Banks Go Biometric

Banks no longer interested in your words but in your body language. Fintech and AI are taking banks biometric.

Times of India reports IndusInd Bank did something rather attention-grabbing a few weeks back. It made its brand ambassador Farhan Akhtar recount his experiences with passwords. And then got him to invite people to bid farewell to the passwords of yore, complete with #RIPpassword.

Thus setting the stage for the bank's latest offering: Fingerprint banking which allows customers to do end-to-end transactions on the mobile banking app using just their fingerprint. Biometrics, the collection and use of biological data and behavioural characteristics, could be the next big leap in the world of financial services going by its increased incidence across the globe. Closer home, though early days, various financial institutions like ICICI Bank, Standard Chartered, DCB have gotten into it with varying degrees of depth.

Standard Chartered Bank has added biometric authentication to its mobile banking app. DCB has even launched a biometric-based ATM machine in Bengaluru where cash withdrawal can be done without either the ATM or Debit card or PIN number.

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