The BFSI industry comprises organizations that are into banking services such as core banking, corporate, retail, investment, private, and cards; financial services such as payment gateways, stock broking, and mutual funds; and insurance services covering both life and general risks. The industries faces critical security challenges, such as frauds and hacking. Significant developments in the field of mobile banking and online payments have further propelled the demand for adopting a safer and more secure way of authentication. The necessity for a stronger authentication solution has become inevitable in banking and financial services, owing to the rise in fraud and security breaches due to reliance on traditional security systems such as passwords and PIN codes. Hacking into accounts is relatively easier when access is based on such credentials. Thus, financial institutions are increasingly adopting biometric technologies to protect both their and their customers’ data against the consequences of a breach in security. Moreover, these institutions use biometric technologies to combat the threats posed by fraud and identity theft. Thus, the biometric technology is becoming popular owing to its advantages such as reliability, accuracy, and cost effectiveness. The use of these biometric technologies enables the customers to access their account securely and it provides financial institutions a competitive advantage, as customers continue to pursue greater protection against fraud and identity theft.