Biometric Technology from M2SYS To Revolutionize KYC Process in Banking
Banks and financial institutions worldwide are determined to provide convenient and personalized customer service without increasing exposure to the threats of cyber-attack and fraudulent activities. That’s why they have introduced KYC (Know Your Customer), a process that evolves to collect and protect customer’s information and personal details from outside threats. Traditional pen and paper-based KYC process are not sophisticated enough to provide seamless customer experience and safeguard from fraudulent attacks.
How M2SYS is Revolutionizing KYC in Banking
M2SYS, one of the leaders in the biometric technology industry, continuously researches the next generation identity management solution, and knows all the downsides of a conventional KYC process. Working with the identity management industry for more than 17 years, M2SYS has developed CertisID, a solution that transformed the whole KYC process. It is a biometric-based account holder and employee identity management solution for banking and financial institutions. This solution is designed to streamline the process of KYC, bringing authentication accuracy and efficiency to secure every transaction.
CertisID – The New Way Of KYC
CertisID can identify the bank’s account holder or non-account holder using their biometric attributes like the fingerprint, finger vein, facial recognition, and iris recognition. CertisID enrolls customers and employees using their unique biometric credentials and provides a higher level of security than passwords, personal identification numbers (PINs), or ID cards. The CertisID solution facilitates a secure environment for banking transactions to take place, provides protection to sensitive data, and establishes accountability by keeping a concrete audit trail of all the transactions.
Who Is Using Biometric For KYC
Banks that used CertisID have enjoyed a groundbreaking change in their KYC Process. For example, a bank from the Caribbean (Unibank, Haiti) experienced a faster, simpler and more secure agent banking location in collaboration with Western Union and MoneyGram International.
Historically, the impact of technological expansion is remarkable in the banking sector. By modernizing the KYC process in the banking industry with biometric technology, M2SYS hope to bring more advancement to security and add convenience to the banking experience.
