Don’t Settle for Good: Select the Right Biometric Capabilities for Better Banking
As the technology winds continue to shift and businesses handle more remote and mobile transactions, financial institutions must ensure they are backed by the right technology to protect assets and prevent fraud. Biometrics are transforming how banks engage with customers by using unique identifiers (faces, fingers and more) for strong authentication across a variety of use cases.
Don’t Be Good — Be Great!
It’s not enough to have a good biometrics solution scanning your many digital horizons. Good is standard, and standard no longer is acceptable in today’s financial landscape. With so much at stake, banks need better biometrics. Following are four noteworthy biometric features that should top your list when selecting a system to strengthen your banking functions.
Choice — Fingers, Face, Eyes, Palms & Voice: A better biometrics solution accepts many moving parts. The option to present a fingerprint, face, iris, voice print or palm scan enables users to present multiple biometrics for a single verification check rather than spending added time and effort on a multi-step process. This flexibility elevates the customer experience while strengthening security by replacing usernames and passwords, which can be easily stolen, changed or forgotten. Be sure your biometrics tool can work compatibly with any legacy devices and systems you intend to keep in place as you modernize your digital domain.
Liveness Detection: The ability to detect liveness is essential when it comes to biometric technology. Advanced sensing technologies, such as HID’s patented multispectral imaging (MSI), can capture surface and subsurface biometric data to reduce false rejections and ensure the most difficult fingerprints (wet, dry, oily, aged, damaged or dirty) can be captured on the first try. All HID MSI fingerprint readers have achieved iBeta Level 2 ISO 330107-3 PAD compliance for advanced anti-spoofing against fraud. With distinctive AI-enhanced technology, these superior sensing systems deliver impeccable performance for accurate capture and matching.
Scan on the Edge: Edge-enabled scanning is another important feature of today’s better biometric solutions. Financial institutions can capitalize on the security benefits provided by existing edge devices that are already in the hands of end users (leveraging smartphones to handle the scan) and tools on-premises at banks (from laptops to kiosks to cameras and various standalone digital products) rather than purchasing a swarm of new scanners — each tied to a single location. On-device biometric processing also reduces bandwidth constraints, improves performance and enhances privacy.
Anti-Bias Matching Algorithms: User accessibility and inclusivity have never been more important. The customer experience today isn’t just about faster, easier interactions; businesses must also invest in biometric technologies designed to reduce implicit matching bias and errors — such as misidentification of certain age ranges or particular demographic groups. Conduct due diligence to identify a technology partner that offers both high-performing fingerprint readers (to capture and read prints of all ages and conditions), and that trains their facial recognition systems using an extensive, ethically sourced dataset with billions of images across a range of ages and racial characteristics (to ensure sufficient diversity of data against matching bias).
Empower Your Banking Experience
There are many important features and factors to consider when updating or migrating to a great — not just good — biometrics system. Because these systems don’t land on only one use case, it’s imperative to have the best solution in place to fortify your many banking fronts.
A handful of banking scenarios poised to benefit from biometrics and help to address compliance include:
- Know Your Customer (KYC)
- Secure ATM transactions
- Bank customer and transaction authentication
- ID fraud prevention
- Bank employee authentication
Download our eBook, From Good to Great: The Right Biometrics Capabilities for Better Banking, to gather more details about how to best protect against identity fraud while delivering a secure, seamless banking experience.
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Vito Fabbrizio is HID's Managing Director of Biometrics for Extended Access Technologies. He has 20+ years of experience in high-tech security hardware and software, driving strategic growth and product visibility for both mature and emerging markets. His unique blend of strategic and hands-on tactical skills has generated proven results to partners and customers in the security industry.