BIO-key International, Inc. has secured a $910,000 order from a financial services customer to enhance its biometric identification system to a “fingerprint only” method, streamlining customer verification for over 25 million enrolled users. This transition aims to improve client interaction efficiency by eliminating the need for physical ID cards and numbers, with expected annual revenue from this customer rising to approximately $1.4 million post-deployment in 2025.
HOLMDEL, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — BIO-key International, Inc. (NASDAQ: BKYI), a pioneer in identity and access management (IAM) solutions using Identity-Bound Biometrics (IBB), announced a substantial $910,000 order from a long-term financial services client. This order is intended to upgrade the client’s biometric identification technology to a “fingerprint only” solution. This enhancement builds on their existing deployment, which currently verifies the identities of over 25 million enrolled customers. Previously, identification required matching a fingerprint scan with an ID or account number at branch locations. With the new upgrade, identification will occur solely through a fingerprint scan, eliminating the need for physical cards or numbers, which is expected to save about thirty seconds per client interaction. The financial client aims to transition all users to the upgraded system to enhance its already efficient client experience with the existing BIO-key solutions. The new identification system will operate on an Amazon Web Services (AWS) infrastructure, which supports real-time, one-to-many biometric identification as an advancement over traditional one-to-one matching. Following the full deployment scheduled for 2025, BIO-key anticipates an annual recurring revenue (ARR) rise to approximately $1.4 million from this client. Jim Sullivan, BIO-key’s SVP of Strategy and CLO, commented on the move, indicating that the financial services client is adopting cutting-edge biometric technology to enhance customer experience while safeguarding against fraud. The decision to upgrade to BIO-key’s advanced identification system underscores a commitment to securing digital, paperless transactions for clients. Furthermore, BIO-key plans to collaborate with AWS on a detailed whitepaper to share insights into the deployment’s benefits, catering to other enterprises looking to implement similar technology.
The increasing demand for secure, efficient identity verification methods is driving companies towards biometric technologies. The rise in identity theft and fraud necessitates advanced security measures, particularly in the financial services sector, where sensitive customer information must be protected. BIO-key International, Inc. specializes in biometric identity and access management solutions, enabling organizations to secure user access without relying on traditional methods such as passwords or physical tokens. The use of fingerprint technology simplifies the customer experience while improving security and operational efficiency. The migration to a streamlined fingerprint-only system reflects a broader industry trend towards digital transformation and enhanced user engagement, which is critical in multifaceted customer interactions.
BIO-key’s recent order highlights the growing adoption of biometric identification technologies in the financial services industry, showcasing a trend towards streamlining customer interactions while enhancing security protocols. The upgrade to a “fingerprint only” identification system represents a significant efficiency improvement, expected to save time and resources during customer engagements. As companies increasingly look to improve user experiences through secure and convenient solutions, BIO-key’s advancements could serve as a benchmark for future developments in biometric technologies.
Original Source: www.globenewswire.com
