Samsung has left its electronics-only manufacturing days behind and branched out into every industry — banking included — and is now planning to offer superior safe transactions for its clients.
As the company builds various devices from smartphones and smart TVs to VR devices and smart household appliances (refrigerators and washing machines), it makes sense that the company is embedding security features into some of them.
The company's flagship handsets are the place where electronics crafting and banking services synergize for the satisfaction of the end client. Samsung offers a number of banking and financial services in a number of countries.
One of the business units of the OEM, Samsung Securities, recently unveiled that its plans to bring out a new security feature for its customers. The capability will enhance both account management and the security of the transactions pertaining to that account.
This feature is the iris scanner that comes with the Galaxy Note 7, and it looks to be an actual safety feature, not just a gimmick. The OEM says that the iris scanner will provide authentication for its banking services.
An insider from the business unit explains that Samsung Securities' mobile trading system will allow users to identify themselves using the Note 7's iris scanner together with the public digital authentication certificate.
According to people familiar with the matter, iris scanning tech is something multiple stock trading companies from South Korea are thinking of adopting.
Also, keep in mind that Samsung is not at its first attempt to bring iris scanning technology into the banking industry. A number of banks from the country inked deals with the OEM so that their customers can benefit from expanded security on their Galaxy Note 7 when they tap into the respective banking services.
Although iris authentication tech did not start with the Galaxy Note 7, Samsung still requires backing from other rival handset manufacturers so that the security measure gets traction. When a consistent number of smartphone builders adopt the technology, enough critical mass will be in place, which should give financial institutions enough comfort to tap into it.
It is likely that, as fingerprint scanners are the norm in mobile security, both banks and smartphone manufacturers will search for another way to strengthen the security of mobile transactions.
It remains to be seen if end customers will find the iris scanner technology to their liking, and how the electronics manufacturers will adapt to the feedback from the market regarding the new technology.