Biometrics is the next step for data security and cost-effectiveness. Millions of people and thousands of businesses are already using it, and the usage will only grow. From 2012 to 2014, the total number of biometric signature operations grew from 200 million to 850 million. This signature method offers a convenient and secure way of identifying people in many different roles.
While the age of paper records has not yet passed, switching to a biometric solution allows for more digitization of records, as they can now be protected behind robust biometric security. CaixaBank now validates 90 percent of their 50 million yearly operations with digitized biometric signatures, which has saved roughly 70 square meters of space per branch that otherwise would have held file cabinets. All of this result in lower costs from reduced storage space and the requisite management required with paper records.
Digital signatures save money and help protect information within a computer or other external device like a phone or a card. Biometry adds an additional layer of protection and security by ensuring user authenticity when they interact with a capture device. Even more importantly, this layer of protection allows for a more seamless, convenient customer experience that can transform the way banking does business. The savings from eliminating reams of paper are enormous. CaixaBank, one of Spain’s primary financial institutions, improved customer experience, and freed up space across their 5,000 branches by digitizing paperwork and enabling biometric solutions for signing contracts.
The heavy reliance on paper documentation often stems from suspicion about authenticity and acceptability across platforms. Biometric signature solutions can help with many different processes, from signing bank credits to authorizing insurance policies.
Financial markets are facing immense pressure to optimize their processes. Customers generate large amounts of paper in the form of quotations, authorizations, contracts, bills, documentation associated with new account openings, and so on. Intel powered, biometric ready 2 in 1 solution ensure less paper usage across the board. With these solutions, documentation is quickly created, signed, and stored digitally.