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Korean bank looks to Smart ATMs for expanded functionality, extended hours

September 8, 2016

LG subsidiary LG CNS, a global IT service provider, has launched a "Smart ATM" pilot at Korea's BNK Busan Bank. The ATM applies LG Hitachi finger vein recognition technology to enable self-service banking outside of regular business hours.

According to a press release, the pilot represents the first use of LG Hitachi finger vein recognition technology on ATMs in Korea. The technology uses the vein patterns inside a finger for user authentication that is counterfeit- and tamper-proof.

The solution is quick to authenticate, easy to use and has been adopted by more than 80 percent of biometric ATMs in Japan, as well as by banks in Latin America and Europe, the release said.

The Smart ATM offers services beyond those of the standard automated teller machine. A few of these are:

• signup for new banking products, including deposit and savings accounts;
• application and issuance of secure cards for Internet E Smart banking; and
• application for reissuance of a passbook or card.

To ensure security, the Busan Bank Smart ATM finger vein recognition service encrypts finger vein pattern data and saves it in a separate location. Original images of vein patterns are not printed outside the ATM device. 

The LG CNS 'Smart ATM' provides accessibility services for the disabled, a video chat service and customer-personalized transaction menus featuring most-used services. Operating hours are the same as those of the bank's traditional ATMs, though video chat and finger vein registration are available on an extended schedule. 

BNK Busan Bank hopes to redirect simple and routine banking transactions to the Smart ATMs in order to allow bank employees to focus more time on value-creating activities such as customer counselling or product sales. 

"The Busan Bank Smart ATM is focused on providing practical values, in other words, the innovation of banking affairs handling and user convenience," said Choi Moon-keun, who heads up the LG CNS finance automation business.