State Bank of India turns to Smart Chip for authentication solution
The agreement was signed last week in New Delhi by N Jambunathan, Chief General Manager of the State Bank of India and Sanjeev Shriya, Managing Director of Smart Chip, in the presence of French President Francois Hollande and Jean-Paul Herteman, Chairman and CEO of Safran.
According to the company, under this agreement, Smart Chip will implement a biometric authentication solution comprising fingerprint sensors and biometric matching software to verify State Bank employee credentials before granting them access to the bank’s core system. This system is set to be implemented across State Bank of India and its Associate Banks in over 21, 000 branches.
“We are pleased to be selected once again to deploy our world-class biometric technology in the Indian banking market,” Shriya said. “With Morpho’s strong local presence, heavy investments and foundational role in the Aadhaar project, we believe that we are contributing significantly to the large-scale adoption of biometrics for the Indian market.”
Reported previously in BiometricUpdate.com, Andhra Pradesh Grameena Vikas Bank, a regional rural bank sponsored by the State Bank of India, recently opened 105 of what the company has call “ultra small branches,” which essentially consist of and a remote data connection and a handheld biometric device to authenticate users.
Banks have rapidly been deploying biometric systems both internally and externally, and a recent Biometric Research Note suggests that the implementation of new biometric technologies in the banking industry has the potential to cut operational risks by at least 20 percent over the next 10 years.