Digital Banking: How Could Biometrics Help in 2021

How Could Biometrics Help in Digital Banking?:

With biometrics Digital Banking and its application in social networks, companies and organizations are joining the movement to reap the benefits. But you may be surprised to learn that biometrics is an ancient process that identifies you. Surprise? If we trace the history of biometrics, as mentioned on the wiki in 1891, the criminal fingerprint catalog was compiled on the basis of Francis Galton’s theory of fingerprints and physiognomy. check size. In fact, Biometrics Banking is another trendsetter, and this article will be the same on how biometrics can empower the banking industry to strengthen financial and social inclusion.

What is Biometric Technology?

Biometrics or biometrics is the measurement and statistical analysis of the physical and behavioral characteristics of people defined by research security. This science is now being used by companies to design authentication and access control functions for software and hardware applications.

Why do you need biometric data?

According to a study by Telesign, the passwords used to protect our systems are very vulnerable and easy to crack. Studies also report statistics that 73% of people in the US and UK use the same password for everything. While experts recommend changing the password every six months, 47% have a password that hasn’t been changed in the past five years.

How does biometrics help banks?

The bank handles money. People are often looking for crazy ways to store or process currency, and biometric technology can help many of us find a reliable system that only you can use. Biometric technology not only strengthens the banking infrastructure but also helps to protect individual banking profiles and prevent identity theft and fraud. Let’s dive in to find out how –

Use of biometric banking services in the branch/banking services without branch

You walk into a bank branch, get a signal from the iris scandal and wait your turn. When your number appears on the board, you will reach the counter. But to your surprise, there is no bank employee, but a screen that knows from the iris reading whether you are already a bank customer and which other services you use. As you indicate, you are looking for a personal loan; with electronic verification, the necessary documents are organized within minutes and then deposited into your account along with the loan amount. A simple and uncomplicated way to carry out banking transactions!

Use of biometric data in mobile banking

You drive on the highway, stop at a gas station, buy stuff on the street, and fill up. He opened his bank wallet with fingerprint authentication and paid the bill on his mobile phone. No need to bring cash or remember another PIN and password, just enjoy the ride.

Use of biometrics in ATMs

You don’t have to remember different PIN code settings because with simple speech recognition you can withdraw money at an ATM. Or you went to the shops to transfer money to your distant cousin; you can use any of the biometric identifiers for this.

Use of biometric data in online banking

Don’t worry if someone looks at your keyboard when you type your password or if you are using a public computer, you can save the password. Use facial recognition or fingerprint recognition and log in to your bank’s portal. Transfer money or use a new loan without pressure to remember the login and password of the transaction.

Use of biometrics in agent / offline banking

Another fruitful deal for rural residents living in remote areas with little or no connectivity. Most people are illiterate and do not have enough experience to use online/mobile banking. The agent enters a biometric system, scans the fingerprints, checks the available balance, and hands over the money. Rural people can use this biometric identifier like e-KYC to open a bank account and use other banking services.

Risks of biometric technology

Biometric authentication offers convenience, but also comes with risks/challenges. Your fingerprint or iris scan is just data [like a traditional password] and with it the risk of data theft, which can be solved with biometric tokenization [on lines similar to Apple Pay], which is a unique number rather than biometric shipping information.

Another challenge is the device that records your biometric data and the registration process.

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