Could biometrics be the next step in the know-your-client process? A new report from TowerGroup estimates that the use of biometrics is 10 years away.

Biometric technologies analyze the unique biological traits that differentiate one human being from another, such as fingerprints, the retina or iris of the eye, or the patterns of an individual’s voice.

TowerGroup says that despite the benefits, the high cost of implementing biometrics, combined with a lack of industry consensus, could delay its widespread use for at least a decade.

New research from TowerGroup’s Retail Brokerage and Investing service finds that concerns over privacy will not keep consumers from adapting to biometric screening. “Instead, convenience will be the key to the acceptance of biometric technology use in retail financial services.”

TowerGroup’s report says that biometrics could help financial institutions drastically reduce costs related to identity theft, while simultaneously assuring consumers that their financial assets are well-protected.

But that for biometric authentication to be used at a retail level, technologies must be convenient (quick and reliable), robust (able to stand up to heavy use), accurate (providing top-quality security) and cost-effective. “Few of the technologies currently available offer all four of these qualities. TowerGroup believes convenience will be the top driver of consumer acceptance.”

Nevertheless, it suggests that every financial services delivery channel has a possible application for biometrics. And it says that either private sector consensus or government mandate will be essential to developing biometric authentication systems that offer real value to consumers, and reap the technology’s full benefits.

“Popular wisdom says consumers will be unwilling to adopt biometrics technologies because of fears that they will be too intrusive,” said Jean-Paul Carbonnier, an analyst in TowerGroup’s Retail Brokerage and Investing practice.

“TowerGroup believes this is not the case. Convenience will be the top consumer driver relative to successful biometric implementation in financial services and other industries. However, consumers will resist adapting to these technologies if they prove unreliable, or if the authentication process-whether it entails iris scanning or hand recognition-requires too much time.”