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United States – The worldwide financial biometric market earned $117.3 million in 2006 and is estimated to reach $2.07 billion in revenues by 2013 spurred by banks using the technology to enhance security and convenience to customers, according to a recently released study from Frost & Sullivan.

In North America and Europe, regulatory issues are causing banks to turn to biometrics. In emerging markets like Asia Pacific and Latin America, banks are using the technology to leverage self-serve banking options with biometrics-enabled ATMs.

The research firm reports that with the Federal Financial Institutions Examination Council (FFIEC) and the Sarbanes-Oxley Act pushing for stronger guidelines in multi-factor authentication and access to customer data and employee audit trails, financial institutions look to adopt biometrics to maintain regulatory compliance.

However, financial institutions are still slow to adopt the new technology, hindered by complex issues of system integration along with low awareness and ROI of biometrics.

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