Posted On: January 19, 2017/
Categorized In: Biometric News & Updates / Biometric Technology/
Written By: Starlink
We are living in an era where the internet has a great role to play. From the activities of daily life to business needs things are dependent on the internet for one or other reason. In simple words we are living in a digital world and have a great acceptance for digital services and banking services are no exception to this requirement. The banking services are observing rapid digitalization to ensure better identification of customers and employees to prevent fraud and theft. And for this digital banking has to knock the doors of biometric identification. Biometric technology has become an integral and strategic part of online banking.
Biometric technology is a strong authentication tool to secure brick and mortar, ATM, and online transactions. It also helped the banking industry to increase the trust of their customer and improve the reputation of their brand. In today’s world, the requirement for a strong authentication tool is inevitable, especially in the banking industry. And the reason lies in the growth of adoption of sophisticated technology to make the transactions, apart from it the unfortunate rise of security breaches and fraud are some of the other factors which are making it indispensable to have biometrics system for identification.
Biometrics is an automated method used for customer recognition through their biological attributes and traits like fingerprints, iris, voice recognition and finger vein pattern. These features or traits are unique for every individual and forging them is next to impossible, and this is the reason that digital banking inclined towards its implementation. Banks across the globe have already made their stride towards the use of biometric system for the identification of their employees as well as customers to offer them enhance security as compared to the one offered by traditional PINs (Persona Identification Numbers) and passwords.
Biometrics technology is slowly and gradually replacing the conventional password and token based electronic access. Further, it has also replaced the pin based access at ATMs and in mobile banking, and the technology replaces signature based access to branch services at many branches. The technology has a wider application, and banks can use the technology to improve their services and ensure better protection of the assets of their customers.
Banks can enjoy several benefits by using a biometric security code. And the biggest benefits come in the form of protection of banking information. The technology provides the strongest method for authentication that ensures unauthorized personnel will not use the banking information at any point in time. Biometric technology helps the banks to protect identities of their customers when they are using online banking services.
Further, it is easy for the banks to monitor and track the activities of the customers and employees with the use of biometrics technology and can have concrete audit trails. Banking being a customer-centered industry the biometric technology allows them to provide secure, accurate and fast customer care services.
Apart from these, there is a lot more that has made the banking industry to walk towards biometrics technology. The technology is looked as an enterprise level security solution that provides endless benefits to the customer and ensures bankers of reduced cost and increased security. The success of banks largely depends on the customer’s trust and loyalty, which contributes towards the economic development of any country. So efforts of the banking industry should be guided to provide secure and convenient banking services to their customers. Biometrics technology allows banks to deploy an incomparable authentication security, which can meet the requirements of the banks and their clients at the same time.