Determinants of consumer adoption of biometric technologies in mobile financial applications

Abstract

This study aims to identify what determines the use of biometric technologies in the financial applications of banks and FinTechs. The analysis uses data from a survey of 1,000 adult Polish residents. The estimated logit model indicates that the probability of using biometric solutions decreases with age and increases with the level of education and technological sophistication relating to personal innovativeness, experience with biometric technology, and the use of digital technology in both financial and non-financial areas. The work identifies the COVID-19 pandemic as a factor accelerating the adoption of biometric solutions and fostering awareness of the threat of digital technologies invading respondents’ privacy. The study demonstrates the positive impact of trust that phone manufacturers ensure the security of stored funds and data processing on the acceptance of biometric solutions in financial services. This relationship underpins the recommendation to financial institutions in the field of promoting biometric technologies.