Biometrics make up for traditional identification

2016 is the first year in which biometrics technology has been “utilized” in the financial sector, and financial institutions have begun to launch smart identification applications on a large scale. Take the four major US banks as an example. Bank of America and Chase Bank have fully supported the “fingerprint authentication” function since this year. Users can log in to the mobile applications of these two banks by scanning their fingerprints.

At the same time, Wells Fargo has vigorously promoted “eye pattern certification” in the United States. After checking the eye pattern on the mobile phone, the user logs into the bank account. The supplier of this technology to Wells Fargo is the US biometrics company "EyeVerify", which was recently acquired by Ant Financial. According to incomplete statistics, more than 30 local banks and credit cooperatives in the United States have adopted this technology. "Eye pattern certification."

Compared with the first three banks, Citibank has expanded its biometrics application to the international market. This year, it has launched “voice certification” services in Taiwan, Singapore and Australia. Users will quickly communicate with customers via telephone and the system will be fast. Check the identity of the customer. It is reported that Citibank's short-term goal is to complete the coverage of voice certification services for 12 retail banking markets in the Asia-Pacific region in 2017.

In the financial sector, the actions of the four banks mentioned above are overwhelming, and financial institutions of all sizes are eager to try. In addition to the US banking giants, Barclays, Standard Chartered and HSBC have also launched their own biometric authentication services this year.

In order to fully understand the impact behind this trend, let's take a look at it: Why will the financial sector enter the era of an intelligent identification application in this year?

Biometrics make up for the shortcomings of traditional identification

In fact, biometrics have been adopted by people at an early stage. The contract needs to be “signed and drawn” is the most primitive form of expression, but this method relies on the naked eye to compare the authenticity, and the effect and efficiency are not satisfactory. Therefore, "signature drawing" has become a psychological constraint. The emergence of high-tech means such as computers, biosensors and biostatistics has greatly improved the effectiveness and efficiency of biometric-based applications. Nowadays, the industry has entered the era of "smart recognition."

Before the emergence of "smart recognition", traditional identification relied mainly on two ways: the first is to identify the password content set by the user, such as text password, digital password, and graphic password; the second is to identify the user identity information. Physical objects, such as smart ID cards, bank U shields, smart door cards. Although these two methods have brought us great convenience, their shortcomings are also obvious: passwords are easy to forget, and devices containing identity information are easily forged or stolen. At this time, biometric identification just makes up for traditional identification. Defects.