Banks around the world deploy biometric authentication technologies
Several major banks around the world have recently announced they are deploying various biometric technologies to improve the authorization security of their mobile banking apps.
The bank has been working with SpeechPro to develop the app and it has invited 100 customers to test the face and voice authentication technology.
Using their iPhone’s built in camera and microphone, Wells Fargo customers scan their face and voice.
Customers can then verify their face and voice by matching it against the unique profile they have previously set up, enabling them to proceed with their banking. Wells Fargo said the entire authentication process takes about 23 seconds to complete.
The bank intends to launch the bi-modal authentication service to the general public by next year after it resolves some minor issues and further develops the app to suit newer technologies. Wells Fargo is also looking to install iris recognition capabilities for its mobile app.
The biometric technology will be linked to applicants’ Aadhaar card number, which will automatically pull up the customer profile. Customers will be able to be approved of a loan after providing additional details.
HDFC Bank has already deployed the biometric technology across 60 two-wheeler dealerships and 200 car dealerships, and is planning to expand the service to 400-500 two-wheeler dealerships and 300-400 car dealerships over the course of the current financial year.
Bank Zachodni WBK has been offering the service to customers in Lubin since April, as well as customers at selected branches in Warsaw since earlier this month.
By using the Hitachi’s finger vein reader and touch-screen monitor, customers can authenticate and sign personal account agreements with the bank with just their finger. Meanwhile, documents signed electronically will be automatically sent to their email address.