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Dominant Ideas Of Financial Technologies In Digital Banking


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Secure Identity Binding (SIB)
The article focuses on the efforts of financial institutions to comply with a new guidance issued by the U.S. Federal Financial Institutions Examination Council to adopt better ways of verifying the identity of online banking consumers. The annual compound growth rate of electronic-commerce in the U.S. is 25%. TowerGroup plans to adopt biometric tools to increase digital signatures, secured encryption keys and other security devices. Bank of America has developed a layer of authentication system called site key, similar to tools used by Yahoo!
A self-service kiosk includes a biometrics data input for inputting biometrics of a user of the kiosk, a reader for recovering biometrics data stored on a portable storage device such as an optical card, the portable storage device also containing information necessary to carry out a transaction, and a controller capable of comparing the input biometrics data with the stored biometrics data and authorizing a transaction based on a result of the comparison. Alternatively, or in addition to the above, the self-service kiosk may include a device for capturing an image of a customer/registrant, a biometrics capture device, and a data input device for enabling registration information to be entered and stored on a portable storage device such as an optical memory card together with the image and/or biometrics data, the portable storage device being dispensed to the customer/registrant immediately upon registration.

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