How And Why Biometric Technology Is Replacing Passwords & PINs In Banks?
Long gone are the days when passwords and pin codes were the primary sources of safe and secure banking. With the increasing vulnerability of bank accounts and banking transactions, a gradual shift towards incorporation of biometric technology has been noticed lately. One cannot help but wonder why exactly such biometric technology is considered better than using passwords and PINS for the various business transactions done in the bank. For the curious person inside you, here is everything you should know about biometric technology and their increasing importance in the banking sector. Read On…
THE BIGGEST ISSUE WITH TRADITIONAL METHODS – PASSWORD AND PIN
The most problematic thing right now with the existing traditional methods of banking is the vulnerability of passwords and pins to various security breaches. Also, there is no surety whether the password or pin you are entering is totally error free and not prone to identity theft instances.
Also, with the increasing number of technologies and the incorporation of passwords and pins in the various banking services, it becomes really hard to maintain and remember all these passwords and keep them up to date as well. Owing to these particular standards, traditional methods are facing a significant ‘back-off’ compared to the latest technologies such as the Biometric System.
THE MODERN METHODS OF BIOMETRIC TECHNOLOGY
If you are considering fingerprint scanning as a medium of biometric security, you are definitely on the right track. However, don’t get misled by thinking that it is the only biometric security service available right now in the market. Instead, there are a lot of services apart from the native fingerprint method for identifying a user’s credentials. These include Iris Scanning, Voice Authentication, Face Contour Scanning, etc.
Although these find application in different fields, one cannot help but notice that these are in fact the potential biometric systems which are more secured and quickly taking over the banking sector today.
WHAT ARE THE FEATURES OF BIOMETRIC TECHNOLOGY?
- Extensive support for basically all types of applications.
- Easy integration of crucial personal data into the database using this application.
- Two step authorizations are completely feasible
- Better and secure features aimed for delivered maximum efficiency.
- Easy accessible while on the go.
- Remote authorization totally possible with the best and the most advanced security features.
WHY IS THE POPULARITY OF BIOMETRIC TECHNOLOGY MORE WHEN COMPARED TO THE TRADITIONAL METHODS?
As discussed earlier, biometric technology is mostly favored because of the specificity of its application. Also, the security threats in this case are comparatively low or even nil. Except in rare cases where you are held at gunpoint and asked to give your biometric impression, that is a totally different case, though!
So now, getting back to why the biometric technology is mostly preferred compared to the traditional methods, one can also attribute its popularity to the preference demonstrated by the masses. People actually liked this technology! It offered a scope for quicker and faster business transactions with the greatest of ease.
Considering the fact that this is completely a new technology that was quite a unique behavior by the masses. It also offered a completely new scope of technological innovation; people actually took this technology in quite a positive sense.
Hence, if you are wondering why Apple’s Touch ID is the most determining factor in the functioning and the subsequent popularity of the phone, and also the incorporation of the same in Apple Pay, this is sole because of the revolutionary trend brought about by the biometric technological systems.
WHAT ARE THE POSSIBLE GLITCHES OF THE BIOMETRIC TECHNOLOGY IMPLEMENTATION?
Biometric technology has more pros than cons, owing to the fact that this is a well-developed technology which has been successfully tried and tested since long in the developed countries. However, the most significant drawback of this particular technology is that the actual physical presence of the particular person is totally required to authorize any feasible transaction. Though the configurations can be easily done for helping in remote authorizations, but this needs an external elemental device for the particular biometric recognition. Any failure to authorize such transaction will automatically lead to a failed transaction.
A REAL LIFE SCENARIO IN TERMS OF BIOMETRIC TECHNOLOGY’S DISADVANTAGE
Consider you have enabled biometric technology for all types of transactions. There arises a need when somebody close to you requires a particular sum of money and you are in a position where you do not have access to the internet where you can enable your touch id and authorize the transaction. Hence, your friend/relative would not be able to withdraw any money and that will be a total mess of a situation.
HOW IS BIOMETRIC TECHNOLOGY CHANGING THE WAY WE CARRY OUT OUR BANKING TRANSACTIONS?
With a large number of industrial organizations getting associated with banks for various financial transactions, the transactions need to be ultra-quick. They have to be totally fast-paced and at the same time be fully efficient without any errors. Moreover, all these financial transactions need to be managed effectively and the security features should be fool-proof as well. The Biometric Technology is able to successfully cater to all the above requirements of the present banking sector. Not only this, Biometric Technology is also able to transcend almost all the limitations when it comes to the number of people that can use this technology at the same time.
Moreover, this particular technology has been able to ensure that every atomic transaction that takes place at any branch of the bank, stands very secure and no amount of jeopardy inhabits any particular features of the corresponding transaction.
All in all, the implementation of biometric technology in the banking sector has facilitated better customer experience and speedy development of the banking sector on a comparatively large scale. Also, it is primarily noticed that banks which have replaced passwords and PINS with Biometric Technology as the primary part of their System have reported a better customer response of around 76.5 percent and increased transaction frequency of around 66.45 percent from the previous year’s statistics.
Biometric Technology is predicted to increase its revolutionary trend in the Banking Sector in the coming years. And with more organizations adopting this technology as an integral part of their System, it is sure to play a leading role in taking the productivity, security, and the ease of use in the Banking Sector to the optimum level possible. For Banks and the Banking Sector as a whole, it can be rightly said that the Biometric Technology is, without doubt, the best thing to have happened when it comes to ensuring the best environment on the whole for the customers!!
Author Bio: Sanjay holds a bachelor degree in Computer Engg. He works as a digital marketing manager at TopTenInsider.com. During his free time, he enjoys reading, spending time with friends and family. Follow on Twitter and LinkedIn