BIO-key has received a $910,000 order from a financial services provider to upgrade to a fingerprint-only biometric identification system. This upgrade streamlines customer verification by eliminating the need for account or ID numbers, relying solely on fingerprint scans, and is expected to increase annual recurring revenue to around $1.4 million post-deployment in 2025.
BIO-key International, Inc. (BKYI) has secured a substantial order worth $910,000 from an established financial services client to enhance their biometrics systems with the company’s “fingerprint only” Biometric Customer Identification Technology. This advancement is designed to optimize the identification process for their customer base, which currently includes over 25 million enrolled individuals. Traditionally, customer identification required verification via a fingerprint scan alongside an ID number, account number, or card. With the new system, customers will now be able to authenticate themselves using only a fingerprint scan, significantly reducing the time taken per transaction by approximately thirty seconds. The financial institution aims to transition all of its users to this streamlined fingerprint-only identification method, ultimately enhancing the customer experience and operational efficiency. Importantly, the newly upgraded solution will be hosted on Amazon Web Services (AWS), allowing the customer to leverage cloud infrastructure for enhanced performance in real-time, one-to-many biometric identification. This new system contrasts the previous one-to-one matching approach used to verify fingerprints against account identifiers. The completion of this biometric enhancement is scheduled for full deployment by 2025. Following this implementation, BIO-key anticipates an increase in annual recurring revenue from this customer to nearly $1.4 million per year, reflecting the financial gains linked to the deployment of this advanced biometric solution.
The adoption of biometric technologies in the financial sector is increasingly vital for ensuring secure and efficient customer identification processes. With rising consumer expectations for speed and efficiency, financial institutions are continuously seeking innovative solutions to enhance their service offerings. BIO-key’s technology allows for rapid and secure client verification, addressing the need for improved customer interactions and service speed. As the reliance on digital platforms grows, integrating advanced biometric solutions becomes crucial for maintaining security and user satisfaction in a competitive market.
In summary, BIO-key’s recent order from a long-term financial services customer marks a significant step toward enhancing customer identification processes through advanced biometric technology. By moving to a fingerprint-only verification system, the financial institution aims to cut down on the identification time and improve customer interactions. The migration to AWS infrastructure indicates a commitment to leveraging cloud technology for real-time biometric identification, paving the way for increased efficiency and profitability in the future. With projected recurring revenue from this customer set to rise to approximately $1.4 million yearly post-deployment, this enhancement reflects both an innovative leap in technology use and a strategic financial opportunity for BIO-key.
Original Source: www.tipranks.com
