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The Impact of Biometric Technology in Banking Sector

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Businesses are largely dependent on technology, so much so that it is difficult to imagine a time when people did everything manually. Technology continues to evolve at this horrendous speed, leaving the security in an appalling state. Therefore, it is essential to streamline processes that improve efficiency. Unquestionably, the operations are equally competent but they tend to come with their own set of security risks.

Need for Access Control

Whilst we pave our way towards digitalization, there is less or no room for manual processes. When it comes to banks and credit unions, there is a dire need for technology-based solutions to replace the manual processes.

When we talk about the BFSI sector, in particular, Security is “the most” critical part. These sectors probably face the largest threat, evidently due to the number of monetary interests associated with it. Gaining access to critical information, sharing sensitive data and malicious use such as insider trading are some of the common threats that a BFSI is more likely to encounter.

Access Control Systems in BFSI: Walkthrough

Extensive measures have been adapted to safe-guard the complete system. Right from fool-proof solutions to a number of guards holding guns!

These measures have dramatically reduced the threat from BFSI industries. Owing to which, the security industry has evolved to produce some cutting-edge products that suit the requirements of any modern organization. Right from getting rid of the manual register and security personnel to smart facial and palm vein recognition system, we have come a very long way.

Essentially, access control aims at ensuring a secure environment by limiting the access of users based on time and zone. The access control policies are designed, keeping all the company norms and mechanisms in mind. The solution should be such that it should scale the users anywhere from employees to regular visitors who enter the premises.

Technologies in the Industry

“Running away with a bag of money on a gunpoint is just limited to the movie theatres!”

Time and around, the age-old procedures and patterns are being shelved and the BFSI industry continues to switch to high-tech solutions that offer 360-degree security.

Use of simple yet highly secure access control system with an array of biometrics-based on fingerprint, palm vein, facial recognition are being deployed. The transition of manual to automated security solutions are resulting in substantial growth in the IoT, facial recognition, iris recognition, voice recognition and palm vein readers, which can be listed as the latest, secured biometric solutions. A well-integrated access control system provides a flexible, scalable and future-proof solution for various applications. Optimal security solutions can only be achieved by seamlessly integrating security systems that fit best to unique requirements of any BFSI unit.

Considering the fact that security is the prime matter of concern in this era, security solutions are getting all the attention. Deciding to invest in biometric scanners, traditional locks, perimeter access control or video surveillance – Access Control for BFSI is quintessential for defining physical security to the next level.

Modern solutions incorporate the best use of encompassing super secure vaults with multiple alarm system embedded with their access control system. Thus, minimizing human intervention and promoting a secure environment with an out-and-out automated solution.

By |2020-04-03T14:21:16+00:00March 19th, 2020|Categories: Access Control|0 Comments