Is Biometric Security the Future in the Financial Sector?
You are here

Is Biometric Security the Future in the Financial Sector?

Is Biometric Security the Future in the Financial Sector

Biometric technology is the future of banking for many different reasons because it creates more security options.

This article discusses how biometric technology is changing the financial services industry and how it can provide more security options.

Is biometric security the future? That’s a big question that is posed in the adoption of biometrics in banking and financial services. Banks throughout the world are changing most of their security options by opting towards using biometrics to provide validity towards having access to online banking services, or anything similar.

Even though this movement in security does not limit itself to just banks, there are many more financial services that are using biometric security to protect customer data and other varied properties. There have been many cybersecurity challenges that come with the financial sectors switching over to more digital frameworks. With the rising amount of fraudulent activity, identity theft, and other security challenges, banks, and other financial services need to restructure their methods of access and introduce methods of biometric security to improve customer efficiency and fewer security issues.

Banks and other financial services have an increasing importance towards regulation of security and identification of customers. Using biometric security solutions helps provide stronger authentication which, overall, creates a sense of higher security for customers and easy access to many financial services.

Biometric technology is the future of banking for many different reasons because it creates more security options. The technology within biometrics is power-driven through personal identification marks that individuals have such as those found in the iris, fingerprints, and voice sequences. There are more different sets of biometrics that are changing identity practices and finding diverse ways of biometric characteristics.

One bank that is completely changing to biometric security is City Group financial institution that provides different financial service options. Voice authentication is currently what City Group uses to provide access to information and transactions. By getting rid of traditional methods of access, the voice authenticator has excluded the problems that are faced with remembering pins and passwords.

Wells Fargo is another big banking service that uses biometric security for payment solutions using voice authentication for verification as well. Certain banks and financial institutions have limitations towards biometrics of voice, but Wells Fargo has used this technology for customers to find out account balances and other related activities through voice biometrics.

Using biometric security options in the financial sector is a huge stepping stone in technology for most financial services but switching to these methods creates a huge leverage towards AI solutions in conversational banking like how Apple uses Siri, and Amazon has Alexa. One of the goals of using biometric security is eventually having voiced customer interaction methods for peer to peer payment systems.

One of the biggest roots in the world of digitalization to solve is creating an easier solution for simplicity in banking, greatly improving user experience. Online banking has transformed the entire industry and technology is always going to keep changing in the financial services industry, therefore, keeping up to date with the newest innovation of security solutions help prevent fraudulent activity, and overall providing access to improve both security and suitability.

Yash Chauhan
Yash Chauhan
I am a driven entrepreneur with a big vision and have many versatile expertise in different fields of focus. I am self-motivated, enthusiastic, and passionate about business, and the lens that falls within it. I'm currently pursuing my degree in psychology/biological sciences. My overall goal is to work hard and always stay on the cutting edge with the latest technology and trends. Running a business myself has helped me looks at things in a very different perspective, and overall, has helped me to gain a lot of knowledge in marketing, finance, and business as a whole.

    Leave a Reply