Table 2 Results of the coding process
From: Net valence analysis of iris recognition technology-based FinTech
Open coding (concepts) | Example comments | “Axial coding” (category-level I) | Frequency (percentage) | “Selective coding” (category-level II) |
|---|---|---|---|---|
Physical safety issues Criminal activities | “Iris recognition might threaten my physical safety” “Criminals might try to obtain my iris or force me to scan my iris” | Physical risk | 35 (10%) | Risks |
Biometric system malfunction Inconsistency Poor surrounding conditions | “The biometric system might be unable to recognize my iris” “The biometric system's scanners might not work or be able to do their job at the time of use” “The scanner might be unable to recognize my iris in poor lighting ATMs” “The system might fail to recognize my iris in case of changes in eye condition due to illness or injury” | Performance risk | 31 (9%) | |
Potential monetary loss Financial Fraud Financial negative repercussions owing to technology faults | “This technology could be fooled by contact lenses or fake eyes, and I could lose the money in my account” “With this FinTech, identical twins might be able to access the same account, which could be bad for their finances” “I am not sure if a dead person's eye can be used to identify them, but if it does, it could cost a lot of money” | Financial risk | 44 (13%) | |
Unauthorized use of biometric information Improper storage of biometric information | “My biometric information might be stored poorly in banks' databases, and therefore make them subjected to theft and hacking” “My biometric information might be used without my consent” | Privacy risk | 51 (15%) | |
Hygienic authentication Contactless authentication | “Increased health and safety levels” “It is absolutely healthy process; I do not need to perform any physical contact to get recognized” “As contactless authentication, I have less concerns of getting infectious diseases” | FinTech-enabled hygiene benefit | 57 (16%) | Benefits |
High level of security Fraud prevention Identity theft prevention | “With iris recognition I have less concerns having my PIN/password theft” “I would not be worried if my card got lost or stolen” “It is highly secure as it is difficult to have a scan of my iris” “With iris identification, the likelihood of account theft has decreased” “With iris recognition, I am the only authorized person who can physically access my accounts” | Financial security benefit | 66 (19%) | |
Ease of use Time saving Effort saving Cognitive effort saving Comfortability | “Iris recognition is an easy-to-use authentication process compared with other methods” “With iris recognition, I do not need to remember any PIN cods or passwords” “With iris recognition, I can access my account very quickly” “I do not need to hold my card to access my account” | Convenience benefit | 62 (18%) |