Banks are not behind when it comes to technology, many banks are using biometric technology as it is highly secured and also cost effective.
Aadhaar, which uses fingerprints, iris scans and photos to provide unique 12 digit number which can act as ID and address proof for many. By linking your aadhaar to your bank account, one can enjoy hosts of benefits.
Here's the sneek-peek in to how major banks are using the technology:
DCB Bank has setup ATMs that needs fingerprint for withdrawing money. These ATMs use biometric details linked with Adhar Card data. These highly advanced ATMs are currently available in Bangaluru, Mumbai and Chennai.
The zero balance selfie account is another hi-tech system used by a Bank. By downloading the Feedbook app, scanning PAN card and Adhar card and clicking the selfie, an account can be opened instantly. Later, the app will act as the passbook.
The Bank is using hand-held device as micro-ATMs and is reaching out to the rural areas. These tiny ATMs has biometric verification and uses Adhar Card and fingerprints for instant KYC.
For transacting smoothly through the Bank's call center, ICICI Bank uses voice recognition as the password. Now, the customer is no longer required to enter their PIN and Card number.
SBI uses fingerprints and biometric authentication application for verifying the credentials of employees before letting them access their core banking system.
The contents of the article is sourced from the research report of Dynamic Levels with due permission. Dynamic Levels is a website owned by Dynamic Equities Pvt Limited, a member of BSE and NSE. You can visit Dynamic Levels by clicking: Dynamic Levels.