Bank, credit union select Bio-Key solution
20 May 2019 16:25 GMT

Two new financial services organizations have selected BIO-key to provide fingerprint biometric software solutions on a subscription basis, to meet their data protection and security compliance requirements.

The new customers include a New York regional bank and a credit union based in Maryland, both of which are utilizing BIO-key’s ID Director software solution and PIV Pro fingerprint readers as a complete sign-on solution to manage secure employee access to applications and sensitive network data. 

“Financial services have emerged as BIO-key’s fastest growing vertical. There is a clear trend of leading banks and financial institutions abandoning the use of passwords and replacing them with biometrics to meet their needs for security and convenience at an attractive cost,” stated Mike DePasquale, Chairman & CEO, BIO-key. “The growth we are achieving in the financial services sector seems to be in the early stages of a trend that could benefit our company for many years to come. These customers are actively seeking out our solutions and asking for demo's and proofs of concept as they look to incorporate the security and convenience of biometrics into their workflow."

Highly regulated industries such as financial services are required to use multifactor authentication in order to meet state and federal compliance requirements. Biometric authentication has proven to be a cost-effective multifactor solution that is being embraced because of its ease of implementation and use, lack of workflow friction and compelling return -on-investment.

Banks and other financial service organizations operate in high-risk environments for data, which include shared workstations and roving users. Traditional passwords and swipe cards have proven vulnerable and ineffective in such scenarios. Securing employee access as they roam from workstation to workstation is a security challenge that is easily solved by BIO-key’s biometric authentication platform. For financial services customers or any enterprise that seeks to reduce or end their reliance on passwords, biometric authentication is an ideal, secure and convenient solution.

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