactions. But as it turns out, consumers are actually overwhelmingly in favor of biometric solutions.
According to a recent study from MasterCard— which recently announced consumers will be able to use biometrics for payments— 93 percent of consumers prefer biometrics over passwords when validating transactions. And banks are reporting that when biometric authentication is used, customers are more inclined to complete their purchases. Cart abandonment rates have been found to drop by as much as 70 percent compared to other types of methods like SMD and single password-based systems.
Part of the reason why these types of solutions don’t work well with biometrics is that they are inconvenient. Consumers don’t like waiting, in other words, for SMS codes to be delivered to their phones. And passwords can still be lost or forgotten.
It’s for this reason why many companies, especially banks, are turning to voice biometric identity verification for their mobile security needs. Voice biometrics can work alongside any other type of verification technology, and all it requires is a microphone. Voice biometrics are a quick, painless and secure way for customers to verify their identities.