Industries
Financial and Banking
The financial services and banking market is positioned to be one of the key growth verticals for biometric technology. This is driven, in large part, by governmental regulations within both the US and EU including:
- The 2005 Federal Financial Institutions Examination Council (FFIEC) guidelines
- The Sarbanes-Oxley Act of 2002 (Section 404)
- The Basel II Accord
These increased regulations have created additional demand for secure authentication of financial accounts, transactions, and private data. Further, the reporting and auditing requirements of these regulations can be easily accomplished with biometric systems by accurately linking transactions with an employee’s unique traits.
In addition to its application in the developed world, biometrics is experiencing equally rapid growth in South Asia, Latin America, and Africa. In these developing regions, biometrics plays a critical role in providing innovative solutions for accurate and secure identification of banking customers. As an example, the Bancafe Bank of Columbia has used fingerprint recognition as a means of offering ATM services to rural coffee growers.
