Wells Fargo is looking to implement biometrics as a security feature and services by the end of 2016. It's expected that nearly one-third of the largest US banks plan to make biometrics available to mobile banking customers by the end of the year
As online data breaches continue to grow, financial services firms are looking to improve security beyond user names and passwords. By the end of 2015, six of the largest 19 banks in the U.S. will enable biometrics for mobile banking, according to a recent report from research and consulting firm Aite Group. Companies are experimenting with technology that can recognize a user’s fingerprints, face, eyes and voice. Each method faces drawbacks including operational problems under certain conditions, privacy concerns and weaknesses that criminals can exploit. Fingerprints are the most commonly used biometric for mobile banking apps since many smartphones have added this capability. But, Wells Fargo and other banks are also experimenting with facial and voice recognition in mobile apps and working through challenges such as cancelling out background noise that can hamper voice recognition.