Thursday, July 2, 2015

5 Elite Technologies Used By Today's Top Banks & Financial Institutions

The days are gone when banking was limited to passbook and check book transactions. Today, transactions and money processing is completely different. Banks and financial institutes use elite technologies for secure and protected financial transactions. In case, you are not aware about the technology that these institutes use, then here are five elite technologies used by today's top banks and financial institutions.

Encrypted transaction

When you do any kind of online transaction, optimal security is important in that transaction. In order to keep all transactions secured, all the top banks and financial institutions use a secure and encrypted data transfer between your computer and their server. In essence, having the proper encryption protocol has become a staple and necessity among bank security system products

This highly advanced and digital form of secured and encrypted data transfer always gives an assurance to people that no one will be able to hack the data. Also, all these instituted try to stay updated with latest encryption technology so use gets the best security in easy ways.

One time password devices

In present time only your user ID and password is not enough for the online transaction. In order to complete the transaction, these days banks and other similar organizations ask you to use one time password that they send on your mobile devices or emails. Many top banks and financial institutions prefer to send this password on their one time password devices that makes the online transition really easy and very secure for people

IVR help and transaction

Earlier physical transaction was the only medium for money transaction, but now a day’s you can do the transaction even if you do not have any internet connectivity. For that many banks and financial organisations allow you to do the transaction using IVR ("Interactive Voice Response") and phone banking password. This kind of transaction helps users to do the transaction from any remote location. Other than this, IVR offer so many other facilities also including balance enquiry, card blocking, card holding and much more.

Biometric access control

In earlier time, it was easy for unauthorized people to access the restricted area as long as they have the physical key for that restricted area. But now a day’s all kind of top financial organizations use advanced access control system. This kind of access control systems use biometric reading of people so only authorized people can get access to restricted or specific area of the bank. In addition to financial institutions, other applications of biometric access control systems can include high security bank vaults, locker rooms and other similar areas.

Non-stop logs creations

These days, people do millions of transaction in every minute. Sometime few transactions get failed also due to various factors include bad internet connection, mistakes, insufficient fund or other issue. In this kind of situation banks need to return the money to their customer and they can do it only if they know the exact reason for this failure. That is why banks keep a record or log of everything and they use it when needed.

Other than this, bank or similar financial organizations always remain a prime target for hackers. To avoid this trouble, banks keep on increasing their security and they continuously take backups of their communication at various servers so they can avoid any damage due to any hacking effort.

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