Forty Seven Bank is Innovative Financial Technology Start-up

Forty Seven Bank – Our beloved first PIN code is the way to ensure our money is secure. However, in recent years, scammers have managed to beat the efficiency by using measures to steal the code. A mini-cameras or other ATM keyboard will let them know your PIN code and basically let them have full access to your money.
Forty-seven bank (the ICO of his starts on 30 October) know that, and that’s why as part of their plans, they will be utilizing biometric identification to offer the highest level of security to their clients.
Biometric identification is a group of methods that are used in security and adopted by leading banks in the world that makes Your fingerprint, iris, voice, photography, or even something more advanced like the vascular pattern of the Palm.

Why biometric security is better for customers?
This technology ensures easier access and securely into your bank account. This means, thanks to biometric identification, you will have fewer keywords to remember, easier service and your money will be safer.
Of course, biometric identification can not only apply to the ATM. You can apply it to your smartphone application (both of which exist on Android and iOS). In that way, using the same technology, even if the client forgets their card will be able to use ATMs and make purchases in stores.

What about the banks? What’s in it for them?
Of course, not all benefits are provided to the client. Banks and other financial institutions can also benefit from an increased level of security provided by this new technology. In most cases, biometric identification does not replace existing systems, but harmoniously complement them, acting as other protection methods, together with a pin code and a confirmation sms. Emergency cases, especially regarding the withdrawal of large amounts of funds at once and take a loan.
After the introduction of the verification, it is not possible to write a loan only with a copy of your Passport at any city-user’s biometric data obtained in the regional offices and will be sent to the Central Office for verification.
The introduction of biometric identification by the bank automatically fix their reputation and turned it into a technology leader. This step draw new customers, becoming a significant competitive advantage.

Mobile system
Biometric Verification is already working on a number of mobile banking application. This system was introduced so the first model of the iPad and iPhone with Touch panel ID out.
Now, the solution is actively used not only by foreigners but also by financial institutions of Russia. Alfa-Bank, Sberbank, and MTS Bank Bank Tinkoff have enabled smartphones equipped with a biometric sensor to access the application using a fingerprint. Russia’s banks will not stop until there: Binbank will introduce voice recognition and identification photos in the next two years.

ATMs, POS-terminals and branches
The future has arrived: fingerprint reader installed at ATMS Diebold (one of the world leaders in the field of ATM supplies).
Poland-Company owners Planet Cash-are planning to set up with developer support Japan about 2,000 ATM that is able to scan fingerprints all over the country. In Russia, these innovations to be introduced in the 2-3 years into the future.
Pennsylvania Banks use these systems creatively: biometric scanner is on the window operation. People who visit the bank for the first time to scan fingerprints and confirm its identity with the document accordingly. During your next visit she just need to insert his finger into the reader, and his/her account will be identified.
Photo identification increasingly popular abroad: at the beginning of 2017, Mastercard add user verification function using selfie and fingerprints scanned to make payments or transfers. Tzekwan China Company Technology cooperated with Tsinghua University found an ATM that photographing users, identifying the card holder’s face and compare it with data cards.
According to the forecasts of experts, the biometric identification system of banking will be introduced everywhere after a few years.
Forty Seven Bank biometric security will provide to its clients, following the latest security practices and the most stringent.

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