bankingciooutlook

Top 3 Biometric Trends Authenticating Financial Services

By Banking CIO Outlook | Friday, June 21, 2019

Biometrics in Financial ServicesBiometric technologies are here to stay; revolutionizing the art of personal identification, biometrics are now shaping the banking journeys.

FREMONT, CA: Biometric technologies are instrumental in the field of personal identification. Fingerprint recognition is original biometric technologies impacting digital forensics greatly. Technology diffuses into other parts of daily life and business. It may even transform bank branches that are left untouched by the digital revolution. The long-predicted death of the bank branch has not panned out the way forecasters expected. There are four ways banks could make in-branch experiences more convenient, streamlined, and secure.

• Ideal ID Verification

The most crucial part of banking is ID verification. When a potential customer wants to open a new account, verifying their identity in context to customer and anti-money laundering regulations and directives is a must. The propensity for human error can be evaded completely by checking for fingertips or other features unique an individual, against the personal data. Biometrics can confirm identities in real time.

• Locking Down Valuables 

Keys and smartcards provide a layer of physical security in government and enterprise access. Facial recognition application acts as another digital layer which the industries are betting on. The biometric solution will help in securing the most valuable assets held by banks for their customers.

• Personalizing Self-Service

Prominent banks are making a clear pivot toward more self-service processes. Shortly banks can be much more digitalize where customers can spot self-contained kiosks where customers can do everything from ordering an instantly-issued replacement credit card to enrolling in a new online banking or loan service. Biometrics will verify the customer's identity and will be able to make changes without the bank employees' help.  

Banks are revolutionizing their customer relationships with the help of biometrics technology. From unlocking mobile apps to using Face ID or fingerprints for authorizing in-store payments, biometrics is now taken for granted in the financial lives. It has also changed how financial institutions do business in equally revolutionary ways.

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