Why Your Bank Needs Biometric Verification Systems
As the shift to digital has happened quickly, one of the biggest challenges banks face today is providing secure and trusted services while continuously improving the customer experience.
Bank customers are increasingly demanding a seamless experience through all the service channels including mobile banking, website, the ATM and at the branch. But increases in service and convenience through technology can create additional opportunities for fraud and identity theft.
Any increase in convenience must be balanced with an increase in security. Biometrics are at its core. The technology has long provided a reliable means to establish secure authentication of a true identity; the latest advancements in face recognition in particular have enabled a premium customer experience while also increasing security across all banking systems and service channels.
Unlike passwords and PINs, each individual has unique biometric data, such as their face or fingerprints, that can't be stolen, forgotten or lost. Only biometrics can directly confirm a person’s true identity, therefore providing the means to unambiguously validate an identity claim. With biometrics, this can be achieved while eliminating the cost, complexity and vulnerabilities of passwords and other authentication methods.
With HID Global’s comprehensive biometric multi-factor authentication (MFA) technology, a customer’s true identity only gets stronger and more secure. Bank customers can use their face to validate presence and identity, and then, with a touch of a finger, validate intent to sign documents. With this increasingly popular biometrics MFA approach — establishing true identity and intent that can be verified at every transaction — identity theft and fraud can be eliminated.
Enhance Customer Experience
Biometric verification is fast, seamless and easy to use, enabling customers to access bank services faster and more securely.
Customers don't have to remember PINs, passwords or answer security questions to recover their accounts when they forget their login credentials. Using biometrics for authentication allows customers to access ATMs much faster by eliminating the need to insert a card and type a PIN. This improves the user experience and security because there is no PIN entry that can be seen, and no card being used that can be skimmed.
Biometrics also enables the customer to take advantage of convenient mobile banking. Using facial recognition to remotely verify the user and offer a full suite of services through the mobile app, customers can securely make a deposit, transfer funds and even collect pension — all from the comfort of home or wherever they might be.
Attract and Retain Customers With Biometrics
Convenience and strong security are fast becoming the primary way that financial institutions can attract and retain customers. Visit our website to explore how biometric technology can prevent fraud and improve the customer banking journey every step of the way.