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5 major uses for biometrics in the banking industry

With biometric solutions all the rage, it’s only appropriate to also look at how biometric solutions can be applied to the banking industry. Here are 5 major banking uses for biometric solutions:

  1. Know your customer – one of the most significant on-boarding steps for financial institutions is to be able to identify consumers and ensure that banking services are not being misused. Biometric solutions make the process more reliable, efficient and user-friendly.
  2. Micro-ATMs – biometric-based micro-ATMs are a modified version of point-of-sale devices that allow fingerprint or iris scans to authorize and complete payments.
  3. Merchant payment systems – merchant payment systems have emerged as an efficient, reliable and convenient mode of banking for consumers not able to access banks or wanting to purchase goods/services in a cashless form. Biometrics ensures the security and authenticity of this payment process.
  4. Attendance system – biometric technology is not just limited to offering transactional security; it can also be an efficient attendance solution, helping to ensure that financial institutions’ staff receive appropriate training and are performing their responsibilities when and where they should be.
  5. Payment authentication system – biometric solutions can be used to authenticate digitally-transmitted funds. This creates a more secured payment environment that increases consumer confidence.

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