Less Waiting, More Security at Banks with RFID

In five years time, banks around the world will have shorter lines and personalized welcomes with the use of radio frequency identification (RFID) and biometric scanning.

A Reuters article on Yahoo.com reports that consultancy firm Accenture believes these technologies will be tested and put into place at banks and retailers. At banks, for example, a customer’s ID card will be read by a scanner at the door, and when they reach the counter the teller will have the customer information already there, without the need to ask a lot of redundant questions.

“The bank wants to be able to identify the customer the minute they walk in and understand why they are there,” said Mike Redding, head of development for Accenture Technology Labs. “The most innovative banks will then combine the data they already have and the new information they get and simplify it and make it usable.”

Banks are also looking at innovation for increased security measures. Demand for anti-fraud measures have also lead to research and advances in biorecognition software. Read more.

By Paul L. Kerstein