Fiserv Unveils Biometric Branch Kiosk

Payments technology firm Fiserv has rolled out a new kind of branch kiosk that uses palm identification to authenticate users, and a Duluth, Minn-based credit union has already started using it. 

Brookfield, Wis.-based Fiserv said its “Interactive Branch Kiosk” uses biometric technology from Verifast and works in lobbies, drive-thrus and other locations where members want self-service options. Using the kiosks, which are manufactured by Hyosung, members can check balances, make loan payments, withdraw cash, authenticate over-limit cash withdrawals, transfer money and take care of other transactions often handled in the teller line.

Members Cooperative Credit Union, which has $768 million in assets and about 52,000 members, is one of the first financial institutions to adopt the technology. 

“Offering a comprehensive self-service option saves our members time, and the integration of Verifast for biometric authentication gives members the peace of mind that only they can access their accounts,” Members Cooperative VP of Technology Andy Joneson said. “Fiserv is helping us advance our branch strategies so we can deliver a unique experience and allow our members to interact in the way that is most convenient for them.”

Although the kiosks use palm vein biometrics to authenticate users, members can also use PINs and user IDs and passwords, Fiserv noted.

Fiserv said its own consumer surveys showed that half of American consumers had visited a credit union or bank branch in the prior month, but the biggest reasons for those visits were to make deposits, cash checks or withdraw cash — transactions that self-service devices can complete quickly.

“Interactive Branch Kiosk can automate a significant number of transactions that take place within a branch,” Fiserv GM and SVP Shawn Holtzclaw said. “Consumers are empowered to manage their interactions at their pace, and branch staff are free to focus on advisory roles and more complex tasks.”

Depositing a check is still the most common reason for branch visits (53%), but that number has dropped from 72% in two years, likely due to the spread of remote deposit capture, Fiserv noted.

Additionally, 58% of the consumers surveyed said they preferred to interact with their primary financial institutions via online or mobile, according to Fiserv; only 32% preferred branch interactions. 

Seniors had the highest preference for branch interactions (57%), but the vast majority of Gen Z respondents (77%) said they preferred online and mobile channels.

Consumers aren’t jumping into every new digital channel that comes their way, however. For example, Fiserv also found that interest in voice banking rose modestly from 15% in 2018 to 19% in 2019.

“Many see no use for the technology and 66% of all consumers don’t know if it’s even possible. Privacy and security are also prevalent issues,” it said. “Based upon analytical models of consumer demographics, attitudes and behaviors, the strongest predictors of interest are recognition of the benefits of monitoring finances and streamline schedules.”