Aussies would embrace fingerprint banking technology

Thursday 04 October 2012

Article by Mozo

Aussies are certainly not slow to embrace the latest technological developments and a new survey has suggested that people are keen to see even more futuristic advancements being made available in the banking sector.

Research undertaken by ANZ has found that 79 per cent of the population would be happy to see PIN numbers replaced by fingerprint recognition systems when attempting to access funds from their bank accounts.

In addition to this, one-third of the respondents said they would welcome a completely "cashless society".

There is no escaping the fact that times are changing and paper money is becoming less important in the modern world.

People are already using their mobile phones as credit cards and a large number of Aussies rarely visit their banking branch anymore, as they prefer to sort out their finances on the internet.

As you might expect, the ANZ survey showed that 88 per cent of 18 to 34-year-olds would rather access their accounts digitally.

The fact that 75 per cent of their mums and dads also favour online banking was quite a surprise, though. Clearly, modern banking technology is not the sole preserve of the young.

Nearly three-quarters of the population find it frustrating when businesses do not accept credit or debit cards, while 67 per cent said they would be comfortable using a system that featured eye verification technology.

ANZ clearly understands the demand for more flexible banking and it is planning to invest huge sums of money over the next five years to ensure customers are receiving the best service possible.

Futurist Ross Dawson believes it is up to the nation's banks to cater for the growing need for high-tech systems.

"Cash 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," he remarked.

"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," Mr Dawson added.

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Aussies would embrace fingerprint banking technology
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