Biometric Identification Holds Strong Positions in the Market of Azerbaijan

Published: 23 November 2018 y., Friday

The III International Banking Forum in Baku has become a large-scale platform for discussing the latest financial trends and the exhibition of new banking technologies. Among the presented innovations, the special interest of the guests and banks representatives was caused by the biometric identification solution FRN.iQ, developed by participated in the forum company Penkių kontinentų bankinės technologijos (BS/2), belonging to Penki kontinentai group.

What is biometrics? What are its advantages?

Biometric system includes automated methods of recognition based on physiological or behavioral characteristics. The identification methods are face, iris or fingerprint recognition.

“Interest in biometrics is very large due to the wide scope of application. The latest technology helps banks to serve clients, trade organizations – to study customers and conduct marketing campaigns, and both – to prevent fraud. Biometric identification ensures the internal security of company, providing authentication capabilities in passage zones or access to the workplace,” says Head of BS/2 Strategic Partnership Kornelijus Šišla.

In 2017, BS/2 and VisionLabs (one of the leaders in implementing image recognition technology in the world) announced a strategic partnership and the creation of identification line based on video monitoring system of self-service devices ATMeye.iQ and LUNA platform.

The integrated solution enables the identification of customers, service or collection staff, using the front camera of ATMs or other terminals, as well as to identify the persons from "black list". Biometrics allows banks to prevent the issuance of loans on forged documents. Now plastic cards or passports are not necessary for bank customer service.

“Our team demonstrated biometric identification process at forum. A potential client concluded a demo bank contract at the stand. Special software transformed his photo into a unique identification key. It is very comfortable, because the face is a universal identifier, which is always with you,” says K. Šišla.

Then, according to him, biometric data were entered into the database and encrypted by all the security requirements of international payment systems. The client filled out the questionnaire, providing all the necessary information for the bank. Later he chose the function of biometrics on the ATM screen. The database found him and after a few seconds, a personalized greeting appeared. The client could withdraw or deposit cash, exchange currency or make the necessary payments without a bankcard.

The multifunctionality of self-service devices became an important focus of the BS/2 solutions presented at the forum. New banking trends develop so rapidly that the delay in making a decision on the provision of a new services range may lead to the loss of a significant part of clients. Every day consumers become more demanding, and banking rivalry – tougher.

“The ATM becomes not a device for cash in/ cash out functions. Now it is like a full-fledged mini-branch, providing services for a loan repayment, currency exchange or operations, typical for payment terminals, such as paying utilities, buying tickets or insurance, etc. Two-factor authentication methods make it easy to use and secure this service channel,” says Daniel Fukson, Head of Business Support BS/2, who made the report “Rethinking the role of ATM as a channel for interaction with customers" at the forum. “Banks need a ready business solution that increases the loyalty of their customers”.

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