The biometric recognition industry is marking new heights after being commonly recognized. With a market valued at $27.88 billion in 2021, this technology is further predicted to achieve growth of over $59.30 billion by 2026. As fraud risks are on the rise with criminals exploiting every loophole, account opening processes require more security. While using spoof attacks, fake fingerprints, forged documents, and deepfakes, fraudsters steer clear of identification checks.
Customers are vesting their trust in financial institutions regarding their security and data privacy. In order to retain more clients, they require biometric screening to account opening processes. It uses non-transferable features of individuals to safeguard both physical and virtual access to banks’ security systems. This blog entails ways biometric ID verification upgrades financial institutions.
Use of Biometric User Authentication in the Digital Banking Process
The banking sector is experiencing a tremendous increase in criminal cases such as account takeover fraud, identity theft, the flow of illicit funds, and others. In order to place countermeasures in their way, financial institutions require more robust identification solutions. By employing biometric screening, banks can secure their account opening processes against criminal intentions. This technology is a step forward in user data protection, seamless onboarding, and secure operations.
In order to replace traditional, tiring, and time taking authentication methods with more convenient measures, the banking sector requires biometric ID verification. With a variety of biological and behavioral checks, financial situations can fill in every loophole. For providing more reliable, fast, and convenient account opening, financial institutions can rely on the following biometric screening services:
Facial Feature Verification
Biometric recognition solutions provide a variety of customer authentication checks where facial features analysis is one of the most improved forms. It leverages easy and convenient account opening by simply asking end-users to upload a real-time selfie. The AI-powered system then maps the feature and cross-verify them across supporting documents. For further accuracy and authenticity, biometric security solutions enable access to global databases.
The AI-powered IDV solutions ensure biometric user authentication by using mathematical algorithms to map facial features. This leaves less space for criminals to illegitimately create or access accounts.
Fingerprint Analysis
Financial institutions are providing customers with this check to open their digital banking accounts and authenticate transactions for almost a decade now. Fingerprint analysis was previously used for manual access to locker and funds transfers.
The use of digital devices such as mobile phones and tablets continues to increase, banks are also striving to upgrade their operations. Financial institutions are integrating biometric security for account opening to enable customers to access their funds from anywhere.
Voice Recognition
Audio deepfake is the most common fraud attack that banks experience every now and then. A similar instance took place in the last months of 2020 when the manager transferred around $35 million after the criminals cloned the company director’s voice. With advanced voice changer tools at their disposal, allegedly faking vocals has become easier.
The banking sector requires more robust biometric security systems to identify criminal attempts and ensure risk-free account opening. The AI-powered IDV solutions critically analyze and examine voice patterns, frequency, cadence, speed, and other such characteristics. This way, biometric recognition makes account opening and accessing more secure.
Biometric ID Verification – Streamlining Enhanced and Secure Banking
The transformation of physical funds deposits to online transactions is opening doors for customers to remote banking. Digital payments and other such services are all about reducing friction and eliminating additional hassle. By integrating biometric security solutions, financial institutions can limit the need for customers’ physical visits. In order to limit shortcomings in their operations and ensure seamless digital onboarding, banks need to upgrade their operations. For this, biometric screening services for financial institutions provide the following benefits:
Seamless and Secure Account Opening
Where manual verifiers were using documents and physical presence to authenticate customers prior to account opening, biometric technology is enhancing their operations. Clients can easily avail remote banking while scanning their facial features, fingerprints, and voice. The process of digital account opening is similar to that of a physical one but offers more convenience.
Branchless Banking
Banks are making efforts for tailoring their operations to customers’ demands. Customers can now make transactions for online shopping, booking flights, reservations at hotels, and many other activities. Biometric security solutions are eliminating the need to wait in long queues. Similarly, facial verification provides touchless banking to further enhance customer experience.
In the End
AI-powered biometric identity verification services offer clients upgrades in every banking operation from easy account opening, wire transfers, and online payments to cryptocurrency trading. With improved checks such as liveness detection, financial institutions can ensure the presence of customers during onboarding. This way, biometric screening solutions help counter fraud risks while providing customers with a safe, convenient, and enhanced banking experience.