Impact of Biometrics on Banking and Financial Services
Biometrics has influenced lives on a large note and thereby impacted many business verticals. Out of different verticals, banks and financial services work on sensitive information related to its customers. This is also one industry that had to see frauds based on identity management. Identity frauds can result in the loss of huge money to banks and financial services companies.
Many banks worldwide are already using biometrics with their banking systems to authenticate employees and customers and among all banks utilizing biometrics, 52 per cent are located in Asia. Japan has more than an estimated 15 million customers using biometric authentication for banking transactions. Banks are moving towards the use of biometric identification technology because of its popularity with consumers, and the ability to offer more security than traditional personal identification numbers (PINs) and passwords.
In a sweet and short article, we would remain focussed to outline the impact of biometrics on the banking industry or in other words where do banks apply biometrics to service its customers are listed below:
Safeguarding Banking Information:
Biometrics have a proven method of authentication that protects bank information from being compromised by un-authorized personnel.
Reliable Branch Banking:
Biometrics on the cloud, mobile ensures fast and accurate identification for the banking industry. Customers are authenticated in seconds through biometrics scan. Branch banking becomes easy with centralized and secure biometric infrastructure.
Insider Fraud Prevention:
Insider fraud in banking can be mostly from employees. With biometrics, you can restrict their access to needed levels, it keeps them under check all-time contributing to insider fraud prevention.
Secure Online Banking:
Advancements of biometrics on mobile devices ensure secure online banking. It authenticates users real-time and gives the predefined access only to perform basic banking operations. It authenticates users time and again.
Authentication of users at ATMs through biometrics brings in security feature and safety.
Concrete biometric-enabled audit trails can be designed to monitor employee and customer activity.
Banks are on continuous innovation to safeguard the customer interests and biometrics are playing a vital role. TrueID is an Indian based identity management company that can help the BFSI industry with secured biometric applications. For more information, please mail us on email@example.com