From the late 1990s, commercial banks and non-banking financial institutions, have persistently planned and adapted digitalization in the services offered by them to enhance efficacy in their operations as well as enrich customer satisfaction. The fast-track digitization in the banking sector has made way for yet another technology today. The need for Access Control Systems for Financial Institutions is an important one that could revamp the prevailing capacity of the industry.
Banking Made More Secure and Efficient
Access control systems, along with affiliated technologies such as identity management solutions, visitor management systems, and Attendance Terminals for attendance are potent enough to not only safeguard the banking and finance sector from numerous threats but also embolden goodwill and rapport with the customers. Typically for financial institutions, the primary focus for minimizing threats is towards IT security. That should in no way imply that physical security can be undermined. The soundness of physical security in banks and financial institutions plays an important role in preventing security breaches and enhancing an institution’s image.
As our world becomes increasingly interconnected and various systems become dependent on each other for optimum functionality, the potential of security breaches doing massive damage to data, assets, and reputation is higher than ever. Thus, the integration of biometric identification and access control technology into the organizational structures of the finance industry would become an absolute necessity in the near future to gain an edge over others in the competition.
Heightened Scope of Access Control Systems for Financial Institutions in Different Spheres
In recent years, mobile phone manufacturers have increasingly popularized Face Recognition & Biometric technology such as face recognition and touch ID fingerprint sensors. Making such incredible technology accessible to millions of people has had its own advantages in the form of increased awareness about its usage and advantages, as well as a critical eye for its potential areas of application. Due to this, industries all over the world leaped at the chance of reaping the benefits from people enthusiastically accepting this new technology. Experts started analyzing the areas where advanced security is a must-have. Naturally, banking and finance had to be one of the sectors on that list.
Any financial institution can accrue the benefits of robust security and smooth administration by incorporating the latest biometrics technology into its day-to-day operations. There are numerous ways through which biometric technology can be encompassed in this institutional setting. An intelligent access control system backed by biometric credential authentication assures unrivalled security of assets and confidentiality of valuable information, but it also does not unreasonably restrict movement within the structure. Having a smart access control system empowers the banks’ physical security personnel and institutes a solid security regime in place.
A Glance at Essential Tech Features for Access Control Systems
While we’re talking about sound security strategies, it would be remiss to not mention a significant-tech component that upgrades your access control framework. As aforementioned, it can be unanimously agreed upon that the level of risk mitigation gained from implementing access control systems depends upon the features and monitoring mechanisms used (multi-factor authentication, self-locking, anti-passback, etc.), and adding supporting technologies (visitor and identity management systems, surveillance cams, etc.). To top all of this, the OSDP Protocol with TLS 1.2 is a useful, advanced tech rollout to improve ACSs. Simply put, OSDP (Open Supervised Device Protocol) is a communication platform for access control systems that transmits commands between the reader and the control panel. TLS 1.2 is a better Transport Layer Security version, being termed as “the most secure data communications protocol” available. This framework enables secured encrypted data transmission between devices and the ACS central. If you’re serious about building an impenetrable access control system for any bank and financial institution, it is advised to go for this degree of protection.
Manpower Is Still One of The Best Resources
Despite tech-driven advancements in the banking sector, their most significant asset conventionally remains the ‘Human Resource’. Face Recognition & Biometric devices for time and attendance systems allow for optimum utilization of the bank’s personnel. This digital means of recording, maintaining, and reporting attendance saves valuable time and accords for effective control over the activities of the employees across branches in real-time.
Another such nuance of Face Recognition & Biometric technology that aids the financial institutions is smart visitor management systems that comprise features such as pre-registration of visits, badge-based demarcation, security alerts/OTP, tracking of activities, recording of information, warning about black-listed visitors, and integration with other security and administrative systems in place. Allowing visitors the right access to the right facilities reduces confusion and waste of time, besides making the customer feel independent and happy about his/her banking experience.
Perquisites of Face Recognition & Biometric Technology in Banking
It is important to understand that when it comes to implementing Face Recognition & Biometric technology for banking, it’s all about balancing convenience and security.
Besides offering potent security, access control systems for financial institutions propound two-fold advantages that provide an edge over the rest in the industry. Firstly, the access control systems, identity management systems, and Attendance terminals (devices) for time and attendance would ensure formidable control over employees, optimum utilization of resources, and an economic scale of operation, thus, aiding the financial institution in accomplishing their work goals. Secondly, the acquired efficacy in the operations can enhance their customer satisfaction, thereby, accentuating their goodwill in the industry.
To list out, the merits of biometrics and its affiliated solutions for the banking sector are mentioned below:
- Time and Attendance systems are devised to procure plausible control over employees’ activities across different branches of the bank/financial institution. This empowers authorities to instill virtues of discipline and dedication amongst personnel and gain their maximum potential, all the while protecting them as well as the facility from unwanted outsiders.
- Digitized Identity Management Solutions and Visitor management Systems account for sound security measures and safeguard the financial institutions from insider frauds and malicious threats of embezzlement, or the divulgence of invaluable assets and information.
- An intelligent Visitor Management System can assure a secured and satisfactory visit experience across different branches of financial institutions. The system ensures access only to authorized identities, thereby, rendering water-tight security.
- Such promising security solutions provide the much-needed assurance to the banks’ customers and consolidate the firms’ reputation. The improved efficiency allows banking and financial institutions to provide top-notch customer services, thereby increasing their retention rate.
Banking & Financial Sector to Reach New Heights with Access Control Systems
Face Recognition & Biometric devices
All the technological advancements and digitization in the sphere of banking and finance till now has had the potential to serve only one or two of the many stakeholders. Moreover, the meaning and extent of access control were limited to manufacturers concentrating only on providing systems to secure access while also managing access privileges and cards.
However, the newer, more advanced access control systems for financial institutions are commonly paired with state-of-the-art biometric technology. These systems are significantly prepared to serve all the stakeholders of the institutions by streamlining and easing the flow of work for employees, safeguarding financial assets and data of customers, enabling effective administration across different branches, providing cost-effective methods of utilizing resources to cut expenses, and increasing the reputation and stature of the industry among customers.