The Association of German Banks will be hosting a workshop on the benefits of biometrics in banking, to be held on May 21, 2014. The focus is to be on the way that secure biometric transactions work in practice and will emphasize the importance of a convenient end user experience.
Mobility particularly has become a major factor in finance, with banking customers able to access their accounts instantly wherever they are whenever they want. In all cases, there needs to be a greater level of security, preferably with a greater level of convenience.
Though regular readers of findBIOMETRICS and Mobile ID World might find that this information is old or obvious, the context is what makes this exciting. Relying parties are an important part of the equation when it comes to building a financial future protected with strong authentication.
“Since some smartphones have even been able to recognize their users owing to biometrics, we have seen an increasing interest in using similar procedures,” says Waldemar Grudzien, director of the retail banking and banking technology business unit in the Association of German Banks.
This sort of traction being described in terms of mobile authentication, as well as terminal based biometric banking solutions requires that the institutions that are to provide this sort of next generation service are in the know. If banking personnel are not educated in the areas of how to practically implement a biometric solution for transaction protection, it is unlikely that it will be successful. The key to adoption in this area is comfort, and that can only be achieved through understanding.
“Especially in banking, the identity link is very important to ensure the legitimacy of banking transactions,” explains Alexander Nouak, chairman of the European Association for Biometrics and head of the Identification and Biometrics Competence Center at Fraunhofer IGD. “In the process, the security of the biometric data plays a decisive role.”
Of course, security, convenience and fraud prevention are the target benefits of biometric banking, but another boon that it brings to the customer on an automated level is that it is language agnostic. In placed where any number of languages are spoken or where literacy rates are low, biometrics are bridging accessibility gaps.
To learn more about how biometrics are changing the face of banking read about a recent deployment in Latin America that takes direct aim at end user experience.. When you’re done that, be sure to check out the interview on Mobile ID World with Brett Beranek, Solutions Marketing Manager, Enterprise Division at Nuance Communications for an indepth discussion on how voice biometrics is making banking hands free and secure at U.S. Bank.
April 15, 2014 – by Peter B. Counter