Business Banking & Finance
‘Through simplifying the ID verification process, we’ll be able to save our business customers time and open accounts quicker’
Biometrics Biometrics could spell the end for the traditional security methods used by banks to verify identity, such as passwords and pin numbers. HSBC already use fingerprint and voice recognition technology, following a cyber attack in January where customers were locked out of their online accounts for up to two days.
HSBC is not the only bank to invest in biometrics; the Barclays iPortal reader allows business users to access online accounts by placing their finger in a USB scanning device connected to a computer. Barclays have adopted Hitachi’s VeinID system, which is said to be more accurate than basic fingerprint scanning, as the technology uses near-infrared light to detect the blood flow through viens.
Wearable tech The Apple Watch was unveiled in April 2015, kick starting a growing
trend for wearable tech that
many banks are keen to tap into. Wearable tech – including mobile wallets, such as Apple Pay – offers customers easier ways to manage their finances on the go. Nationwide was the first bank in the UK to launch an
Android wear smart watch app. The app, working in conjunction with the banks mobile banking app can be accessed with voice recognition technology and can be used by customers to view their account balance and receive daily balance notifications. Barclays went one step further and launched its own range of wearable
tech. The bPay device range (pictured), which includes wristbands and key fobs, was released in 2015. The devices can be used in any retailer that accepts contactless payment, while Londoners can also use them in place of Oyster Cards, allowing them to touch in and out across the Tube.
The rise of fintech Financial-technology (better known as fintech) is changing the way people do business. Whereas, traditionally, a start-up business owner would turn to their local bank or an investor to seek funding, fintech has opened up a world of opportunity to entrepreneurs that allows them to seek wealth management solutions for very little cost, time and effort. From crowdsourcing and peer-to-peer lending to making it easier to the emergence of online-only banks, such as Atom and Starling, fintech has the potential to reduce the role of the high street bank. However, many banks have sought to implement fintech into its own
offerings. Some established banks, such as Santander UK and Royal Bank of Scotland, have joined forces with online lenders, While Spanish bank BBVA recently acquired 30 per cent of Atom Bank. Although fintech might offer quicker and easier solutions, they also lack the scale and wide distribution channels that traditional banks can offer, so partnerships between the two might be the next major development in the banking sector.
Feature
October 2016 CHAMBERLINK 45
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