When people need to access their bank accounts, they want to do so quickly, easily, and securely. Often, these three requirements can work against each other. After all, ID verification can take time. Everyone occasionally forgets their PIN number or online password. What is more, this information can be hacked, stolen, and used by individuals who even at a brief glance bear no actual resemblance to the owner. The rise of biometrics offers alternative means of checking user identity in ways which are difficult to fake and easier to verify.
Listed by Entrepreneur as one of the top fintech trends to watch in the coming year, biometrics adds an additional layer of security to automated verification. Costing far less than you might think, you can even use something as cheap as a fingerprint-scanning app built into many phones. The app can then compare that scan to the original located on a secure server.
Chances are good that you already use or have considered using a similar server for customer signatures. You may have even considered automating signature recognition with something like BioSig-ID. This application makes it easier to verify identity with signature verification. In the banking sector, signature recognition itself represents one of the earliest forms of biometric fintech, as branches have long shared that signature across the world using the Internet.
We are quickly moving past the point where biometrics stays in the realm of sci-fi movies and/or big businesses with apparently limitless budgets. With a firm foothold in the modern imagination, biometrics is quickly becoming one of those new technologies to watch. Now is a good time to think about adding biometric scanners to your arsenal, and doing so in a way which is secure, affordable, and efficient.
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