Meanwhile, consumers have other concerns. Privacy is one. There are no legal requirements currently in place involving the security and distribution of biometric data. But some banking regulatory organizations, including the California Bankers Association and the Center for Law in the Public Interest, are drafting bills specifying how biometric information is to be collected and stored, what type of disclosure is required, and how private information might be used. The House Banking Committee is also investigating privacy concerns.
Cost is a factor, too.
The price of finger-imaging technology, among the most popular, has declined significantly in the past two years. GartnerGroup believes that major banks will not be ready to install biometrics at ATMs for general consumer use until 2002, some limited trials notwithstanding. Indeed, privacy and safety concerns will keep many consumers from patronizing banks requiring biometrics for identification. And that will only encourage banks to postpone further the use of biometrics at ATMs. For some technologies, tomorrow is still a long way off.