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Biometrics Eliminating the Friction in Financing
The rapid digitization of banking for the need to adopt improved customer and employee identification protocol to prevent identity theft and fraud has led to embracing biometric identification technology. It is acting as a strong tool to help secure ATM and online transactions. In banking, it also helps to increase customer trust and brand loyalty. There is a growing need for adopting stronger authentication strategies as banking services are increasingly adopting sophisticated digital transaction technologies and the unfortunate rise in fraud and security breaches.
Biometric authentication, the security process that relies on unique biological characteristics of an individual for identification and access control. Biometric characteristics such as fingerprints, iris, finger vein patterns or voice are unique for every individual and difficult to forge.
Ways of Using Biometrics:
Biometric authentication is replacing traditional password and token based electronic access, signature-based access, and PIN-based access. Financial institutions can use biometrics technology in
Branch Banking: Using fingerprint and finger vein biometrics for customer identification in their branches can deliver fast results suitable for the busiest branches. They are user-friendly, easy to use and ensure reliable security. Customers can be authenticated at the counter while banking through fingerprint or finger vein biometric scanner with the existing biometric in the bank database.
Banking ATMs: There are two approaches to customer authentication in ATMs- biometrics and a bank card or a PIN along with biometric authentication. So facial recognition, fingerprint, finger vein patterns or iris recognition are suitable for ATMs as these biological traits can easily authenticate the environment. These modalities are flexible, compact and accurate too.
Internet Banking: Smart devices having web cameras, fingerprint scanners, microphones, offer flexibility to the bank to easily adopt biometric authentication in online banking services with the fingerprint, finger vain, facial and voice recognition. When customers attempt to access their account can provide a biometric credential for authentication. This helps in protecting customer credentials from being compromised.
Mobile Banking: Banking transactions or customer services can be performed through a voice or speech recognition system where customers have to verify their identity using the microphone in their device.
Benefits of Using Biometrics:
• Protect banking information
• Secure online banking
• Fast, secure and accurate customer care service
• Track and monitor customer activity
The bank should provide convenient and secure banking services to its customers, which biometric technology can harness.