Three banks in Europe are pilot testing ATMs that can identify cardholders by using an iris identification product supplied by Sensar Inc. In issue 98:03:02, we told you of the iris-reading technology. You may recall how it works: consumers put their card into the ATM while a camera mounted in the ATM photographs the iris. If the iris matches the record stored in the databank, the ATM will allow instant access to the bank account without need for a PIN. The entire process only takes a few seconds.
With 266 identification characteristics, the iris is the human bodyís most unique physical structure and it does not change as we age. Positive identification can be made through glasses, contact lenses, and even most sunglasses.
A new system announced by Sensar goes one step further. It will allow consumers to withdraw cash without using a card or providing any IDóthe terminal simply recognizes the iris and grants the customers immediate access.
"We are thrilled that these banks have joined us in piloting this remarkable identification system which we feel is the easiest, most secure and least obtrusive system of its kind," said Per-Olof Loof, senior vice president of NCRís Financial Solutions Group.
A recent trial in the UK showed that consumers were quite receptive to the idea of iris-reading technology. For six months, more than 1,000 consumers of the worldís largest savings and loan, Nationwide, participated in a trial of the technology. According to the survey:
The research also found close to 100 percent approval on three areas of crucial importance to consumersóreliability, security, and acceptability. When asked how the service could be improved, the number one response was to "make it more widely available."
Still, it may be a while before youíre eye is being scanned. Brian Davis, Nationwideís Chief Executive said, "Before extending this service to more of our 680 branches, we must be sure it is commercially viable to do so. As more organizations throughout the world recognize the benefits of iris recognition the costs will fall and I hope we will be in a position to proceed when the time and price is right."
Nevertheless, Sensar is excited by the results. "Such overwhelming acceptance of iris identification by the financial services industry marks a new era in branch automation and customer convenience," said Thomas J. Drury, Jr., president and CEO of Sensar. "For the first time in history, consumers wonít have to prove who they are the minute they walk into a bank for service.
More information about NCR can be found on at http://www.ncr.com.
More information about Sensar can be found at http//www.sensar.com.
