Several banks have adopted this newer technology to make banking experience customer-friendly. Banks such as IndusInd bank, ICICI Bank, Standard Chartered Bank and DCB have moved to biometric technology for mobile banking and ATM machines.
In Bengaluru, Development Credit Bank (DCB) has already taken steps to install biometric-based ATM machines in prime locations which will enable customers to withdraw money with just their finger impression.
Some banks such as HSBC are reportedly using voice recognition technology to provide additional safety to their customers’ banking operations.
The primary benefit of biometric technology is that one doesn't have to remember passwords and ATM pins to access their accounts and withdraw cash.
According to forensic experts, no two people have the same fingerprint which makes this technology safe and secure than the existing numeric password. Also, senior citizens won't have to worry about remembering their passwords and can conduct transactions with ease.
Even though experts say biometric technology in the banking system can bring down frauds and phishing, some believe if biometrics scans are stolen or hacked into then they cannot be replaced.
According to a Daily Mail report, the advisor to Interpol and the Federal Bureau of Investigation (FBI) Marc Goodman said, "As our society moves more and more online, and the use of biometric technology increases, the risk of being hacked continues to grow. While most companies that use biometrics say they will encrypt their data in the aim of safeguarding biometrics, there have already been cases of large-scale hacks around the world."