Biometric banking is on its way

Sweden, the most socially advanced nation on earth, has long been a champion of ultra-modernity.

Anyone who has visited the Nordic kingdom during the past few years will likely have noticed that there is virtually no use of paper at all, and almost everything is not only extremely high quality, but also very sustainable.

Clever avantgarde thought process is absolutely abound in Sweden, and it is therefore inevitable that traditional banking, something Sweden is notable for with strong and well organized operations such as Handelsbanken making very strong inroads into other nations and taking corporate banking customers away from the large British and American establishment, would be next on the high tech agenda.

The use of paper, as well as the security of customer identity are two ethical aspects that can be tackled with one solution, that being biometric facial recognition, which removes the need for form filling within banks, paper receipts at ATMs and paper statements as well as securing client accounts.

Swedish digital banking challenger Rocker is set to pilot the country’s first contactless fingerprint biometric debit card. The firm is working with augmented identification vendor Idemia to roll out the card early next year, enabling users to ditch their PINs for payments.

Jonas Hultin, chief product officer at Rocker, says: “As a bank challenger, we are constantly testing new technologies to develop smarter financial services that are easier to use and that help people improve their everyday financial lives.”

“We are moving quickly at a high pace to provide new and attractive innovations to our customers. Our strategy is to offer smart and secure payment solutions across platforms and Rocker will be the first company in Sweden and one of the first in the world to offer this technology for consumers” said Mr Hultin.