Aside from integrating digital signatures for their business processes, banks also adopted electronic know your customer (e-KYC). Through the e-KYC portal, bank officials and administrators can verify the authenticity of customer identification. Its creation focuses on preventing criminals from laundering money.
Aside from that, the said technology allows banks to know their customers and understand them. Indeed, biometric tech has gone through lots of changes and innovations. Let’s take a look back at how biometric tech developed through time.
At present, biometrics serve as physical identification (ID) replacement and proof of citizenry.In the 1960s, the first attempt to build a solid biometric system began despite having existed for thousands of years. Governments and business institutions used semi-automated facial recognition to identify facial features and extract usable feature points. In that way, administrators can give people and consumers security while acquiring customer and welfare services.
The Federal Bureau of Investigation (FBI) funded the development of fingerprint and facial recognition biometric technology in the 1969s for law enforcement purposes. It is way more sophisticated than its predecessors manually operated.
Due to digital storage prohibition, the National Institute of Standards and Technology (NIST) focused on developing compression and algorithm for better biometric capture and data extraction. Their studies became the groundwork for the advancement of voice command and recognition systems.
Iris biometric also found its way into the industry. Using our unique blood vessels pattens in eyes for authentication, it gained popularity since its inception in 1985 and got patented in 1994.
Despite that the facial detection technology had many flaws in its creation in 1991, it opened the doors for real-time recognition.
2000s to present
Commercial products and large-scale events, like the 2001 Super Bowl, can now use biometrics for themselves.
Biometrics is continuously evolving as time passes by. It advances and becomes a better version of itself through constant exploration of technology. Mobile phones have even used biometric tech for authentication and better security since Apple introduced the fingerprint to unlock feature in its iPhone.
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