More often, Indian bankers are confused with the difficult question of whether the trading person is a real customer or a fraudster. And this problem can be answered more precisely and exactly only by biometrics science. The idea of biometrics banking revolutionized the whole banking system in India. And the size of the revolution seems to be excited to replace the bank's PIN with a fingerprint. Accessibility to biometric data is of great help to recognize who is exactly trading with the bank. It relieves doubt about fraud prevention, makes efforts, facilitates secure and seamless transactions.
Biometric machines are simple and clear, and there are reasons that popularity among Indian bankers is rising. Also, banks across the country are struggling to set up ATM with biometric technology. This technology contributes greatly to hitting the possibility of promoting rural markets. Given the illiteracy spreading there, biometric ATM is considered one of the most promising options for the countryside. These machines cost expensive to install, but they provide high security and enable banks to quickly expand their reach.
Biometric technology holds great potential to play an exclusive role in the banking industry regarding convenience, safety and efficiency. There is a big perspective on online mobile banking and payment. You can confirm the identity of the customer comfortably and safely during unbundling of payment. Biometric authentication increases convenience and therefore replaces other hamstring authentication procedures. This system is efficient enough to come in the fall of the system such as lost password and reset password. In addition, banks are in a position to define the role, usage, and function of technology, depending on the associated risks and customer acceptance.
Currently Indian people have online biometric identity in the form of Aadhaar cards. Banks nationwide link accounts to Aadhaar to obtain the account holders biometric information. Aadhaar cards provide fingerprints and other biometric details from anywhere at any time to provide online verification and authentication. Not only did the government transfer the benefits of their plan directly to all people, avoiding the intermediary's role, and avoiding corruption, even if the government had some plan. Banks are also in an excellent position to check account holders and make secure transactions.
Biometric banking has greatly changed the way people saw the services provided by banks. Today, a woman from a distant village in India can get an elderly pension from an Aadhaar compatible ATM just by pressing her fingers. The use of biometric technology opened the door of financial equality to all those who are late for illiterate and local language barriers. Improved transaction security and customer authentication has been simplified. It changed the bank's business model and made it possible to bring in various reforms so that banking services reach the country's largest population.
