Business

Retinal scans for banking?

timsnell

THE days of having to carry a piece of plastic and remembering a PIN number to access your money could become a thing of the past.

ANZ this week unveiled research which showed a majority of people would be comfortable using retina or fingerprint scanning technology at ATMs instead of PIN numbers.

Carried out by Newspoll for ANZ, the research also revealed Australians were increasingly embracing digital banking, but still wanted face-to-face interaction for "big ticket" items like applying for a loan.

The release of the survey coincided with ANZ unveiling plans to invest $1.5 billion over the next five years in new technologies, including the rollout of 800 "next generation" automatic teller machines and installing video-conferencing in regional branches.

Video-conferencing is already available in 40 regional branches - mostly in Queensland - with that number to reach 43 by the end of the year as the service is extended to Murwillumbah and Roma and one in South Australia.

ANZ said video-conferencing gave customers greater access to specialist advice for home loans and financial planning.

A spokesman told APN Newsdesk video-conferencing would not pose a threat to jobs in regional branches.

"It's about providing a service that wasn't otherwise provided," the spokesman said.

"We are using technology to improve service in regional areas."

The new ATMs would allow customers to deposit coins, notes and cheques that would immediately be credited to their accounts.

While the Newspoll study found people would be comfortable with some form of biometric identification, futurist Ross Dawson went one step further.

He suggested this type of technology could replace cash entirely.

"Cash and coins could be on the way out and it's realistic to imagine a world in which we carry no notes or coins, or even credit or debit cards," Mr Dawson said.

"Before long we may use our fingerprints or even retina scans to make payments.

"Australians have shown they are comfortable with biometric identification, because it combines convenience with security."

More than a third of people surveyed said they would prefer to live in a cashless society.

The ANZ spokesman said a move to biometric identification was at least five to 10 years away.

He said ANZ went into the research thinking most people would not be interested in biometric technology and was "quite surprised" when the results came back.

ANZ plans to carry out further research to assess risk implications associated with such a move and to find a biometric identification system people were most comfortable with.

THE SURVEY

  • 88% of people aged 18-34 prefer to use digital technology over a bank branch for day-to-day transactions, but their mums and dads weren't far behind at 75%.
  • 38% would prefer to live in a world where they didn't need to carry cash.
  • 40% even accepted the idea of one day outsourcing their finances to a digital personal assistant - an intelligent computer program which makes financial decisions and moves money between accounts on your behalf.
  • 67% would be comfortable using a machine that scans your eye to verify identification in place of a pin.
  • 79% would be comfortable using fingerprint technology in place of a pin.

*Source: Newspoll survey of 1211 Australians aged 18 and over across all states and territories.

Topics:  anz newspoll online banking technology


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Fernvale's Rose among the flames

ALL-ACTION: Fernvale Rural Fire Brigade first officer Andrew Rose was named the Somerset Citizen of the Year for 2017.

Andrew Rose was named the Somerset's Citizen of the Year for 2017.

F/A-18F Hornets make a buzz above Gatton

Low flying F/A-18F Hornet aircraft will be taking part in Exercise Black Dagger from March 23-28 above Gatton.

The skies above Gatton are alive with the sound F/A-18F Hornets.

Sophomore year a success for Marburg's Meg Essex

STRETCH: Marburg basketballer Meg Essex fights for the ball in a game for Newberry College.

Meg Essex made big strides in her sophomore season.

Local Partners

Gatton students build blocks towards harmony

Our Lady of Good Counsel celebrated Harmony Day with an artistic twist.

CMC Rocks is just the ticket for Eric Paslay

HAPPY TO BE HERE: American country singer Eric Paslay will play CMC Rocks 2017.

Country music singer is touring overseas for the first time.

Daredevils of Nitro Circus to thrill Lismore

Oakes Oval in Lismore will host the sell-out, worldwide phenomenon that is Nitro Circus Live during its 15-city Australian tour in April.

The (in)famous 55-foot high Nitro Giganta ramp is the centrepiece

CHOOSING LIFE: Emu Park veteran leads way out of PTSD

WINNING THE FIGHT: Andrea Josephs with her daughter Kyla (10) at the Emu Park Anzac Memorial ahead of her official Matilda Poppy launch this weekend.

Andrea Josephs will officially launch Matilda Poppy in new hometown

Travis Collins, Keith Urban win big at CMC Music Awards

LEE Kernaghan was also inducted into the CMC Hall of Fame during tonight's glittering awards ceremony on the Gold Coast.

Morgan Evans opens up about his CMC love story

Morgan Evans hosts the 2017 CMC Music Awards, being held for the first time on the Gold Coast.

SINGER returns from Nashville to host tonight's CMC Music Awards.

What's on the big screen this week

OLD TALE: Emma Watson brings to life the character of Belle in Beauty and the Beast.

DISNEY'S remake of Beauty and the Beast opens to rave reviews.

MKR recap: Josh and Amy figure out how to get along

Josh and Amy have figured out how to get along and cook well. Stay away from each other.

THEY’RE the couple we love to hate, but something changed tonight.

Mariah’s making a movie we probably don’t need

Mariah Carey and her dog Jack are prepping for a Christmas movie.

Mariah Carey is making animated movie ready for Christmas.

CMC Rocks is just the ticket for Eric Paslay

HAPPY TO BE HERE: American country singer Eric Paslay will play CMC Rocks 2017.

Country music singer is touring overseas for the first time.

MOVIE REVIEW: Disney remake a beauty-ful story

Emma Watson and Dan Stevens star in the movie Beauty and the Beast.

Emma Watson stars as Belle in classic tale of finding unlikely love

GREEN LIGHT: Bunnings plans another warehouse in region

Bunnings has announced it will bring a warehouse to the Lockyer Valley.

Construction of a hardware superstore is in planning stages

'Dangerous precedent': Beachfront tree clearing rejected

WHAT A VIEW: A Google Earth aerial view of the strip of houses and sand dunes at Shelly Beach which could be set for changes.

BREAKING: Beachfront residents' bold bid to improve views fails

Couple ditch Springfield for $350 million rural lifestyle

Sales consultant Rachel Hargreaves (left) of Oliver Hume Waterlea at Wallon with new land owner Rebecca Mallett.

“To purchase a block the same size would be double the price here"

It's official: Byron Bay unaffordable

MILLIONAIRES ROW: The Housing Commission house in Keats St, Byron Bay which sold at auction on Saturday for $1.65 million.

Buying a home in Bay Bay is a dream too far for some

Coast home luring interstate buyers sold

PRIZED POSITION: Blue clip location, peaceful surroundings, spacious living with swimming pool, tennis court on 4562sq
m

The property was described as a 'Queenslander with Hamptons style'

Ready to SELL your property?

Post Your Ad Here!