Halifax, a wholly owned subsidiary of Lloyds Banking Group, has undertaken the drive to trial electronic wristbands that use customers’ heartbeats to verify their identities for online banking.
The Nymi Band, that will log users into their online bank account using the rhythm of their heartbeat, will reduce the need for customers to remember multiple passwords on a daily basis while ensuring secure transaction.
Go deeper with GlobalData
The wrist band, developed by Toronto-based firm Nymi, will come with a companion app for Windows, Mac, iOS and Android and will be connected with customers’ smart phones via bluetooth.
The band will authenticate the wearer using electrocardiogram (ECG) when it’s first placed on the wrist and will be fitted with another set of sensors to continuously detect that the authenticated person is still wearing the band.
The Nymi Band will ensure user privacy by allowing only the devices paired with the Nymi Band to detect its presence.
Halifax director of innovation and digital development Marc Lien said: "We are in the very early stages of exploring potential uses for the Nymi Band and wearable technology more widely which will help us further understand how we can serve our customers in the way that best appeals to their needs."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
