Technology report: Biometric banks and privacy

It may sound like something straight out of a James Bond movie, but believe it or not, Australia’s major banks are moving to embrace biometric security systems.

Image source: Cynic
There are two main reasons why the banks are moving in this direction; both of which revolve around customer experience. The first is to improve their customer's experience whilst utilising ATMs and Eftpos machines and terminals. The second is to remove the need for customers to carry around a wallet or purse full of plastic cards.

Banks aim to introduce biometric security systems to reduce the incidence of fraud. There’s also the fact that ATMs and Eftpos are time consuming, require customers to have a plastic card that stores account details and to remember a Personal Identification Number (PIN).

Is your CU and your members ready for biometric technology? Read the article to learn more about biometrics.