Last Updated on April 4, 2018
Technology offers phenomenal ease, speed and convenience when it comes to managing banking needs. The ability to boot up your laptop or click into a smartphone app or browser to check your bank account is easy to take for granted since it is so seamless and intuitive. Â
With most good things, there are often risks. With technology, of course, the battle most often waged is against cybercriminals who will try just about anything to access your personal information. In the wake of nightmare data breaches like Equifax, the importance of security in the banking industry is becoming increasingly clear. Â
Financial institutions and tech experts continually seek new ways to protect your personal data, including developing and introducing biometric security technologies. These technologies may be the solution the technology and financial industries have been seeking. From fingerprint reading systems to iris, facial and voice recognition techniques, the possibilities of protecting your bank account are more varied and promising than ever.
Take a look at the following three reasons you are likely to feel safer if your bank implements some type of biometric security.Â
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1. Machine Learning Creates a Uniquely Personalized User ExperienceÂ
Mobile platform companies continually work to improve the AI and on-device machine learning experience for their customers. Such devices can even use AI to learn your voice and speech pattern, transforming your mobile device into a robust and user-friendly biometric security technology.Â
Companies like Qualcomm continue to mine and harness all the possibilities of AI and tap into the ways it can make mobile devices, which are frequently used for banking and other data-sensitive activities, safer and more convenient for everyone. Qualcomm’s mobile processors allow for on-device machine learning, without relying on the cloud, which is one more boost to security.
2. Fingerprint Readers Go Hand-in-Hand with Online BankingÂ
Biometric security is becoming increasingly intertwined with online banking. The financial industry often relies on fingerprint reader systems. The fingerprints can be read on several computers throughout the bank’s immediate and satellite locations, ensuring that only authorized personnel can access valuable customer data.
One method is to provide employees with a biometric USB flash drive containing their unique data. They can insert the drive into a USB port on any computer. Then, once inserted into the port, the user can place their finger on it for verification to gain access to their data.
3. Visits to the ATM Could Become Safer
You may be one of many banking customers who worries about the possibility of someone stealing your debit card or ATM information. With so much concern over security at ATM machines, ATM companies started taking a proactive approach and began using biometrics for banking security to protect customers from theft in the late 1990s. Rather than relying on the debit card number and pin code, many ATM companies have incorporated various biometric criteria, including iris recognition and fingerprint reading for years. Thanks to newer biometric technology, as well as increasing adoption of that technology, more ATM providers are investing in iris and facial recognition technology that only allows a transaction to proceed once the user’s identity has been verified.
As banking and technology industries strive to reduce the risk of online transactions, they are finding the best solutions may lie in biometric security technologies. Using your own identifying traits, such as your unique facial design or your one-of-a-kind fingerprints, may be the key to minimizing the risks involved with online business.Â
