Technology-based banking products launched

Both NatWest and Metro Bank have announced that they are launching new technology-based products that are designed to make their customers’ money management easier and more secure.

NatWest revealed that it has partnered with Mastercard and digital security provider Gemalto to pilot a biometric fingerprint credit card. The banking giant is trialling the new card with 150 customers over the next three months.

The credit card enables customers to make contactless payments using fingerprint verification and enables transactions of up to £100, £70 above the current limit. The card, which lights up green when the fingerprint has been verified, can be used in ATMs, with existing contactless Chip and PIN terminals and for online shopping.

Georgina Bulkeley, director of innovation at NatWest, said: “This is the biggest development in card technology in recent years and not having to enter a PIN not only increases security but makes it easier for our customers when paying for goods or services.”

Bob Reany, executive vice president at Mastercard company Identity Solutions, said: “Feeling confident that your information is protected is paramount. We, along with our partners, are building biometric cards that recognise an individual rather than a password or PIN. Biometrics are more secure, more trusted and better suited to a world that requires more frequent authentication.”

Metro Bank has also been investing in new technology and announced that it has launched ‘Business Insights’ an artificial intelligence (AI)-led, in-app account insights tool for its business customers. The app, which was created in partnership with Personetics, has been designed to enable business customers to make more data-driven decisions with their business account and offers services such as end-of-month cash flow analysis, notifications when latest payments to service providers are higher or lower than normal, and notifications about upcoming scheduled payments.

Commenting on the introduction of the app, Paul Riseborough, chief commercial officer at Metro Bank, said: “Life is busy at the best of times, especially if you’re running your own business. That’s why at Metro Bank we’re setting out to build a range of game-changing digital capabilities to help SMEs thrive. 

“Business Insights marks the start of our journey to deliver the Capability & Innovation programme, and we’re well on our way to delivering more digital innovations to SMEs up and down the country.  The tool uses AI-powered technology to make banking easier and help business owners save time managing their finances, so they can focus on running and growing their businesses.”