Biometric security has yet to make a meaningful impact on the financial sector. Very few institutions allow such technology to be used by their consumers right now. A new Via study shows Canada may be a breeding ground for future biometric authentication tools. Consumers in that country seemingly have a keen interest in new technologies. Especially if these new features make their daily lives a lot easier. There should never be a trade-off between security and convenience in the first place.

The new Visa study reveals some interesting information. Canadian consumers are quite excited about biometric security technology. After new forms of authentication have come and gone, Canadians are looking for new solutions. Among the types of biometrics they prefer are fingerprint scans, facial recognition, and voice recognition. All of these preferences are remarkable in their own way. Whether or not they provide sufficient security, remains unknown.

Biometrics are the way to go in Canada

One thing is certain: passwords and PIN codes are insufficient. Especially when it comes to entering such delicate information, there are plenty of inconveniences. Furthermore, it is easy to forget this information or have it stolen by criminals. New systems need to be implemented sooner rather than later. For the average Canadian consumer, biometrics seem to have all of the answers they look for. These methods allow for better security while not compromising convenience.

Visa Canada’s Head of Risk Services Gord Jamieson comments:

“Advances in mobile device technology is increasing the speed and accuracy of biometrics, such that they can be used for financial transactions. This makes it the ideal time to integrate biometric technology into payments experiences for customers. At Visa, we are investing in the best ways to add these emerging technologies to our products and services.”

The interest in experimenting with biometrics is certainly present in Canada. Using these methods every single day is something else entirely. Surprisingly, a lot of consumers are already familiar with this technology. Fingerprint recognition is by far the most popular solution right now. However, only one in four uses it on a regular basis. Voice recognition is also somewhat popular, which is an interesting sign. Sixty-five percent of survey respondents claim biometrics are easier and faster compared to other methods.

Header image courtesy of Shutterstock


About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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