Iris recognition system has proven its capability in implementing reliable biometric security protocols in various high risk sectors like aviation, border patrol and defence. However, lately, due to falling prices of iris scanners it has found further application in the retail industry.
The banking and financial sector has adopted this system wholeheartedly because of its robustness and the advantages it provides in cutting costs and making processes more streamlined. The technology started out as a novelty however due exigencies in the banking sector characterised by decreasing profits it became a necessity. The use of Biometric ATM’s based on iris recognition technology has gone a long way in improving customer service by providing a safe and paperless banking environment.
Iris recognition technology captures the intricate iris patterns with the help of an iris scanning device. This data is then digitized and stored in a database for future reference along with some other parameters like name and address. Iris data is more reliable and durable because the iris is covered by a protective sheath which protects it from damaged. Due to this durability iris recognition system requires only a single enrolment. Other technologies are subjected to wear and tear due to the nature of the work environment which requires repeated enrolment.
Iris based biometric ATM’s are more secure than conventional pin based ATM’s because it requires biometric verification which cannot be stolen, copied or faked. Pin based security systems can be compromised leading to losses for the consumer as well as the bank. Also, the customers find it very tedious to remember passwords and pin numbers; moreover, the task of requesting for new set of passwords is itself fraught with endless communication to and from the customer and the bank leading to poor customer experience.
The customers have taken to this technology like duck to water. A customer survey carried out by a leading bank in the United States found that 98 percent of the bank’s customer found the new technology easy to use describing it in glowing terms such as ” great, cool, impressive, fast and user friendly”.
Under this initiative the bank had installed iris based ATM’s inside Kroger Supermarket stores in Houston, Dallas and Fort Worth. The system used iris scanners and picture processing expertise to seize after which examine with the information to be had on file for identification functions. The survey published that many of the financial institution’s new buyers discovered the brand new know-how the top cause of switching allegiance to the financial institution. It additionally said how the shoppers wished to peer extra biometric ATM’s throughout the city to raised the retail expertise and provides it an area over different banks within the trade.