Why Biometrics Should Be Essential for Global Financial Inclusion

During the development process, for every business and individuals, financial services work as a catalyst because the fund is the basic necessity of any initiation of business and research that helps to meet the business and individuals goals. According to the survey, around 2 billion adults worldwide who don't have their bank accounts, take the bank accounts lightly without knowing that their active participation can help the economy to grow.

Why Financial Inclusion?

In the current scenario, we all heard about the term Financial Inclusion that reference to make available and accessible the financial services to all individuals and minorities. Mainly, lack of interest in economy and in financial services occurs among the individuals is due to the illiteracy. Therefore, people are not aware of the benefits cited in financial services. Basically, this happens in the developing country as they have less literacy rate in comparison to developed countries.

The illiteracy caused the identification process more difficult as the identification is the elementary part of any financial institution. Even in the banks, no one cannot open their single account without giving their Identification proof. Without identification and authentication of a customer, our financial services become unsafe and things like, data breaches, money laundering occurs. This will be directly hit the overall economy of any country.

Also, an illiterate person can often suffer the difficulty to remember PINs and Passwords needed to get access to their bank accounts. Presently, signatures are also in trends to authenticate the user identity but what will happen if someone can’t remember their signature?

What Financial Inclusion Offers to us

Nowadays, globally all governments have adopted financial services as a massive medium of economic growth as well as individual growth. Those who miss the opportunity to access the financial services definitely drop the benefits offered by the financial inclusion to improve their financial circumstances. We can say that financial inclusion attracts the persons to use financial services by opening the bank accounts.

Entry of Biometrics in Global Financial Inclusion – Reason & Solution

With the above discussions, we found that we need such convenient authentication solutions that would be fully secure and easily handled by the illiterate or minorities when they willing to open their bank accounts. In this case, Biometric is the first choice because it is the latest technology based proven authentication method for identification that works on the unique characteristics of a person like a fingerprint, iris recognition, voice recognition, facial recognition etc.

This Biometric authentication method removes all the barriers faces with literacy challenges or faces in remembering the PINs and Passwords. Also, by this method of authentication financial institutions can confident that the person they are crediting to is not fake and their identity can never be fraud.

Hence, Biometric authentication will be a simple, secure, and convenient solution that wipe out the need for PINs and passwords as a form of authentication. It also allows people to smoothly use the benefits of financial services and invest their money for the future.