Make online banking safer through fingerprint readers

According to a report titled “Encashing on Digital: Financial Services in 2020”, the number of online banking users in India is expected to reach 150 million by 2020. Banks can make online banking safe for such a huge number of customers through fingerprint readers.

These readers can help eliminate identity theft and ensure the safety of customers. By integrating fingerprint readers and matching them with a centralised database, banks can establish the identity of their customers. A fingerprint reader adds an extra layer of security to online banking.

Iris scanners at ATMs

ATMs are an important cog in the wheel of banking operations. With thousands swiping ATM cards to withdraw cash, check balance, and change PIN among others, security of ATMs assumes tremendous importance. By using card cloning machines, fraudsters steal critical data and use it to withdraw money from the card holder’s account. There have been many such cases in various parts of the country in the past.

However, iris scanners at ATMs can make ATM transactions more secure. Instead of just swiping a card, entering PIN, and making a transaction, an iris scanner would complete the process only when the biometrically-loaded data of the user matches with the bank’s database.

Mobile banking integrated with fingerprint technology

Due to a rise in the number of smartphones, mobile banking has gained much traction. One can transfer funds, pay bills, request a new chequebook, etc., through it. By integrating fingerprint technology in mobile banking, banks can step up their security whereby only on successful validation of biometrics data, users can conduct various mobile banking operations.

In fact, most phones are compatible with fingerprint technology allowing customers to proceed with mobile banking on successful validation.

Biometric identification for employees

There can be cases of a disputed transaction. In such an event, a lawsuit from a customer or employee can result in high litigation expenses for the bank, affecting its operational revenues. However, biometric identification of employees can eliminate chances of a doubtful transaction and also bring down cost in an event of a litigation.

Data protection is extremely important for banks. A breach can not only result in a financial loss but also affect credibility. With biometrics providing data security by capturing an individual’s characteristics that are almost impossible to duplicate, the technology will play a critical role to improve the security of banking operations and enhance customer experience in the coming days.