Biometrics in Banking
and Financial Service Industries
and provides secure and speedy access to daily operations for accessing banking services.
Reduce Fraud – Minimize Threats – Improve Productivity
The banking and financial sector deals with personal information and financial data routinely. Accurate verification of individuals accessing such data is of critical importance to ensure data integrity and customer privacy. Biometrics can provide the assurance that only authorized individuals have access to bank’s sensitive data. It helps to fight fraud and identity theft thereby building strong customer relations. Employee productivity and satisfaction is increased as employees no longer need to remember passwords or carry swipe cards.
Identify – Prevent – Protect
Biometrics in banking and financial services provides:
- Accurately verifies the identity of both employees and customers
- Prevents identity theft and fraud
- Eliminates passwords and reduces employee aggravation
- Improves the return on investment by focusing the IT personnel time on strategic tasks
- Enhances the customer experience
How biometrics-based systems work in financial services
Customers accessing services at bank branches as well as employees performing back-end transactions need to be accurately identified to ensure identity protection and reduction of frauds. The customers or employees are enrolled into the biometric system by scanning their fingerprints. A scanner captures an image of the fingerprint and a digital representation of the image is stored as a template. Customers can access their funds or bank services by a simple scan of their finger where an authentication system compares the scanned fingerprint image to the stored digital template.
Biometrics is the most unique and most difficult to compromise authentication mechanism as compared to other methods such as passwords or tokens. A biometric authentication platform can verify customer’s identity irrespective of the channel being used to access the service. Employees can also follow similar authentication mechanism when accessing secured assets or clocking in at work. For both customer and employee, access is granted only if the scanned fingerprint matches the stored fingerprint template.
Benefits of biometric-based identification
The advancements in the field of biometrics and the availability of low cost devices have made biometric authentication a very affordable and highly secured identification solution in the banking and financial services sector. The biometric systems used in banks are usually compact and require very little surrounding infrastructure. This portability allows banks to deploy mobile biometrics solution wherever required. Biometrics helps to overcome the unbanked population’s lack of credentials and language or literacy issues. The biometric identifier becomes the authenticating factor for the unbanked population and financial institutions now get access to a large number of new customers.
Fingerprints are truly unique identifiers and highly resistant to counterfeiting or forgery. The cost of deploying fingerprint solution is lower than the recurrent costs of replacing stolen cards or forgotten passwords. Customers are freed from the burden of carrying cards or remembering passwords. Secured and easy access to banking services with a quick fingerprint scan provides greater convenience and helps to build customer satisfaction.
What our clients say
Why you should choose biometrics based solution
Intuitive interaction for end users
Biometric systems are intuitive in their design and deployment requires very little or no training. The installation of biometric systems is easy and the enrollment of users is also simple. The users are initially registered into the system with a fingerprint scan and do not require any expensive password administrators to operate the system. Biometric technology gives accurate results with only a simple fingerprint scan.
Access control and security
Biometrics provides secured physical access to banks premises as well as logical access to sensitive financial and personal data. It eliminates employee time theft and sharing of access cards. Employees now clock-in or clock-out at work with a swipe of their fingerprint. As fingerprints are unique to the individual, only authorised individuals can access the premises or services and thus a high degree of security and accuracy is ensured with a biometric fingerprint solution.
When an individual uses their fingerprint to log-in or access a service, it provides an irrefutable audit trail and directly links the transaction to the individual. In case of a security breach, the transaction can be traced back to the individual which creates complete accountability and safeguards customer data. Biometrics encourages employees to act ethically and provide true accountability which is impossible to duplicate.
Privacy and security
The inherent problem with passwords or tokens is that they can be easily stolen or shared. There is no definite way of verifying who the real user is. However, fingerprints cannot be stolen or shared and it is extremely difficult to duplicate fingerprints under normal conditions. The customer or employee need to be physically present to authenticate the transaction or access the service. Biometrics is thus able to provide a very high level of security and safeguards user privacy.
Fingerprint biometric identification is extremely quick and is completed in less than a few seconds. It has a distinct advantage over other authentication mechanisms such as passwords or swipe cards. Employees do not need to wait in queues for check-ins or check-outs and can spend more time actually doing productive work. It also eliminates forgotten or lost passwords and saves IT personnel time and maintenance costs.
Our financial service identity management solutions
Touch N Go
A scalable, reliable and high performing biometric fingerprint identification solution for seamless integration.
Biometric Single Sign-On
Enterprise password management and network security software with seamless interface to active directory.
Large selection of fingerprint readers, OEM modules, time & attendance machines and access control devices.