Internet Banking Tokens
Present Day Solutions
Large scale internet banking today employs a variety of technologies to create two factor authentication: possession of an item (cellphone, OTP [One-Time-Password] generator, USB token) and knowledge of a secret (PIN or password). Entering the password every time is inconvenient: people tend to choose insecure passwords because there are too many to memorize. Even when user behavior is optimal, no real tie is created, because passwords can be spied out or handed over.
Internet banking has not yet adopted fingerprinting because it has failed to satisfy key requirements: portability and cost efficiency. Banking devices should be both portable and affordable, which has not been feasible with bulky optical scanners or expensive silicon area sensors. Swipe products have been disqualified for consideration, due to their high error rates and low user acceptance.
NEXT technology offers an affordable large area sensor. It is intuitive to use while keeping the cost of the device in a range easily acceptable by banks and clients. The security and convenience of biometric-enabled internet banking does not need to be made available for an exclusive few, but can be made accessible to every user.
NEXT Distribution Strategy and Deliverables
NEXT will continue to partner with leading manufacturers and distributors of internet banking tokens. Adding low cost, convenient and secure biometrics to the high end user of internet banking will grant access to a market segment with significant volume potential.
In order to support it partners NEXT will offer the following products and services :