Friday, 18 January 2019

Banking or Financial Services Future - Amid Biometrics


Banks and financial institutions across the world are using biometrics as an authentication method to all its customers using their services. The reason behind this is that there is a huge increase in the number of frauds, identity thefts and malware attacks from cyber criminals. Along with that the customers these days are tech-savvy and expect nothing less than the best and are no longer satisfied with the username password authentication which is not a great fail-safe solution.

The need for greater authentication is because banks and other financial institutions are on the radar of cyber criminals as money and other valuables are deposited in it. It is considered as the pillar of any country’s finance and thus plays a major role in financial stability. There is great regulation in place for authenticating valid customers. Historically, identification was done using government ID proofs and was mostly paper-based, but it is highly susceptible to forgery and anyone using a high-quality printer can easily forge someone’s identity. But the same cannot be said about biometrics.
Single authentication such as using a password raises a lot of security threats, therefore it is essential to have a multifactor authentication which requires more than one identity verification process which can prevent security breaches and provide enhanced security. The use of biometrics along with password or PIN’s is increasing in banks and financial institutions as it offers high-level security and reliability. Examples of biometric authentication are fingerprint scanning, face recognition, iris, etc.

How to Create an Invisible Mechanism of Security?
The security that is offered by banks throughout the world is seeing major changes with many opting for biometrics to provide more secure online transactions. Even the other financial services are following the same trend to protect information and resources due to the various instances of identity thefts and other security issues. The introduction of biometric security will help in making them more customer efficient, easy to use and have fewer threats. Since the biometric technology is fast and seamless, it is invisible to the user but provides enhanced security.

Importance of Flawless Privacy
Biometrics uses an individual's unique characteristics like the voice, iris, eyes, fingerprints, etc. to recognize, these do not change even as you age. The biometric technology enabled it to be used as personal identification and has also become popular due to its accuracy and speed. But the personal data that is collected has to be stored securely as any breach can cause serious consequences as the users to lose their biometric identity which cannot be altered. So banks and other financial institutions need flawless data privacy.

How Biometric can Achieve Contented and Spontaneous User Experience?
The Single sign-on termed as the SSO using biometrics can be leveraged to enhance the user experience and yet ensure optimal security simultaneously. The user will have to sign in only once and then use the other services offered by the organization without having to provide identification again. That enables to save time and also the user experience is great as the customer can switch to other services offered. Biometric SSO is secure and user-friendly authentication that removes the need to remember passwords.

Conclusion
Biometric slowly and gradually became the inevitable requirement of financial world as criminals are themselves using technology to get into the system. And biometric is such a mechanism where architecture base is on human factors, which can’t be changed or modified.


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