Following up on our biometrics newsletter theme of a few weeks ago, customers of the British bank will soon be able to use fingerprint and facial recognition tech to access their accounts. Lloys will be the first FSI in the UK to bring in MSFT to strengthen consumer banking security.
The move follows other interesting takes on banking security. HSBC rolled out selfie-based security functions that allows customers to open new accounts more quickly and easily. Santander U.K. allows customers to make payments using their voices over the phone. Banks, of late, are under tremendous pressure to both cut back on the overhead associated with branch banking and to digitize their offerings and services to make them more attractive when stacked against digitally-based competitors. Over 1,000 branches have closed in the past two years in the U.K. to the end of December, with HSBC shutting the most outlets since the start of 2015. Lloyds has also revealed plans to shrink branches down into “micro” versions staffed by as few as two people.