The Aadhaar Enabled Payment Systems (AEPS) which would facilitate fund transfer through micro ATMs would utilise this authentication. However, banks need to overcome the technology challenges of integrating Aadhaar with their legacy systems to leverage on the benefits of biometric authentication. Downloading ideas from other sectors to banking As a result of all the technology initiatives, the era of big data is upon us.
Today data in banks is growing much faster than their business growth. In many industries, the data is growing at over 50% and banking industry is no exception. Big data should not be viewed from the perspective of storage. The volume, velocity and variety, (3 Vs as they are called) are the three dimensions of big data.