Password, two-step authentication, fingerprint recognition, face recognition and the newest technology today is iris biometric authentication technology.
Technology nowadays quickly develop, the security requirements is spread used in almost technological devices and applications to enhance customers’ experience.
Password becomes the past
In 2007, the introduction of iPhone marked the first steps of smart phone as well as the development of mobile applications.
In the past, when doing any transaction with banks, customers had to go to the bank brand or ATM. Internet banking is also available, however, at that moment, the internet structure in Vietnam was not well developed yet. The introduction of smart phone solved all problems, totally deleted the distance between users and banking systems.
The development of smart phones totally changed the e-banking business which are widely applied nowadays.
“>60% Chinese believe biometrics technology will be the popular method in banking transaction in the next 10 years”
So, what is the different between e-banking and mobile banking? Is smart phone security enough?
A few years ago, when login e-banking, users might to use the security device (which is not usually carried with), click the personal identification number to get the security code and enter the code before it expires. Today, using smartphones, customers only need to touch the finger to open the password using fingerprint biometric technology.
In the introduction program of iPhone X, Apple showed the face recognition security function- which can be applied in banking sector. Actually, China HSBC did apply the photo recognition to sending and receiving money. According to a research, there are about 60% Chinese believe biometrics technology is the trending of banking sector in the next 10 years.
The development in applying biometrics technology in security means using password security will be soon replaced, because the user nowadays can play a role of security one.
Some popular technology can be mentioned here as voice recognition via melody, speed, and pronunciation; iris recognition working based on mathematical pattern-recognition techniques on video images of one or both of the irises of an individual’s eyes, which can improve the e-banking security.
Biometrics in reality
Currently, we cannot make sure which technology can be the dominant one in verifying and security, however, keeping customers’ information in security is always the top priorities in bank sector.
The integration augmented reality – AR – a new function of iPhone will become more and more popular, especially with the smartphone development in the future. Some banks applied AR technology which can help customers find the nearest ATM and bank branch. While some banks applied this technology for noticing the promotion information to customers when they visit the transaction point.
The application AR technology in advertising and doing business can be considered as unlimited. Let’s imagine when users see their favourite one, and start to do some research using their smartphone, the search engine will immediately suggest payment method, design and price then user can quickly select the suitable one, and buy the product after one click using biometric method.
With the blooming of technology in 4.0 industry nowadays, no-one can predict the next step of banking security sector in the future. However, the flexibility and creativity of technology in financing will boost customers experience, optimising and more secure in working process.
With the future of modern digital with reality, the role of banking branch is changing, customers nowadays, want to work with the better and professional banking service, especially for the complex transaction. At the same time, the smartphone brings the convenience to users.
The updating and developing in bank section always be boosted by end-users behaviour, and applying IT to improve the service quality always plays an important role in every banks. Achieving the balance between technology and customers support is always the best choice and strategies to maintain banking business.