Snazzy tech only makes them confused and suspicious
By silicon.com
Published: 14 March 2006 10:00 GMT
Banks and credit card companies are being pulled in two directions.
On the one side they want faster, more convenient ways for customers to pay - but on the other they need to tighten security and crack down on fraud.
In a perfect world, both would be possible but the way things are going, it's obvious there's no comfortable balance between the two.
Take the Co-op's trial of biometric payments. It's a novel idea, whereby customers use their fingerprint to verify payment on their debit or credit card; one that brings James Bond technology to the checkout.
But so far biometrics have not yet been proved successful in the consumer space. In a closed environment, such as the military or even the top-secret world of the corporate office, they have a far higher chance of working well.
The risks elsewhere are that 007 finger-scanning equipment is only going to confuse the average shopper, who, unused to the new system, will hold up the checkout queue.
Chip and PIN takes long enough when you're waiting for someone to buy a 75p croissant but imagine the kafuffle with biometrics.
And even if finger-scanning does prove more convenient, people will undoubtedly worry about the security of this 'newfangled technology' since it's their money at stake.
We're not saying everyone should give up on biometric payment systems - but as with all new IT projects the user experience is key. Don't underestimate the power of the consumer to be confused by and suspicious of new technology.
Your average shopper may not be as swanky and as sophisticated as James Bond but the spending power of armies of them could still pack a lethal punch.
Project Manager required with a knowledge of Payment Card Industry (PCI) Compliance. A retail background highly desirable together with Credit Card ...
If you have a good understanding of credit card and consumer finance industries as well as a career history using marketing techniques, meeting tight ...
Experience of working in a high volume consumer market (such as in the credit card industry) is desirable. Market-leading client in West Midlands has ...
CIO Agenda 2008
The exclusive silicon.com CIO Agenda 2008 survey looks at the CIO's tech shopping list for the year, examines whether IT budgets are rising or falling and reveals what the pain points are for tech chiefs this year. Find out more in our latest special report.
Stories from the web...
Copyright ©1995-2008 CNET Networks, Inc. All rights reserved. Top of page
Carol Wheatcroft
Will consumers always want free banking?
Targeted, bundled services will be the way to profit...
Steve Boyle
Are rogue traders an inevitable evil?
Opinion: Managers must increase diligence to beat fraud
Julian Goldsmith
Profile: Nottingham Building Society head of IT Jack Cutts
'On the wide accountancy'...
Steve Boyle
Why you should be outsourcing your data centres
Concentrate on the core business...
Bob McDowall
Fixed-income electronic trading faces bleak 2008
Trading platforms likely to draw in their horns for downturn
Steve Boyle
Banking can execute change in real-time
Opinion: Tools and techniques now exist to make it possible