#Biometrics May Be Another Gateway to Personalized Service

Beyond enhancing security measures, biometrics may also hold the key to fulfilling consumers’ expectations for hyper-personalized experiences.

Knowing who is walking through a financial institution’s (FI’s) door – whether through digital or real-life means – plays a significant role in creating a seamless omnichannel experience. Today’s consumers not only expect a consistent experience across channels, they also expect one that is tailored specifically to them. In the future, a big part of knowing those consumers may rely on investing in biometric capabilities today. 

Much of the current biometrics conversation centers on security. However, many experts believe the capture and analysis of physical and behavioral traits will be the key to revolutionizing consumer engagement. That’s because use of the rapidly evolving technology will allow organizations, including FIs, to more readily identify who is coming through the door. The faster that information is translated, the faster loyalty-inducing, hyper-personalized interactions can take place. 

Imagine the decision to engage a consumer with a handshake from a person or an artificial intelligence ‘Hello’ from a kiosk is determined the moment he or she enters the door. Facial recognition could trigger different types of interaction, pre-selected by the individual’s own preferences. In the digital realm, fingerprint ID at sign-in could determine the first screen a mobile banking user sees. 

At this year’s Money 20/20, there was a lot of discussion about the large gap between online and offline experiences. How brands and service providers bridge that gap will be critically important as consumers use those experiences to determine where to spend their time and money. Those who do it best will have a massive competitive advantage.