The Future of Biometric Technology in Financial and Banking Services

 The COVID-19 pandemic changed everyday activities in ways we never could have imagined. One of those changes is a push by the banking and financial sectors to rapidly implement biometric security measures to authenticate individuals remotely and quickly so they can carry out their banking and insurance services online.

Even before the pandemic, customers were asking for a solution where simple activities, such as opening a checking or brokerage account, didn’t require three forms of identity. Complex password requirements were not only difficult to comply with, but impossible to remember, forcing people to resort to insecure methods, like writing them down. These legacy security processes are also expensive. Almost 10% of the world’s top financial institutions spend 100 million USD annually on Know Your Customer (KYC) and customer due diligence.

The Benefits of Biometric Identification in Finance and Banking are Enormous

Whether it’s financial institutions or customers, biometrics in finance is a win-win for everyone, including: 

• Fast and accurate identification
• Fraud protection
• Increased security in mobile banking
• Reduced IT and customer support costs associated with password resets, lost tokens, and other inefficient methods

Financial institutions are improving and speeding up their adoption of innovative security technologies that meet regulatory requirements, are cost-effective, and keep customers happy. Biometric authentication is a proven solution that fits the criteria. Used by the defense industry for decades, it’s now being deployed widely in these challenging times.

Protect Your Financial Institution with Biometrics

With financial institutions continuously evolving to compete, they are leaving themselves and their customers vulnerable and costing themselves millions of dollars a year. Imageware has solutions for your security and identity management needs:

Eliminate fines and fraud by knowing your customer

• Use biometric identity matching to confidently streamline the onboarding process in an increasingly digital world
• Verify the authenticity of government issued IDs (driver’s licenses, passport, etc.)
• Scan user biometrics and match them to government IDs including liveness detection
• Analyze documents and credentials
• Set criteria for successful verification, manually verify flagged users, and audit enrollments with our easy-to-user administrator portal
• Integrate into onboarding applications for seamless orchestration

Protect your employees and your business from cybercriminals 

• Strengthen your security practice while simplifying authorization workflow
• Increase employee efficiency and satisfaction by allowing them to work from anywhere
• Reduce calls to IT for passwords issues and resets
• Increase customer and employee confidence with their personal data

Protect your customers and reputation

• Save millions of dollars by reducing unauthorized transactions
• Deploy top-of-the line authentication security to protect your customers while streamlining their experience
• Significantly reduce password resets, one-time pass codes, and painful authorization and reset methodologies