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Accenture Exec Envisions Banks Of Tomorrow

Tuesday, 3 Apr 2007 | 4:03 PM ET

Can sensors, biometrics and RFID tags bring the banking business into the modern age? Michael Redding, global director of development at Accenture Technology Labs, is leading his firm's Bank of the Future project. He joined "Power Lunch" to tell what customers should expect for the 21st century.

Innovations: Banks & RFID
Banks are beginning to use RFID tags to identify customers, with Michael Redding, Accenture Technology Labs global director of development and CNBC's Bill Griffeth

Accenture found that 50% of bank customers visit their branches each month. Redding believes that personalization will play an important role in future banks. “Banks will offer different services to different customers,” said Redding. He believes this will be accomplished by using biometric technology and fingerprints to allow banks to offer personal services.

RFID chips and biometric scanning would assist banks in preventing fraud and could also be used to move VIPs to the front of the line. “You can offset the expense of the new technology with customer service, efficiency and customer traffic,” said Redding, who believes these features will have the banks on every corner competing for business.

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Kenny Polcari