CTBC Bank has launched a pilot version of an ATM that uses both facial recognition and finger-vein scanning to verify identity. Should the trail be successful, customers will be able to withdraw money without the use of a card or a PIN, according to taipeitimes.com.
The finger vein technique was pioneered by the Japanese firm Hitachi Ltd and is based on the unique pattern of veins inside a finger. Only a living finger is accepted by the scanner, which is believed to make vein recognition a more secure technology than fingerprint scanning.
The finger vein sensor has a false match rate of 0.01 percent, and its accuracy in measuring the blood flow of a user for identity authentication is unaffected by variations in age and physical condition, the bank said, citing findings by US-based International Biometric Group.
CTBC Bank Co Ltd. unveiled a number of key technologies to back its transition toward the digitization of financial services, or the so-called “Bank 3.0.” The bank plans to extend the digitized services to consumers in about six months, it said.
CTBC Bank said it has begun using tablets to cut down on waiting times for customers visiting branch office and is planning to transform smartphones into wallets by adding near field communication and QR Code scanning capabilities. Consumers would to be able to make deposits, send wire transfers and take out loans by using the bank’s ATMs in 24-hour convenience stores, it said.
The digitized services are still awaiting regulatory approval and their implementation will require the consent of customers, CTBC Bank said. However, the company said that more than 60 percent of customers still prefer face-to-face service, based on a study by Ernst & Young last year.
VeinID technology is already used by banks for password replacement, single sign-on and ATM access in Japan, North America and Europe, Poland being the first when PBS Bank implemented 2 years ago (February 2013). In the UK the tech was introduced to Barclays corporate customers last year to log onto their online accounts.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
