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Different Facets of Biometric Authentication and How They Are Making A Difference in The Financial Sector

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When we think of authentication in the true sense, then we find ourselves amid the different proven facilities technology has brought us in. Whether it is fingerprint, face, or iris scan, there are many options available. 

But do you know these factors are from the Biometric authentication?

The concept of biometric authentication is a proven strategy that helps in unlocking the options on mobile devices and works on the same principle, wherein users have to verify their identity utilizing some personal physical characteristics. Indeed, this approach is the most secured, and the safest aspect, and evades the glitches of any sort of security hassle while dealing with sensitive data of financial services.

But the question comes which approach to authentication is the most secure?

To help you understand it better, we have brought you this post today to take a quick rundown of biometric security. Let’s take a look…

Facial recognition

Indeed, this is one of the fastest, easier, and convenient aspects in the biometric authentication, hence this comes as #1 in our list. With the help of this technology, it becomes easier for the users to unlock their device, however, there has to be a specific angle of the user.

Despite being one of the most popular facts, there are few security limitations with facial recognition as well. As it does not map the face in three dimensions, that gives a chance to the hackers to spoof the system with the user’s photo only. Also, this technology has a higher FAR- false acceptance rates, which states if the user is wearing a pair of glasses or any makeup, the device fails to unlock. Henceforth, the user has to be in the same condition as he/she used while conducting facial recognition.

Capacitive fingerprint sensors

Not many of us know but this authentication method was the very first to be introduced in the financial world. And no doubt it is fast and provides low FARs.

This technology ensures to detect the specific ridges of the user’s fingerprint as soon as they make contact with a conductive plate. Indeed, it is a secured platform, and hard to be fooled even with the utilization of the 2D copy of the user’s fingerprint. 

Iris scanning

Iris scanning is a great concept that has been brought into the authentication world with an extremely high level of security. With this very piece of technology, it becomes easy for the users to “unlock with a look,” and it doesn’t matter whether they are wearing makeup. Our iris is an extremely data-rich physical structure, which contains a specific pattern, that is unique and different for every individual, and can never be replicated on the virtual ground. Also, eyes keep on self-cleaning themselves, which ensures to bring accurate readings for the users.

These are some of the most popular forms of Biometric authentication features, however, one question that stays with us still, how is this technology useful in the financial sector? Let’s explore further…

How biometric authentication is helping financing sector to evolve?

Well, you must know that the cutting edge technology has taken the standards of mobile banking to a new level, letting the users experience the better security options through the biometric authentication, which could only be possible in the visualization in the past, but the current changing rhythm of technology has changed it thoroughly.

The demand for a secured platform is oozing out from customers has shifted towards the digital platforms and in this legacy; even the financial services are not spared. This very banking need has revived the technology with biometric authentication. However, at the same time you must not forget that as there is an increase in technology, there are more chances for hackers to fiddle with sensitive data.

Henceforth, it is not a choice but a mandated fact to integrate the biometric authentication within the financial system, to create a smooth passage for the financial operations to work. However, in this post further, we have included some points that can help you understand how biometric technology is impacting the banking industry.

There are definitely some of the most significant impacts of adopting biometric technology in the financial industry

Provides a secured passage

It goes without saying, but biometric authentication is the best way to be adapted, as it comes in different flavors and can be taken as fingerprint, voice, retina, heartbeat, facial recognition, etc. There are many popular banks and financial institutions that have adopted the fingerprint and Touch ID sign-in in its banking system to be followed further by the users. This not only gives the ease of security but eliminates the fear of slipping the passwords out of mind and removing the account ID block due to several wrong password attempts.

Brings an influence on other platforms

The different platforms are picking the technologies like Apple Pay to secure the data through fingerprinting of Apple Touch ID, which verifies the users’ identity. This method has opened a new way of accessing banking services through the mode of convenience but filled with extreme security protocols. This helps users coming from different verticals and using different methods, to keep their data secure and safe.

Does not deal with PINs & Passwords

The security is the most picked aspect of a financing app, and to grow it stronger, there is the integration of passwords and PINs, to help customers to utilize the banking services without being feared, but the PIN and Password fall flat when the hackers decide to breach the sensitive data.

Hence, a much powerful security system is built around the banking system, along with the biometric authentication systems. It is a single sign-on (SSO) password management technology, protecting the data from unauthorized users.

Final thoughts

With the advancement in technology, there will be better aspects to improve the current authentication systems. But with the current authentication as well, financial systems can be optimized to provide a safer and secured platform for the users to share their sensitive data and stay confident.


About the Author

Different Facets of Biometric Authentication and How They Are Making A Difference in The Financial Sector

Author Bio – Ankit Singh is a seasoned entrepreneur, who has crafted a niche for himself at such a young age. He is a COO and Founder of Techugo. Apart from holding expertise in business operations, he has a keen interest in sharing knowledge about mobile app development through his writing skills. Apart from sailing his business to 4 different countries; India, USA, Canada & UAE, he has catered the app development services with his team to Fortune 200, Global 2000 companies, along with some of the most promising startups as well. 

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