During the last two decades, the extensive utilisation of advanced Information Systems and the Internet have revolutionised the operations of the banking industry leading to vastly improved customer services, streamlined business operations and in particular profitability with reduced unit costs. On the other hand, security breaches and transaction fraud have been on the rise more recently, warranting a highly secure banking environment. Biometric technology appeals to many banking organisations as a near perfect solution to such security threats. However, due to the close association of biometrics with human physical and behavioural aspects, such technologies pose a multitude of social, ethical and environmental challenges. This paper analyses the security models of current Information Systems and identifies the biometric elements which could contribute to a more secure banking environment. In this research work, we have endeavoured to uncover the tangible and intangible issues pertaining to implementing biometric solutions in the New Zealand banking context. We discuss the underlying success factors of biometric solutions and describe a pilot study: a biometric-enabled security project called Bio-Sec in a large banking organisation in New Zealand. Through the study, we have found that while coping with the technology issues of incorporating biometrics into the existing information systems is important, formulating a viable security plan that addresses customer privacy fears, human tolerance levels, organisational change and legal issues is the main success factor.
Delpachitra, Indika and Venkatraman, Sitalakshmi, "Biometric-Enabled Solutions in Banking Environments – A Case Study" (2007). PACIS 2007 Proceedings. 150.