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How Biometrics Will Take Financial Services to the Next Level

How Biometrics Will Take Financial Services to the Next Level?

The financial industry has always been skeptical about trying new technologies. However, over the last few years, we have seen them welcoming biometrics. And why not, after all, the biometric security system significantly improves the security in the financial institutions.

The biometric security system lets financial solution providers offer a seamless lending experience to their customers while providing greater security to the bank.

Even customers are demanding more customer-centric digital solutions that not only improve security but also increases the level of customer satisfaction.

Door Access Control Limits Access

As an organization, you will not want to provide access to anyone and everyone on your premises. Even inside the office, you would like to limit employees’ access to certain rooms, such as the locker rooms. That’s where the door access control systems comes into the picture. Depending on the level of authority of an employee, you can provide access to them.

Better Accuracy

The increase in fraud transactions has forced financial institutions to migrate to fingerprint-based operations. It uses the fingerprint of the user to verify their identity and then initiates the transaction. This has significantly reduced fraud in the last few years.

Fraud Detection

Another way biometric security system will change the financial services is via their ability to detect frauds. They take behavioral factors into account, such as the location of the transaction, the device used to initiate it, and whether it is as per the user’s spending habits. It then provides a risk score to the transaction. If the bank feels it is too high, it will immediately stop all transactions for securing your account.

Decreases Indoor Fraud

For transactions that happen inside the financial institution, biometric attendance software can help you reduce, if not prevent, fraud. First, it takes into account the fingerprint of the customer to verify their identity. Second, it validates the employee authorizing the transaction.

Banks and financial institutions have already started integrating biometric security systems. Many of them are testing face and voice recognition to strengthen their security further.

 

Star Link Communications Pvt Ltd. offers all kinds of biometric devices along with biometric attendance software that will not only boost the security of your financial institution but will also enhance productivity. The best part? We provide customized solutions as per your organization’s needs.

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