FINANCIAL INNOVATION IN EUROPE AND ASIA
CHAPTER 1: INTRODUCTION
Security of the money related information remains concern toward the financial organizations everywhere throughout the world furthermore in Asia and Europe. Biometrics in banking exhibit a reasonable and imaginative secure technique for managing an account that can possibly ensure the information of the financial institutions and that of the clients.
It is shocking to find that about a large portion of the world’s populace does not have a bank account (Digitalpersona, 2014). Biometrics displays an extraordinary opportunity for banks to tap this opportunity and permit clients to work their ledgers utilizing biometrics. Biometrics engineering gives a more secure and precise innovation for the issue of the bank credit and check cards that aide in the recognizable proof of the clients on the premise of their smart-id cards biometrics information. The biometrics introduces a reasonable and basic engineering for the bank enrolment and keeps the shots of any false action (Digitalpersona, 2014).
Biometrics innovation includes the checking of the fingerprints of the client or representative on the enrolment that is trailed by the framework checking and matching for any copies to avoid misrepresentation. The client or employee filtered fingerprints at the time of getting to information and the framework naturally reports any suspicious action and creates the reports.
1.2 Research Background:
Financial innovation has played an instrumental role in improving the financial services all over the world while bringing convenience to customers in different parts of the world. There are a lot of differences in financial technology that is evident in the regions of Asia and that of the Europe. Therefore, a research study is being conducted so as to analyze the differences in the financial innovations that may exist between the regions of Asia and Europe.
The majorities of consumers in the Asia region are younger and have greater acceptance of new technologies in the field of financial sector that motivates the banking institutions in these regions to launch innovative products and services to cater to the demands of the changing consumer preferences. The majorities of consumers in the European regions are mature and therefore the financial institutions in these countries have a lesser orientation towards innovations. An important factor that also affects the level of innovations in the regions of Europe and Asia is the difference in the economic growth in these regions. The economies of Asia region are still in the emerging stages and have considerable scope for growth and development. The economy of Europe on the other hand, is mature and stable in growth and development.
Security of the financial data remains a concern for the financial institutions in the regions of Asia and Europe. Some of the innovations in the banking industry include biometrics technology, RFID technology for credit cards and mobile payments technology. The innovation selected for the current study is biometric technology.
Biometric technology is a modern technology that allows security to the banking institutions to detect fraud and theft. Biometrics is automated methods to recognize customers on the basis of their biological characteristics such as fingerprints, retina, and iris and voice recognition patterns (Trader, 2014).