Nearly every industry is feeling the pressure to go digital. The global pandemic has forced businesses of all sizes to re-evaluate their processes and find ways to operate remotely.
For many organisations, including banks, this has meant turning to digital solutions for tasks that were previously done in person. One area that has seen a lot of attention recently is digital identification and authentication with biometrics.
What Is Biometrics Verification?
Biometrics verification refers to the use of physical or behavioural characteristics to identify an individual. In other words, it's using someone's unique physical traits (like their fingerprints or iris) or behaviour (like their typing pattern) to verify their identity.
When biometrics verification is used to authenticate a user, the system will take data from the user’s face, fingerprints, irises, voice recognition software. This data can then be compared against existing records which have been stored in a secure database for comparison.
If a match is found within the database, the user's identity can be confirmed and access granted. The technology ensures that only authorised individuals are given access to sensitive information or systems.
Biometrics Verification is the New Norm in Banking
Banks are increasingly turning to biometrics for added security and fraud reduction. Through this technology, they can allow individuals access to their accounts remotely using fingerprints or facial recognition.
This added layer of identity authentication allows the bank to verify that users are actually who they say they are and that their accounts cannot be accessed without their permission.
By validating each user’s unique biometric features, banks can create a secure environment that prevents unauthorised access while still giving clients a convenient way to carry out their transactions.
The Benefits of Biometrics in Digital Identification and Authentication
There are many advantages of biometrics, which includes:
Faster and More Convenient than Traditional Methods
The introduction of biometrics in banking transformed the client journey, providing a faster and more convenient experience than traditional methods.
With digital identification and authentication processes like face scanning and voice recognition, clients have access to their accounts in a matter of seconds, eliminating the need to fill out paperwork.
More Secure Against fraudsters
Banks are regularly targeted by fraudsters. To protect their clients from the dangers of identity theft, banks have started implementing biometrics into their digital identification and authentication process.
The use of physical characteristics like fingerprints offers higher levels of security. Traditional data-based authentication such as one-time passwords or email authorization also offer a degree of protection, but they can be compromised if they fall into the wrong hands.
By relying on unique biometric identifiers instead, this risk is eliminated and banking clients can feel more confident knowing their information is safe from potential fraudsters.
Helps to Build Trust between Clients and Banks
Providing excellent services isn't enough; trust is the key for banks to win clients. With the adoption of biometrics in digital identification and authentication, banks are able to prove their trustworthiness and reliability to their prospects and turn them into loyal clients.
Biometrics paves the way for banks to onboard clients remotely without compromising their security. Thus, providing an enhanced client experience.
Accelerates Onboarding Rates
Banks can significantly benefit from the use of biometrics in digital client onboarding. In comparison with traditional methods of manual entry and paper-based identity documents, electronic data capture via biometrics can cut onboarding times down by a significant amount.
Automated verifications using biometrics can also reduce manual review and associated processes, providing an efficient experience for clients while still meeting the bank's compliance requirements. By reducing processing time and risk, banks are better positioned to meet the client demand for improved service.
EDC’s Digital Trust Solutions
We enable banks to build long-lasting relationships with clients by providing cutting-edge ICP Integrated digital identification and authentication solutions that facilitate trust. Our solutions are empowered by biometrics verification technologies, including facial recognition, to ensure the best results for banks.
Request a demo today to learn more.