This article is a guest post by Todd Seeley, Senior Manager, Project Management, HID Global Biometrics Business Unit
The financial services industry is one of the sectors that has most enthusiastically embraced biometric technologies in recent years, and for good reason. With respect to fraud and data breaches, the financial stakes for banks and their customers alike are high; the regulatory environment is complex and demanding. It’s no wonder that biometric innovations concerning customer identification and authentication – from digital onboarding to strong authentication on and offline – have proven so appealing.
That having been said, many banks have taken a piecemeal approach to implementing biometric technology by exploring the advantages of biometrics through one use case at a time. But the same advantages that biometrics present in digital onboarding can also be reaped at the ATM, or in transaction authorization, to name just a couple of examples.
HID Global’s new eBook, Better Banking Experiences Start With Strong Authentication and Face Biometrics, looks at the big picture, exploring how biometric technology can improve the customer’s banking journey every step of the way.
A good place for this journey to start is with digital onboarding. Facial recognition technology can be applied through a standard smartphone camera to match an end user’s selfie to their official government-issued ID, thereby reliably verifying the customer’s identity entirely online and through the convenience of the mobile channel.
The next time the customer goes to their local branch, they can be identified automatically upon entry, allowing for the immediate delivery of personalized service. They can also register their fingerprint, adding another biometric authentication factor to their unique customer profile.
Going forward, highly sensitive transactions performed in person can be authorized through the simplicity of a fingerprint scan, which replaces the old-fashioned signature with an alternative that is virtually impossible to forge.
From there, the customer can pop over to an ATM to perform any day-to-day transaction, with biometric authentication ensuring access to their account even if they left their bank card at home. And thanks to HID Global’s advanced face biometric technology, the customer’s face can be scanned and verified with accuracy at any time of day or night, regardless of lighting conditions.
It’s a bold vision, but one that is easy to implement with HID Global’s innovation.
Read HID Global’s eBook, Better Banking Experiences Start with Strong Authentication and Face Biometrics to learn more. Explore how biometrics are transforming the banking and financial industry, visit HID Global’s website.