Entering into the fourth industrial revolution, customers are eager to embrace innovation and take advantage of the latest technologies for enhanced connectivity, mobility, and access to information. In this technology-driven world, providing a seamless and “walk-through” customer experience has become a necessity of every business industry.
Customers are the main assets of any organization and retaining them is the biggest challenge. Technology is facilitating industries to come up with more advanced business processes that can balance security and customer experience at the same time, biometrics being the significant one. Biometric technology is tailored to create new customer experiences while ticking all the boxes in terms of security, compliance, and global acceptance.
Biometrics are transforming the way we interact and engage with our customers. From mobile devices that require biometric authentication to replacing the pin codes and using biometric data to open accounts, the business world is undergoing a transformation.
A key to the key-free world
In the physical world, a lock without a key is of no use and a lock with duplicate or stolen key is a threat. The same thing goes with the digital world. Passwords have always been used as a single line of defense to guard private information and limit access to user accounts. It means too many passwords for multiple accounts. Moreover, changing them timely as per guidelines and then remembering them is quite troublesome for an individual.
Biometrics addresses such concerns effectively and replaces the need for tough alphanumeric passwords. Unlike passwords, biometrics can neither be exploited or stolen, its unique trait of a person that always remains with him making it more secure than traditional keys. In addition, biometrics such as fingerprint scanning, iris scanning, facial recognition, etc. serve as a single key to unlock every lock.
Today, consumers are enjoying the ease of unlocking their phones using fingerprint scanning and facial recognition, without bothering about passcodes. Such immense user benefits are making biometric technology more promising and acceptable because it is not only secure ut also saves us from time-consuming tasks of daily activities.
A new ‘face” to customer experience
Personalized customer experience is the key to success for every business. Living in a data-driven world, businesses are becoming more customer-oriented than product oriented. This makes innovation in customer experience the top priority of an organization and the path to seamless experience begins with something unique for every individual. What can be more unique than your face?
Facial recognition is one of the significant biometric technology, based on a single unified biometric key, that empowers a frictionless personalized experience for the customers as they move through different environments. Face biometrics are effortlessly unlocking contactless customer experience in multiple venues whether shopping malls, hotels, restaurants, stadium or airports. What else does a customer need?
The recent innovations in face biometrics are not only enhancing the security of public places but also making access to these venues more convenient, quick, effortless and personalized for customers. Gone are the days when people needed to stand in a queue and wait for their turn to get verified and then enter. Facial recognition systems have automated the whole process.
Personalized customer experience through unified biometric key
Facial recognition is already unveiling frictionless personalized experience in multiple industries and will continue to pay more ways in upcoming years. The biometric system market is expected to grow at $33 billion by 2023, as per Biometric Systems Market Research, Global forecast 2023. Moreover, the facial recognition market is predicted to grow $8.93 billion by the end of 2022 at a CAGR of 19.68%.
A unified Face ID is taking the customer experience to another level. Imagine entering a venue and being greeted by your name by working staff; feels great isn’t it? This is just a single case of personalizing a check-in experience. Biometrics are being explored in multiple other ways. For instance, whenever a VIP person enters a stadium, the services can be delivered in a more enhanced and personalized way.
The best thing about this technology is that it can be easily integrated with the existing systems.
A parameter to balance security and convenience
The ability to enhance customer experience is dependent on two main factors: security and convenience. Biometric technology is effectively balancing both. With the explosion of mobile devices and online payments, payment security is becoming one of the major concerns. The advances in payment technology by incorporating biometrics are unleashing the potential of transforming the customer experience.
Biometrics is something people are looking forward to for authenticating their payments. According to a visa study done in Europe, 73% of the respondents wanted to use biometrics for payment authentication. Fingerprint scanning was the most preferred authentication method. Other than fingerprints, iris scanning, and face verification were included in consumers’ practice. These methods convert the captured biometrics into machine-readable binary data and verify the authorized persons through AI and machine learning algorithms.
Biometric Payments are suitable for both in-store and online payments that require little or no special skills and consumer education. Anyone can simply scan the finger or take a selfie to authenticate the payment and identity.
The way forward
According to a study by Spice works, 90% of the businesses will be using biometric identification by 2020. This insight clearly shows the business interest in technology. In the upcoming years we will be experiencing new trends in biometric technology completely transforming the customer experience.