Touch ID from Apple broadcast a more transformed way to authenticate banking customers through fingerprint machine recognition. Without wasting any time, banks throughout the world are pushing forward to leverage this device based technology to replace passwords and PINs. The whole financial business recognizes that biometric technology not only secures account holder commercial transactions, but it adds better customer accessibility.
Why biometric technology?
Before explore the reasons behind using biometric technology for banks and financial institutions, need to understand what biometric technology is and how it works. Biometrics are the measurement and statistical analysis of physical and behavioral human characteristics. The technology compares these measurements and characteristics with earlier registered data to identify a person. The mutual biometric characteristics used in commercial applications for identification includes: fingerprint, palm vein, finger vein, iris, and facial recognition. Because of that distinct biometric attributes of the human being are limited and practically difficult to replicate or forge; it makes biometric technology a safe identification technology.
Biometric Replacing Passwords and PINs
A recent study conducted by Visa Europe in the UK suggests that, three-quarters (76%) of Generation Z (16-24) would feel comfortable making a payment using biometric security and 69% believe this will make their lives faster and more convenient. A key reason behind favoring biometrics is the belief that it should make our lives a whole lot easier. With biometrics, it is no longer necessary to remember passwords or PINs because your fingerprint or iris scan or other biometric credential will be sufficient for accurate identification.
Though biometric identification technology adds further safety and suitability, it has its own challenges, including: fingerprints can be spoofed.
These challenges are not to say that biometric authentication cannot be useful. Continuous innovations are being made to overcome these boundaries. For instance, sophisticated “liveness detection” technology is now built in to new biometric devices that can quickly distinguish live fingerprints from fake ones.