WINSTON-SALEM, N.C.–Allegacy Federal Credit Union is reporting it has introduced a number of new digital technologies to members, including Alexa voice banking, smart watch capability and state-of-the-art Verifast palm vein authentication.
Allegacy is the first financial institution in the Southeast and one of a few in the United States using Verifast biometric technology, which works by scanning the veins inside a member’s hand, creating a digital template to authenticate identity and to provide added security beyond conventional systems.
While similar to logging into a cell phone with a face or thumb print, Verifast palm vein authentication has even higher security due to more than five-million reference points in a person’s hand, the credit union said, noting those points are unique to each person, even identical twins have different patterns.
‘Most Important Responsibility’
“Allegacy considers the safeguarding of members’ financial information to be among our most important responsibilities and the integration of Verifast for biometric authentication gives members even more peace of mind that only they can access their accounts,” said Ashley Kohlrus, EVP/COO and digital officer. “Allegacy is enhancing and expanding our digital capabilities to ensure we provide a digital experience that allows our members to take more control over their financial wellbeing and make it easy to access finances no matter where they are located.”
In announcing the solution, Allegacy said Verifast reduces the risk of fraud, identifies people more reliably and is contactless, eliminating the need for a debit card or driver’s license for many account transaction identification needs. The service is available to all members at each Allegacy Financial Center and Interactive Teller Machines (ITMs).
To use the solution, members must first enter a financial center to easily register one time for the free service.
“Once registered, when a member comes into a financial center or uses an ITM, no card is needed to access the account,” the credit union said. “A simple scan of the hand will easily identify the member securely.”
Additional New Functionality
In addition, the $2-billion Allegacy said its 165,000 members may now access their account information via Amazon’s Alexa, where they can hear account balances and recent transactions using the ‘Hey, Alexa’ commands after sign up through Amazon.
Finally, smart watch functionality is also now available to set up via the Allegacy mobile app on Apple Watch and Android Wear. Members must download the app on their phone in order to sync with their watch to get balances, transactions and locate the nearest Allegacy ATM or ITM.
Details on all new digital offerings may be found on Allegacy’s website at: www.allegacy.org/digital-services.