Biometric identity verification can help to protect the data security of users in a financial industry.
It is because customers are the number one priority.
Without good security the reputation of a financial industry will be at stake.
So, it is important for financial services to give the best solution for the users to feel more comfortable using financial platform.
Using biometric identity verification is one of the solutions.
This process will prevent users’ data from being abused irresponsibly later.
What is Biometric Identity Verification System?
As mentioned earlier, this system is a process to prevent user data abuse on a financial platform.
In this case, this feature plays role in authenticating user’s identity by scanning pre-recorded body parts, such as fingerprints, facial structures, retinas of the eyes, voice, DNA, heart rate, and so on.
It is known to be very effective to prevent the others from committing a crime by misused someone else’s data.
Especially in this highly tech-advanced era, where everything is integrated with each other through sophisticated technology.
This is where biometric identity verification hands in with its role, which provides protection to users privacy and data on financial platform.
Later on, certain biometric identity that has been recorded can only be used as access by the particular person.
Advantages of Using Biometric Identity Verification
After knowing what biometric identity verification is, now it is time to discuss what benefits can we get when using its features.
1. Faster Process
The first advantage that can we can get with biometric identity verification is a faster process.
Its advanced technology that designed to scan body parts can be done within seconds.
This is absolutely different from conventional identity verification process, which can take more time and efforts.
2. More Accurate Results
This quickly processed verification tend to also have results with more accurate data.
How could that be?
Again, through its developed modern technology, this process can detect recorded body parts with precise calculations.
Of course the data will be more secure, the chances for fraud will also be smaller.
3. Easier to Access
As we know, during conventional identity verification process a person need to bring documents to complete verification process.
But not in biometric identity verification.
Usually, the process can be done through scan on application or computer system that will read particular body parts after being recorded.
That’s why the process will be easier and faster.
4. Minimum Risk of Damage
In conventional identity verification way, the physical form of the data may be damaged, torn, broken, splashed by water, burned or lost.
This problem can be avoided in biometric identity verification with the help from its advanced technology.
All data is safely stored on the system, making it less risky for physical damage.
5. Better Privacy
Unlike other verification processes, biometric identity verification is quite unique that it cannot be done by different people.
As mentioned earlier, the process enhances privacy through its security.
This is because of the process can only be done by each person.
Example of a Biometric Identity Verification Process
After knowing the advantages of using biometric identity verification, now it is time to find out what examples of common applications that we use in everyday life.
1. Face ID
Face ID is one of the easiest common application processes to find in everyday life.
For example, when you want to enter into your smartphone device.
Some operating systems already use biometric identity verification with Face ID.
Of course it can only be done by the smartphone owners as to minimized the data abuse.
2. Fingerprint Scan
Another next easy-to-find example is fingerprint scanning.
This is usually done when someone wants to enter into an electronic device, such as a laptop.
Some smartphones can also be found using fingerprint as a verification process to enter the device.
3. Signature Scanner
Usually, government institutions or financial facilities are the participants who use this type.
This is to make users authentication easier without having to create a signature again and again.
4. DNA Identification
DNA identification is a process which usually performed by law enforcement agencies.
Usually aims to support the process of uncovering crimes.
The process is also faster and can help the investigator with the job.
That’s all discussion about the high developed system.
If you are interested and want to try to develop yours, Finfini is ready to help all innovations to enhance your business.
Through the FaceMatch and FaceSearch features, Liveness Detection, and Background Checking, all authentication processes will be more secure.
Especially to protect data from crime and fraud.
Find various information about financial and technology only on Finfini.