Arya, an intelligent, open architecture digital services platform for both personal and business account holders, today announced the addition of fingerprint authentication for mobile devices and facial recognition for iPhone users to its fully integrated digital banking platform. Created by the founders of VSoft Corporation, Arya combines both mobile banking and digital banking with native, built-in features including VSoft’s industry-leading mobile deposit in a single solution.
The password system in the banking industry is somewhat broken. Between the growing threat of security breaches and the substantial effort it takes to manage multiple passwords for each retailer and app, it is time for a better approach, which involves leveraging an identifier distinct to each user—their fingerprint or facial features.
“End users desire two things when accessing applications: a frictionless experience and security,” said Murthy Veeraghanta, chairman and CEO of VSoft. “These two requirements present a problem to financial institutions that are tasked with protecting sensitive account data. Financial institutions are now challenged to strike a balance between delivering a frictionless experience without compromising security.”
Arya addresses these concerns with its fingerprint authentication function for mobile devices and facial recognition for iPhone users. Fingerprint authentication is the process of confirming the identity of a user though their unique fingerprint while facial recognition verifies a user’s identity through their facial features. After the user provides correct answers to their security questions and enables the available biometric authentication feature respective to their device, Arya will then allow users to view their account securely with a simple tap of their finger or quick facial scan.
Arya’s platform provides users with a frictionless and secure log-in experience, eliminating the need for financial institutions to balance conflicting customer expectations. Because the platform is designed to easily adapt to changing technology and heightened demands from today’s consumers and businesses, Arya allows financial institutions to take advantage of the latest innovations like biometric technologies without the added cost of development.
“Biometric authentication addresses both the security demands of today’s modern consumer and the speed at which banking and transactions need to occur,” Veeraghanta continued. “Quickly adapting to customer preferences, whether through enhanced security measures or a new mobile banking feature, ensures financial institutions are positioned for success, now and long-term.”