How Biometric Technology Can Transform the Banking Industry, According to Jeff Yastine

Jeff Yastine says that new technology in mobile and online banking can provide better security against hackers. He points to face and eye recognition technology, and even voice recognition technology, which can make it easier for people to access their bank accounts.

Particularly, this will make it useful for people who own corporate bank accounts and need to make payments to their employees. For example, Wells Fargo is already making use of this type of technology for its Commercial Electronic Office (CEO) banking accounts.

Previously, it has always been difficult for people who own corporate accounts to get into their accounts. This is especially true if they were on the road. They may have to catch a flight, but they may also have to make sure that some people are paid before they get on. The solution would be to pay them through online banking, but it often requires many passwords and sometimes security keys that are contained on USBs. Read more about Jeff Yastine at Bloomberg

Various other banks are also rolling out features that would allow biometric access. If you are into investing, then you should look out for investment opportunities relating to biometric security solutions. The industry is expected to be fifteen billion dollars over the next ten years, and it presents a great opportunity for investing. Passwords have been around for a long time, but as with all things, they eventually get replaced by better things. The truth is that biometric technology is not even that new. Think about your smartphone. Many already have fingerprint or even eyeball recognition technology that allows you to open up your phone. When you go through customs, many airports have biometric scanners to scan your passport and let you through. Read more about Jeff Yastine at investmentu.com to know more.

When it comes to banking, it is a little more complex. Many banks are starting to use it, however, for multi-factor authentication. They may use it as an extra tool to prevent hackers. One problem is that some people may not be able to use certain biometric features. For example, if it is a voice recognition technology, it would not work for someone who has laryngitis. However, banks are using technologies that offer various forms of recognition at a time as well. This is known as behavioral biometrics.

Jeff Yastine is an editor at Banyan Hill Publishing. He has years of experience in the financial market.

Learn more:https://jeffyastineguru.com/

 

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