The followin guest post on biometric identification in banking was submitted by Vin Boris.
BIMT (Biometric Identification Management Technology) has been in use for decades. This form of technology has proven its metal and has entirely changed the way security practices are conducted in every field of our life.
What is Biometric Identification Management Technology?
Biometric identification management is an effective technological medium of ensuring security in every walk of life. This technology makes use of completely unique process to identify a person via scanning of fingerprints, hand & earlobe geometry, voice waves, signature, DNA and retina and iris patterns.
Areas of Biometric Identification Management Technology’s Application:
Most of the common people are using this form of technology. They are using it unconsciously. They see it being used everywhere but they know what it is called. They know much about it. They go to airports, schools, polling booths for voting, blood banks and tap their fingers on security devices to get their eyes etc. scanned for security purpose. This form of technology is now also being used in banks to prevent theft yet most of the people don’t know much about it.
Now it is Entering the Banking Sector:
Now banks across the world are also going digital. The inception of digital technology’s application in banking sector has made life easier for people. But gone are the days when hackers used to steal vital information of some country’s or company’s information for fulfilling their evil intentions. The application of digital technology has always drawn the attention of unethical hackers in this direction.
This is why banks and other financial institutions are fast embracing biometric identification management technology for the safekeeping of their customers’ sensitive information to be able prevent hackers from stealing their money.
Initiative Being taken in This Direction:
Taking this into consideration, web application development service providers are seeing it as an opportunity to stamp their authority in the domain of onshore and offshore development services to grow their business.
Constant cyber-attacks by hackers have drawn the attention of IT service providers towards the baking sector. Now they are turning their attention towards user’s mobile banking accounts. This is why the IT companies are now coming forward to offer the development of website security applications. Some of the software development companies in India are already providing biometric identification management technology in the form of features and web and mobile apps.
Some Mediums of Biometric Identification Management Developed for Banking:
Passwords applied to internet banking accounts no longer guarantee security. Increasing cyber-attacks on banking websites prove it. Hackers have easily been able to crack millions of passwords applied internet banking accounts for stealing money.
This is why some software development companies in India are providing biometric identification management technology in various forms mentioned below:
This specific feature was being demanded by users for a very long time. Since banks have also given green signal to this biometric identification management technological feature/tool developed by offshore software outsourcing companies, considerable increase in the security of user’s data has been noticed by the banks. As for reason, the maximum control of their accounts lie in user’s hands through their mobile apps.
In accordance with Betty Riss, a Spokesperson of The Bank of America, customers have welcomed fingerprint identification feature in their mobiles. This feature has helped them secure their accounts.
However, fingerprint scanner incorporated in mobiles or mobile banking apps by software developers cannot be trusted blindly as it is not 100% secure. Banks need to get in touch with the software development companies hired by them to find new ways to make it 100% flawless and secure.
No one generally likes to get engaged in long term conversations with bankers to get answers to their banking queries. This one special thing is very annoying for any customer. In other words, this is the most annoying and tedious part of calling a bank through their IVR system. Users have to answer a number of questions related to their account security such as mother’s maiden name, favorite dish to help banks verify their identity. Even bankers also don’t like to ask users such questions but they have to do so in order to verify their identity.
Taking this into consideration, a number of government, semi-government and private banks are calling software development companies in India for the development of vocal biometric identification management technology to help them verify customers through their original voice and ensure fool-proof security of their banks accounts and internet/mobile banking accounts.
According to a research, some banks have even collected more than 260,000 voice prints of their customers by the end of 2016. This biometric identification management technology matches customers’ data and verifies their identity against the stored data within a few seconds.
This form of biometric identification management technology is now being accepted by many banks. Even some offshore software development companies in India are working closely with banks in this direction.
According to the web application development service providers, facial recognition system is another form of biometric identification management system being provided to banks as a solution. This system is turning out to be very effective as most of the customers are using selfies as a medium to help banks verify their identity to make payments using mobile banking apps or internet banking services.
USSA was the first organization to utilize facial recognition as a medium for biometric identity management system. Now a lot of famous companies like MasterCard are also using facial recognition for the same purpose in the form of selfie-pay for customers in many countries of the world.
As far as the privacy of customers is concerned, IT experts are making sure that the biometric identity management technology developed and provided by them to banks don’t store customers’ actual photo. Instead, it should just store a coded version of it in their records.
Biometric identity management technology has entered the banking sector. On the other side of it, web application development service providers are also seeing it as an opportunity of seeking new business growth for their business and customer base like never before. Now let’s see how far this technology goes in banking sector? Let’s see how powerful it turns out to be for preventing cyber-attacks on banking websites and mobile applications thereby securing customers’ hard earned money and in turn saving their reputation.
Vin Boris is a Social Media Marketer & Content Writer at SoftProdigy, a web design and development company. SoftProdigy has been outshining in the IT industry for more than 10 years. The experts at SoftProdigy have worked for numerous clients including both small and high-end brands.