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Banking & Financial Sectors Adopting Biometrics Technology to Ensure Secure Authentication of Accounts

Security of customer’s data and the company’s data has always been the top most priority for any banking sector unit. In regard to this, many banking and financial units have continuously tried multiple measures to ensure the highest level of security. Looking at the expansion of biometric security in multiple sectors including financial sectors, many banks has decided to invest in the biometrics technology as an alternative form of password and PINs.

With the advent of technology, every work is getting digitized and so banks are also utilizing new technologies to develop the next generation identification, control to combat fraud, make more secure transactions and enhance customer experience without compromising security.

Fingerprint and Touch ID Sign – In

Banks are fully utilizing the touch ID and fingerprint accessing apps through android platform for added layer of security. IndusInd Bank has given their customer, the option to access their account using their fingerprint as the authentication method.

Vein Id

Likewise fingerprint technology, Barclays has teamed up with a giant company to provide “Vein technology” to their customers. To authorize the transaction customers use their fingerprint vein from the small desktop scanner instead of inserting the password or PINs. This technology is more secure as the uniqueness of individual vein patters.

Voice Authentication

The new identification method used by Citibank, is voice authentication technology. The voice of any customer gives the validation to access the account and other transaction related activity. It takes less than a minute to place their voice authentication for the process. As of now, 25000 Citibank customers have opted this method.

Fingerprint Technology

Many Govt. Banks like State Bank of India and Punjab National Bank is capitalizing the fingerprint technology for more secure access of the customer’s account. Slowly they are planning to expand these features into their ATMs and other account related machinery. The implementation of biometric technology is proving more secure and reliable in comparison to other methods.

A major challenge arising before the banking and financial sector is the awareness of technology and their security concerns. This may find consumer dis-satisfaction, but continuing education regarding the rising security threats and its measures can really boost the system.

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