The 21st century is by far the most advanced century with the most advanced generations – the millennials. Along with them being developed and innovative, it has become imperative for every organization to turn to options that suits them the best. These options can be related to any issue. Moreover, the most primary problem that the whole world is facing right now is related to the security and protection of their data by the Banks. Therefore, this article highlights what biometric authentication is and how it is beneficial for financial organizations:
What is Biometric Authentication?
Biometric authentication can be defined as a way of verifying an individual’s identity based on their physical attributes and features. These physical attributes include voice recognition, fingerprints, retina, iris of the eye, or the combination of both. We have seen this innovation only in sci-fi movies; however, now, this technology exists in real life. Many financial intermediaries have been slow to join this bandwagon of biometric authentication, but this is the only viable option for security they have. Pins and passwords are slowly becoming obsolete because they are riskier and more natural to hack.
Methods of Biometric Authentication
There are many methods of biometric authentication that can be achieved through different devices. Below are a few methods that are already in use:
Every individual has a unique voice. That’s why their identity is being recognized through the voice recording they provided. However, this form of authentication is only in a combination due to many different factors.
This method of biometric authentication contains more than 200 points of data in the initial database. Iris Scan is the most reliable way of verifying an individual’s identity.
Facial recognition includes verifying through recognizing the whole face of the person. This method can be used in ATMs, online, and mobile banking. Moreover, this model depends on the environment the user is in, such as the lightning around him, the position of his face making it a less effective security option.
Fingerprint scans are the second primary option when it comes to verifying the identity of an individual. It’s already in use many cellphones because of how reliable it is. Many financial intermediaries are considering to use it for their security as well.
Vein Patterns Authentication
Vein Patters Authentication depends on the unique vein patterns on an individual’s palms, around the eyes or face. The vein patterns of every user are unique just like their fingerprint; however, they are relatively much challenging to copy.
Pins and Passwords Are No Longer Enough
Many banks these days ensure the safety and security of the customer’s data through Pins and Passwords; nevertheless, this form of safety procedure is still at risk of fraud. In the era, where security is becoming a highlighted issue, big tech companies like Microsoft and Intel are beginning to identify the need for better and stronger security. Hence, such companies are integrating biometric authentication into their future products. These big tech companies are paving a new path for all the banks by introducing innovations like Biometric single sign-on so that the data of the users can be well-protected.
Multi-Factor for Powerful Security Assurance
Security has become a pressing issue because individuals around the world have become more advanced. It means that the chances of hackers stealing the data have increased as they have access to more ways through which they can perform their actions. That is the reason why pins and passwords solely for the protection of data are not enough anymore. People need banks to integrate stronger security systems because these financial intermediaries are responsible for their data. Multi-factor authentication is a new way. This method is combining the two forms of biometric authentication such as voice recognition along with fingerprint scanner. This will make it difficult for the hackers to steal your data because they will not be able to pass so many walls of security, such as, any student who wants to avail any thesis writing services has to enter their bank account details which can be dangerous for their data, therefore, this method prevents your account details access to any third-parties. This method involves combining what the user is and what the user knows.
Biometrics on the Rise for the New Generation
The largest living generation – the millennials, prefer comfort with advanced options within their homes. They don’t like going to banks, and the last thing they want is to be continuously concerned about issues like security of their data. They want secure and reliable options; therefore, it is becoming necessarily crucial for every bank to integrate this innovation for better speed, security, innovation, and convenience. Banks should realize that attracting and retaining this generation is essential for their growth and image. If they satisfy them using these security options, then their brand will be considered leading-edge and innovative.
To sum up, biometric authentication is quickly changing how customers interact with the banks. Many banks are adopting this innovation since many consumers are more open to the idea of using their fingerprints instead of typing long passwords to access their data.