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Blue Star Capital Plc

Technology in Banking: The developing role of biometrics

In the past, technology that could identify us by our biometric data was something we only saw in science-fiction:from facial recognition technology used in Star Trek, to Marty McFly using his fingerprint to authenticate payments in Back to the Future. But over the last few years, developments in technology have demonstrated a world in which our face, voice, eyes and fingerprints can be used to identify and authenticate us.

With huge strides being made in biometric technologies, the end of the PIN and password could soon become a reality.Fingerprint authentication is already very common when unlocking our smartphones, while services like ApplePay and SamsungPay have allowed early adopters to pay for things just by tapping their thumb on their phone. But soon biometrics could be the way to secure other proximity payment methods, online/eCommerce payments and a wide range of financial applications.What’s more, the latest open banking initiatives and new regulatory frameworks, such as PSD2, are set to increase the pressure on financial institutions to ensure robust protection of customer data and funds. In addressing these challenges, biometrics can play a central role in the quest to combine security with usability.

Sthaler is an early stage identity and payments technology business which enables a consumer to identify themselves and pay using just their finger at retail points of sale. The company developed Fingopay, using VeinID technology, in partnership with Hitachi. Blue Star Capital PLC (LON:BLU) is an investing company with a focus on new technologies. Blue Star’s investments include a 0.9% holding in Sthaler.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.