BROOKFIELD, Wis.—What’s behind the “high occupancy vehicle” lane at some credit unions?
Palm vein biometrics, reports Fiserv, which says more credit unions are turning to the member authentication option today.
The company told CUToday.info that the biometric authentication option is now quickly catching on across the country due to members—and staff—liking the convenience, speed and accuracy. Fiserv reported that some credit unions now have a lane in their branches just for palm vein identification that members can choose to use.
And many are doing so, given that they just place their palm over a reader in the “fast lane” and then the teller knows immediately who they are, according to the company.
Very Secure Method
Palm vein scanning is considered one the most secure of biometric authentication methods, Fiserv noted.
Fiserv offers its Verifast palm vein scanning system for employees and another version for members to use when they stop by a branch. The vein pattern in a person’s palm is more complex than just about any other pattern used for biometric authentication and almost impossible to fake, Fiserv said.
For the scan to work, the hand has to have blood pumping through it, so the person has to be present to log in. Members hold their hand over the scanning device, which then scans through skin. The condition of the skin, such as being dry or dirty or even having injury, does not affect the reading.
Popular With Employees
While Verifast can be used with members for in-branch self-service, more credit unions are turning to the employee solution that allows staff to quickly log into systems and toss away multiple passwords, according to Fiserv.
Derek Everett, general manager in the credit union solutions division at Fiserv, said palm vein authentication is spreading to other uses, such as interactive teller machines.
“Credit unions are using this more, and in some cases as a differentiator,” said Everett. “You give this high-end, seamless experience that more people are getting comfortable with.”
Pivoting Back to Core
Turning to other areas of the company, Everett said Fiserv this year has increased its focus on core systems.
“We are pivoting back to the core,” he said. “Not that we ever lost our focus there, but if you look over the last 18 to 24 months, we've had a strong focus system integrations. So, for example, taking the account processing core platform and making sure all that we offer integrates with the core—bringing a great deal of choice and flexibility to our clients. That has been very well received.”
Everett also noted that Fiserv has tweaked organizational models, looking at its service organizations to make sure each are well aligned to support core communities.
“We have gotten to what I call a center of excellence model,” said Everett. “We have established general managers to help drive more accountability closer to the core communities, increasing the speed and quality of our service and support. We are making faster decisions and really driving unique strategies. This has only been in place for a few months, but we are already seeing great results from this.”