Newspaper article Evening Chronicle (Newcastle, England)

Recognition of Banking's Future

Newspaper article Evening Chronicle (Newcastle, England)

Recognition of Banking's Future

Article excerpt

Byline: Coreena Ford Business reporter

CHALLENGER bank Atom will be pioneering the use of facial and voice recognition to give extra security for customers when it launches its banking app in the New Year. Online-only Atom Bank is taking on the major high street names after developing a range of personal and business banking products to be delivered initially using mobile apps, with a desktop version to follow.

The firm, which employs around 150 staff, completed the formal process with the financial regulatory body to gain its banking licence earlier this year, paving the way for its offi-cial launch.

Now the Durham-headquartered bank said it aims to lead the way with face and voice biometrics to increase customer security, using the unique biological information as a more secure way of accessing account information than PIN numbers or passwords.

The firm said it took the action on the back of recent high profile hacking cases, where credentials and personal details have been stolen.

Research also suggests the average person has 19 passwords, but a third of online users don't make passwords strong enough.

Atom's system will involve customers showing their face to the app to view balance, or saying a few words to transfer some money, while also ensuring the registration and log in process of the bank is as simple and as safe as possible.

Edward Twiddy, chief innovation officer, said Atom is starting out with face and voice biometrics, but is already working on adding fingerprint to the list. He said many people will already be using biometrics on a daily basis, with mobile phone fingerprint scanning now common, but the scanning of faces and recording of voices is new to most.

The biometric software Atom will be using is already used extensively around the world at airports and international border controls. …

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