Biometrics pointing to opportunities for banks

Innovation comes in many forms. It makes the world around us look better, work
faster and be more useful for companies, consumers and communities. Biometric
technology has been around now for some time, but recent technological
developments are driving significant adoption across new use cases, especially in
banking and payments.
Recently, the company Fingerprints conducted an interesting survey amongst banks
and consumers around the world. The study reveals a variety of opportunities for
bank institutions introducing biometric technology. From raising the level of
convenience to increasing revenue, here are some ways banks can benefit from
new technologies.

Ease and style

75% of bank respondents see fingerprint biometrics as the most user-friendly and
slickest security method, whilst offering the best UX. As shown by the high rate of
adoption in the smartphone market, consumers rate this method as well. Not
having to remember or use a PIN code is a key benefit, especially for the older
segments that are at risk of being left behind in an increasingly digital and cashless
What’s more, banks and fintechs are bringing out innovative new card designs.
From vertical orientation to gold inlays and metal cards; biometrics are the perfect
accompaniment to ramp up the style as its coolness factor is a key driver for
consumer adoption beyond the ease of use and security.

79% of banks cited payment caps as the main limitation of contactless cards today.

Increasing the value of transactions

As the motivation behind the trials like NatWest’s in the UK and Société Générale in
France shows, being able to remove the cap on contactless payments is a big selling
point. 79% of banks cited payment caps as the main limitation of contactless cards
today. Biometric payment cards offer a secure solution to ‘scrap the cap’ and
release the true potential of contactless. The feedback from ongoing pilots also
shows an increased transaction value when using biometric cards.

75% of bank respondents see fingerprint biometrics as the most user-friendly and
slickest security method, whilst offering the best UX.

Getting one step ahead of competitors

100% of the banks we spoke to are aware of biometric payment cards, however
only 24% consider themselves fully informed. For those banks willing to invest in
research and prioritise biometrics in their innovation roadmap, the opportunity to
overtake competitors is there.

A premium offering

When it comes to roll-out, 56% of our surveyed banks plan to introduce biometric
payment cards as a paid service for premium customers. This offers the
opportunity to increase revenue from payments, as well as adding a point of
differentiation against competitors.

Addressing customer security concerns

Contactless security is one area where banks and consumers disagree. Despite only
57% of banks considering security to be the main issue around contactless, this is
consumers’ primary concern. Biometric-authenticated payments across mobile and
card are an effective solution to help build consumer confidence. Recent research

by Gemalto, a Thales company, showed that 86% of respondents believe biometric
payment cards are more secure than traditional Chip and PIN.

Biometric-authenticated payments across mobile and card are an effective solution to
help build consumer confidence.

Unifying the journey

Another benefit of introducing biometrics is to bring harmony to the UX across
mobile, online and in-store. As the focus on the customer journey has shown over
the past few years, delivering clunky and frustrating shopping journeys is a sure-fire
way to lose customers and revenues. This is seen by respondents as particularly
important for addressing the younger and more tech-savvy consumer segments,
seeing the latest cool innovative biometric card as a great companion to mobile
wallets and other payment devices.

An opportunity needs to be acted on

It’s clear that biometrics offer a lot of potential when it comes to the innovation
roadmap for banks. Increased revenue avenues; alleviating consumer concerns
around contactless security; improved UX…these are all achievable in the short to

From entering in the office or home with fingerprint based access control system,
to the anti-theft car system, the capabilities of biometric technology are infinite. As
we wait to see how and whether banks will take advantage of all these benefits, you
may want to look at our biometric solutions.

Read More

BIODIT will present its innovative biometric systems at Tourism Expo 2019

BIODIT will present its innovative biometric solutions for the hospitality industry at Tourism Expo 2019, Varna. From 21st to November 23, at the company stand you will be able to see the world’s first wireless biometric access control system – Olock.

BIODIT system provides maximum comfort for hotel guests who are able to unlock their room with just
one finger. The biometric solution guarantees a very high level of security and eliminates the
unnecessary inconvenience of carrying keys and cards. Thanks to its unique technology, the system
helps reduce operating costs. The easy installation makes it an excellent solution for both new and
commissioned buildings. And the software is compatible with leading hotel management systems.

The first hotel in Bulgaria to implement the system is 4 **** Suneo Club Odessos, Golden Sands.
Throughout the summer, the hotel visitors entered their rooms with a fingerprint, and the positive
feedback from domestic and foreign tourists was not late.

Read More

Millions of hotel rooms at risk as key card hack is discovered

Researchers at a leading cybersecurity company have revealed that millions of hotel rooms around the world have been vulnerable to a hack, after discovering a way of creating a master key that can open doors.

Cybersecurity company F-Secure this week announced that hotel rooms fitted with electronic locks made by Assa Abloy, the world’s largest lock manufacturer, could have been exploited by attackers to access any room.

Hotels with an Assa Abloy locking system include major chains such as Sheraton, Radisson and Hyatt.

How the hack was discovered?

The research began over a decade ago when a member of staff at F-Secure discovered their laptop had been stolen from a hotel room during a security conference. Hotel staff found no sign of forced entry and there was no evidence of unauthorized access to the room through their logs.

So F-Secure’s researchers Tomi Tuominen and Timo Hirvonen decided to investigate themselves.

“We wanted to find out if it’s possible to bypass the electronic lock without leaving a trace,” Timo Hirvonen, Senior Security Consultant at F-Secure, said in a public statement. “Building a secure access control system is very difficult because there are so many things you need to get right.

“Only after we thoroughly understood how it was designed were we able to identify seemingly innocuous shortcomings,” he added. “We creatively combined these shortcomings to come up with a method for creating master keys.”

F-Secure revealed that the hack involves the following steps: find a key card, use a cheap piece of hardware combined with custom-built software to read the card and search for the master key code, and then copy this master key information onto a new or existing card. Within sixty seconds, Tuomin and Hirvonen are able to gain access to a room using this method.

Hotel Security of new generation 

We at BIODIT believe that providing comfort and security to all guests during their stay must be the main service provided by each hotel. For this reason, we have created the world’s first wireless biometric access control system, designed specifically for the hospitality industry. Using our solution, guests should not carry cards or keys that can be easily compromised, forgotten or lost.

You can learn more about our hotel solution here: https://biodit.com/hospitality/

Read More

5 reasons firms are switching to biometric time attendance

Biometric time attendance systems are gaining popularity with businesses all over the world. What potential and application they have? Keep reading.

What are biometric systems?

Biometric time clocks rely on measurements of physical characteristics such as fingerprints, facial shape, iris, or eye shape, or even a vocal sample to log an employee into the timekeeping system and record their attendance. 

The most common type of biometric time tracking systems works with fingerprints. The device scans the fingerprint and checks for a matching entry in the database of that system. The sensor in the BIODIT system detects different characteristics from the pattern of the finger and creates unique code instead of an image of the fingerprint. All users are thus enrolled in the system in the form of a 16-digit code.

After clarifying the nature of the technology, you are probably wondering what are the advantages of using this type of system as opposed to ordinary systems for calculating hours of work?

Reduce time theft

Still, many companies use systems with cards and chips to track working hours. In our work with Bulgarian companies we have come across a lot of cases in which the employees manually write on paper in large attendance books.

The problem with these systems is that very often employees are able to commit “time theft,” or less harshly known as “Buddy punching.” Buddy punching occurs when an employee clocks their friend in for work, even if that friend is running late or isn’t coming in. This person will likely look for reciprocity, so when he is running late, the friend clocks him in. At first glance it might not seem like a big deal, but over 75% of companies in the United States report losing an average of 5% of their revenue due to such practices. 

For example, we have a client with a production base and more than 300 shift employees. After replacing the attendance books with our biometric system, medical and regular leaves rose by a few percent.

Covering up with colleagues can also lead to a decline in the morale of the whole team – think how you would feel if you knew that a colleague was late every day and this stay unnoticed because his friend covers him while you are always there on time and that also goes unnoticed.

But, since every person’s fingerprint is unique, you can rest assured knowing that you have effectively eliminated time theft from your list of worries.

Increases security

Biometric data is unique. One can never change his or her fingerprints, so this type of identification is difficult, if not impossible, to falsify or manipulate. Of course, nothing is 100% foolproof, but biometric systems, especially those that use data encryption, come as close as possible to complete security.

Simplify ‘clocking in’

Clocking in should be easy, and with a biometric time attendance system, it is. There are no passwords to remember and there are no passwords that HR must reset for the chronically forgetful employee. The person’s data is easily recorded, they are marked as present and, depending on the option you choose, their hours will be reported right to your payroll system.

Additionally, employees can simply scan a finger and move on. They don’t have to worry about keeping a card or a key in order to clock in, and employers don’t have to worry about security issues, such as when employees lose their key cards.

Save time

Manual time tracking takes a long time, but since a person’s hours are reported right into the payroll system, timekeeping becomes an automated process. It can take HR and Payroll departments quite a while to process payroll if they must keep going back to correct errors, automating part of the process will save time and energy so you can focus on bigger things.

Improve accuracy

The system software automatically collects data and there is much less room for human error. There is no need to sort through time cards, or manually enter time into a spreadsheet – all the places where errors can hide. Everything is already in place for you. And some systems, like ours, have real-time monitoring. In addition, employees will be more open when they have to leave early or be late without having to manual updates are made.

Should you make the switch to biometric time attendance?

Definitely the answer is yes. Biometric time attendance systems can save your business a lot of time, resources and money. And HERE (https://biodit.com/time-attendance/ ) you can learn more about BIODIT’s preferred solution.

Read More

Fingerprint access to guest rooms at Hotel SuneoClub Odessos

SuneoClub Odessos hotel’s guests are enjoying the latest generation of access control systems of BIODIT since the beginning of this summer. The hotel guests are unlocking their rooms only with their finger.

Registration at the reception lasts a few seconds. Moreover, the biometric system is specifically designed to reduce energy consumption.

Read More

BIODIT equips a Silverstar showroom

BIODIT installed biometric access control and time attendance system in Silverstar’s showroom in Burgas. The company, authorized dealer of Mercedes Benz, did not use any access or attendance system before.

Just a month in exploitation, the employees are already used to getting in the building just with their fingerprint. The management are also very pleased to have real-time online access to the system and have all the information just a click away.

Read More

BIODIT installs biometric solutions at TUI Family Life Nevis Resort

BIODIT installs biometric access control system for the employees of TUI Family
Life Nevis Resort. The systems will provide additional level of security in the resort.

From the hotel shares their first impressions that the systems are extremely convenient for use and the
staff does not need to carry a large number of keys and cards. The biometric identification system eliminates any possibility of misuse.

Read More

BIODIT equips Aqua Nevis Hotel with biometric systems

The staff at Aqua Nevis Hotel now use biometric access control system from
BIODIT. The convenience of entering the rooms just with finger comes with the highest level of security
provided by BIODIT’s solutions.

BIODIT’s biometric systems are easily installed in already completed buildings such as the Aqua Nevis

Read More

Flexprint upgraded its access control with high-tech systems from BIODIT

The flexible packaging manufacturer Flexprint OOD has already switched from an ineffective card system
to BIODIT’s high-tech solutions last year. Now BIODIT equiped Flexprint’s building with more biometric
access control and time attendance systems. This allows the manifacturer to accurately calculate the
working time of all four shifts, while providing security and eliminating the possibility of misuse.
BIODIT installed Conik Access Wall in the firm’s premises, as well as additional biometric systems.

Read More

Copa Hydrosystem upgraded its access control with BIODIT biometric solutions

The manufacturer of parts for hydraulic units Copa Hydrosystem LTD upgraded its existing access control
and time attendance systems from BIODIT with more biometric devises. From Copa Hydrosystem are
very pleased with Conik Access Wall. Now they decided to install more biometric systems at the front of
their building for extra security.

In the past the company did not have had such systems, but the nature of shift work raises this need. A
need that BIODIT’s biometric solutions completely covered.

Read More

BIODIT shone at the prestigious Hospitality Forum – HTIF

On the 29th and 30th of May, BIODIT took part in the prestigious HTIF (Hotel & Tourism Investment Forum) forum, which was located in Sofia.

One of the main topics of the forum was “How the future of the hospitality industry will look like“. And we were there to demonstrate devices from the future!
At our promo stand we presented the first wireless biometric access control system in the world, specifically designed for the hospitality sector, which is already successfully put into operation in the hotels in Bulgaria, too. It provides a next-generation solution that ensures the highest level of security, impeccable identification and less operating costs.

Learn more about our innovative system here -> https://biodit.com/hospitality/

Read More

BIODIT is the first company to receive a government grant under voucher scheme for listing on the BSE

BIODIT is officially the first Bulgarian company to receive a government grant under the voucher scheme to support SMEs for listing on the Bulgarian Stock Exchange. The voucher amounts to 50 000 Levs covering expenses on the IPO preparation.

The CEO of BIODIT Julian Sofroniev received the voucher from Dr. Boyko Takov, Executive Director of Bulgarian Small and Medium-sized Enterprises Promotion Agency (BSMEPA).

“In Bulgaria we usually criticize the Government, but today we can only hold in high regard this successful initiative of the Ministry of Economy and BSMEPA. I hope that we will witness other initiatives in help of the small and medium business in Bulgaria soon,” says Julian Sofroniev.

“The approval procedure is really fast. It took within two weeks for the first beneficiary BIODIT,” said Dr. Boyko Takov, executive director of the agency.

BIODIT is not only the first beneficiary of the BSMEPA program but also the first Bulgarian startup to be listed on BSE. Currently the company is waiting for approval of the prospectus by the Financial Supervision Commission.

Read More

BIODIT grabbed the attention of Host Expo‘s visitors

The Bulgarian hi-tech company took part in the Host Expo 2019 forum, held in the resort Golden Sands. Visitors’ attention was attracted by the unique wireless access biometric access control system O’Lock®WBLS.

BIODIT’s biometric systems have been successfully inplemented in hotels around the world, and the company expects this to happen soon in the Bulgarian hotels. O’Lock®WBLS provides the highest security for both guests and staff. As the need for keys and maps is dropped, hotels report increasing customer satisfaction as well as lowering in costs.

Read More

BIODIT one step closer to initial public offering on BSE

BIODIT is on its way to become the first startup that went public. The company submitted IPO prospectus in the Financial Supervision Commission on 26th February 2019 г. The IPO is supported by Karoll investment intermediary.

“BIODIT will be a benchmark for the stock exchange in Bulgaria. I am glad that our listing on BSE inspired other companies to take steps towards public offering. I believe that the decision we made is the beginning of the change of BSE, which all Bulgarian investors expect for more than 10 years. We have the desire and the technological readiness to fulfill our obligations as a public company and to provide the highest level of transparency for our investors”, says BIODIT CEO Julian Sofroniev.

BIODIT is also the first company to benefit from the grant on the initiative of the Bulgarian Small and Medium-Sized Enterprises Promotion Agency.

Read More

Julian Sofroniev, BIODIT CEO: The Bulgarian companies are not aware of the advantages of BSE-Sofia

Bulgaria is probably the only country in the EU with a 0% capital tax. My observations are that the management of most Bulgarian companies is not aware of the advantages of the public offering in Bulgaria, says BIODIT Executive Director Julian Sofroniev. He spoke about the challenges on the path from private to public company in front of representatives from more than 20 dynamically developing companies, investors, pension funders, lawyers and bankers. The workshop-discussion was the first such event organized by BSE-Sofia on initiative of BIODIT with the active cooperation of one of the leading investment intermediaries – Karoll Financial Group.

There are many companies like BIODIT that are developing dynamically from startup to scale up phase but need access to markets and capital to grow, pointed out Sofroniev. That is how he came to the idea of ​​such a meeting. In Bulgaria and Eastern Europe the big investors and big markets like the United States are missing. We do not have smart money and we cannot follow the path of the Valley companies, but we can follow our own path. The public offering here gives flexibility and can provide the capital needed for companies to continue their grow, says the BIODIT CEO.

According to him, the stock market allows investors who till this moment did not have the tools to invest in a company, to do so and to have equal rights with the big investors and ventures. Sofroniev says the process of filling stocks on BSE-Sofia is not complicated despite the delay caused by problems in the Commercial Register this year. Among the advantages of this step, Sofroniev emphasized on: the capital gains tax exemption and the low rate of 5% dividend tax. BIODIT is expected to be the first company to take advantage of the voucher program to support SMEs listing on the stock market. The BSE has also highlighted the forthcoming start of the stock market growth, which allows the raising up to EUR 1 million without a prospectus.


Read More

Biodit is the newest member of Bulgarian Industrial Association

BIODIT was accepted as a member of the Bulgarian Industrial Association during the meeting of the Managing Board on 24 October. The company is one of the seven newly elected members of various sectors of the economy, employing a total of over 15,000 people.

As a company that is operating in Bulgaria, it is important for us to participate and support the development of the business environment as well as the dialogue between the business and the state. The membership in BIA is an opportunity for us to be more active in these spheres, says BIODIT CEO Julian Sofroniev.

Read More

BIODIT installed innovative access control systems in Top Group Plus premises

BIODIT installed new generation access control and time attendance systems in Top Group Plus premises. The leading importer of Italian ceramic tiles for Bulgaria benefits from the wireless biometric technology for easy and secure access.

BIODIT systems allow employees to access the premises just with their fingerprint. At the same time working hours can be calculated automatically.

Read More