Could a Bank of Faces be on the Horizon?

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After Apple decided to introduce a fingerprint scanner to the iPhone 5S in 2013, biometrics have been all the rage. Consumers have been able to take advantage of an extremely advanced system that has now been widespread. Around five years later, with the release of the iPhone X, Apple has introduced a new form of biometrics by introducing facial recognition.

The biometric facial scanner is a step towards the future, but some are a little skeptical.

Several companies followed the release of the iPhone X, to use the technology to make their own types of biometric facial authentication. Several financial institutions across the world are now trying to implement facial recognition as a form of payment. This is all well and good, until security risks are introduced.

According to the managing director of consumer-facing platforms and technology for Bank of America, Hari Gopalkrishnan, banking security needs to be at the forefront of the consumer experience. If the user finds it difficult to use, or that the technology doesn’t fully work, it may lead to a decreased sense of security.

Gopalkrishnan stated that “we need to know what our customers really want to use before we can commercialize something and pt it out to them. Once we know they want something, then we can make it part of our platform, because then we’re confident they’ll use it and not leave themselves vulnerable.

Security has been a large issue in the past few years with hackers sneaking into various databases and stealing customer’s information such as credit card numbers, social security and more. As security becomes more advanced, the threat of breaking into the system will hopefully become reduced. Given that Apple’s technology is relatively new, and was only announced around a few weeks ago, only time will tell how well it actually works.

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