The banking sector in 2021 has seen a surge of interest regarding biometrics and identity, particularly within Latin America. In the past month, there have been efforts put in to discover novel ways of utilizing facial recognition technology for both digital and traditional banking services to benefit customers and reduce fraud.
Biometric Benefits of Banking
According to one of the latest eBooks that focus on Biometric Benefits to Banking, better experiences in banking begin with robust Face Biometrics and Authentication. It provides details on how banking experiences can be enhanced through these technologies at every touchpoint – mobile banking to the ATM to the new branch to even remote onboarding.
Combatting Fraud in the Digital Age
Finance in the LATAM region has many opportunities and also risks that come with its distinction as a global growth leader. To address these threats, biometric technology is being used to ensure greater security, safety, and accessibility of financial services. There is a lot of discussion on how biometrics are improving the world of finance in LATAM.
Banking Security Improved By Facial Recognition
Exploration is taking place to understand biometrics and its promise to finance. For more than a decade, the classic dichotomy was provided with a solution by biometric authentication: convenience versus security. There has been an investigation on the core promise of biometrics in finance, specifically focusing on face biometrics capabilities. With this technology, it is possible to achieve both ultimate security and maximum convenience for banking customers.
Comparing the Quality of Biometric Authentication
There are biometric solutions that are transforming the banking experience at every single customer touchpoint. Multispectral Imaging technology is the main differentiator that provides an exceptional, reliable fingerprint scanning method that can dismiss spoof attempts even in extreme lighting conditions. MSI has been introduced to face biometrics as well, making it a true game changer for the finance industry. We are trying to gain insight into how multispectral facial recognition stands out against competitors in the competitive world of biometrics-enabled financial services. Additionally, we also are exploring how end-to-end biometric identification platforms can revolutionize each step of the customer journey from mobile banking to ATMs and beyond.
Improving Banking Experiences with Biometric Technology at Every Customer Interaction
The financial services sector can benefit greatly from the end-to-end biometric identity platform, as it is a powerful and versatile solution. We envisage how this platform can revolutionize customer touchpoints for banks, including mobile channels, bank branches and ATMs. Through the use of biometrics, the entire customer journey within financial services is being enhanced significantly.
The article has been published by the editorial board of the Identity Herald. For more
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