New Technologies in Banking

Topics: Biometrics, Fingerprint recognition, Dactyloscopy Pages: 13 (4428 words) Published: November 26, 2010


1.Premium SMS based transactional payments6
2.Direct Mobile Billing6
3.Mobile web payments (WAP)6
4.Contactless NFC (Near Field Communication)7
5.M-payments vs. Current payment methods7
1.Recognition Process8
2.Fingerprints in banks8
2.1 Benefits9
2.Why or why not use Iris can10
3.Implementation for Banks12


Payments are transfers of wealth from one party to another and those transfers usually occur in the case of an exchange of goods or services. In order for the exchange to be completed, payments are transferred using multiple channels such as in cash, by checks, electronically using debit or credit cards, bank transfers etc. However, all these channels have their cons and pros affecting both the merchants or institutions and consumers. Due to technological advancement, payments between two parties have been evolving from checks, taking days to be cleared, all the ways to instantaneous wireless payments. Wireless payments are done using mobile devices to pay for purchases, transfer funds to banks…. After looking at wireless payments, it is consider as being the fast and most effective way to make payment. Usually people do not have time to go the bank institutions to make payments. In addition, most phone users have third generation phones enabling them to access internet. Even though this form of payment is not known in North America, people in other countries such as Africa, Asia and Europe have been using it to make their payments and do not have to render themselves to the stores or banks institutions. Payment speed is not the only occurring problem. Nowadays, technological innovations also creates security problem. Institutions and businesses are facing more and more fraud issues. To be able to counter such matters, security protocols are being changed to not only pins but fingerprints and iris scans. Iris and retinal scan involve the scan of the iris or retina in order to obtain a unique identifier of the person. Fingerprint is another form of biometrics using fingers to upgrade security measures. These two forms of biometric are considered as an advantage for both the bank and consumers since it is not time consuming and help the institutions keep their customers by reducing the frauds. When frauds are reduced, customers are more inclined the banks with their belongings since they can be assured that they patrimony will come back to them without any controversy. As a recommendation, merchants, banks and any other institutions should try to promote the use of mobiles in order to carry out some transactions. They can uphold the security measures by distributing digital apparels permitting fingerprints scans. Even this could be costly in the short term, in the long term the bank is sure to gain much more since they won’t have to be confronted with huge losses due to fraud. INTRODUCTION

Today, time is an important factor that people cannot afford to waste. How many times did you go in a hurry to a bank or a store to find long lines of clients waiting to be served? The answer might be: countless times. To bring a remedy for long waiting periods, self-served stations were then created in order to speed up transactions. However, this brought in new security issues: issues of passwords. Passwords, as suggested for security reasons, should have upper and lower case letters plus numbers. In addition to such complex passwords requirements, the individual should have different ones for each card. No wonder, arriving in front of an ATM or interact machine, you cannot remember your password. To change such situation in accordance with technological innovations, new modes of payment and security measures have been under way. According to...
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