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How Biometrics Strike the Right Balance Between Convenience and Security

The convenience of biometrics is certainly being recognized as we see the technology permeate many areas within everyday life. It brings a “cool” factor to our banking/financial encounters — using our face, fingerprints and even behaviors to swiftly authenticate as we transact and go about our money matters. But the bigger benefit is the security assurance we get when wrapping biometrics around financial activities to protect our precious assets.

Whether logging in remotely or stopping by a branch in person, biometrics play an important role in safeguarding bank-related information today. To uphold hard-earned reputations and customer trust, banks and financial institutions are deploying biometrics that address industry regulations while providing a secure, seamless experience for customers.

Striking the right balance between convenience and security is what separates “good” from “great” when it comes to biometrics in banking.

The Right Level of Convenience for Your Customers

Consumer preferences were shifting well before the pandemic as people discovered the efficiencies around online/remote banking. But everything was propelled forward as worldwide restrictions forced the banking industry to seek wiser ways to grant access while safeguarding user data. And now — as customers increasingly embrace the use of biometrics to validate themselves from afar — they expect that same convenience and frictionless experience that once took place inside a brick-and-mortar branch. 

This transformative technology is easy, fast and secure. It taps into something we always have with us: our fingerprints or faces. Biometric markers are unique to each individual and provide the highest level of identity assurance. Plus, unlike passwords, they can’t be lost, forgotten or stolen.

The Right Level of Security for Your Business

Biometrics empower banks to fight fraud and deliver a secure, customer-first banking exchange at every customer touchpoint. Use cases are quickly expanding into other practical areas beyond just applying a fingerprint or face scan to access accounts. Key biometric applications for banks today are:

  • New Customer Onboarding: End users appreciate the swift nature of this new onboarding method as they enroll themselves in a matter of seconds — minus the many forms and paper-pushing of the past. Users simply use their mobile phones to take a selfie, register their face as a biometric credential, and take a picture of the government-issued ID to prove their identity. The biometric authentication technology then checks these files for authenticity, and once all is cleared the user’s identity is enrolled and becomes part of a straightforward, fast and secure “token” to authenticate and verify access going forward.
  • Existing Customer Verification: New-wave biometrics means better banking for existing customers, too. The initial enrollment practice described above is the foundation for banking customers as they perform ongoing sign-ins to digital banking sites or at the ATM. A quick, biometric scan is taken, matched to the enrolled biometric data, and then approval or denial is issued based on the bank’s policy and factors found within the live scan data.

HID Biometrics: We Handle the Balancing Act for You

Biometric intelligence is fortifying the many customer touchpoints throughout the banking ecosystem. From mobile onboarding and online banking to branch visits and ATM interactions, biometrics drive value and efficiencies across banking and financial institutions.

Interested in learning more about the latest innovations in secure banking authentication and verification? Download our recently published eBook, From Good to Great: The Right Biometrics Capabilities for Better Banking. 

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