Biometric Revolution In Indian Banking
More so often Indian bankers are confronted with a perplexing question that whether a person transacting is their actual client or a fraudster. And this issue can better and accurately be answered by biometrics science only. The idea of biometrics banking has revolutionised the whole Indian banking system. And the extent of revolution is such that people are excited to replace their banking PINs with their fingerprints. Accessibility to biometrics data is of great use when it comes to recognising who exactly is transacting with the banks. It relieves the doubt and works towards the prevention of fraud and facilitates safe and seamless transaction.
The biometric machines are simple yet explicit, and that’s the reason they are gaining popularity among Indian bankers. And banks across the country are in their stride to set-up ATMs empowered with biometric technology. The technology is significantly contributing towards tapping the potential of promising rural market.Biometric ATMs are looked upon as one of the most viable options for the countryside, considering the illiteracy prevailing there. Though these machines are expensive to install, they offer high security and allowing banks to expand their scope rapidly.
Biometric technology has a great potential to play an exclusive role in the banking industry about convenience, safety and efficiency. It has a great perspective when it comes to online mobile banking and payments. It offers comfortable and secure verification of the identity of customers while unbundling of payments. Biometric authentication adds to the convenience and therefore replacing other hamstring authentication procedures. The system is efficient enough to come the fall over back systems such as loss of password or resets password. Further, the banks are in a position to define the role, usage and function of the technology depending on the risk associated and customer acceptance.
Now, people in India have an online biometric identity in the form of an Aadhaar card. Banks across the country have linked the accounts with Aadhaar to get the biometric information of the account holders. An Aadhaar card provides online verification and authentication by using fingerprints and other biometric details at any time and from anywhere. It has not only allowed the government to transfer the benefits of their schemes directly to all those people for whom plans are drawn and avoid the role of middleman and avert corruption. Banks are also in an excellent position to verify the account holder and have safe transactions.
Biometric banking has significantly changed the way people have looked at the services provided by the banks. Now, a tribal woman from a remote village in India can get her old age pension from an Aadhaar enabled ATM just by pressing her finger. The use of biometric technology has opened doors of financial equality for all those who are lagging behind just because of the barriers of illiteracy and regional language. It enhanced the safety of the transaction and simplified the authentication of customers. It has transformed the business model of banks and allowed them to bring various reforms so that banking services are within reach of the greatest population of the country.
Source by Fahad A. Khan