Iris recognition system has proven its capability in implementing reliable biometric security protocols in various high risk sectors like aviation, border patrol and defense. The banking and financial sector has to adopt this system because of its robustness and the advantages it provides in cutting costs and making processes more streamlined. The technology started out as a novelty however due exigencies in the banking sector characterized by decreasing profits it became a necessity. The use of Biometric ATM’s based on iris recognition technology has gone a long way in improving customer service by providing a safe and paperless banking environment. A biometric system provides automatic recognition of an individual based on some sort of unique feature or characteristic possessed by the individual.