Palm Reading in Future of Branch Banking Posted by AVCU on 12:48 PM

No, not a mystical soothsaying woman predicting your future. It's the use of palm technology to verify identities at automated teller machines, as in prototypes of new branch technology at consulting firm Accenture's financial services innovation centers across the world.

This week Accenture partnered with Filene Research Institute to give attendees at a credit union conference in Chicago insight into how branches will operate in the digital age. About 90% of all new accounts are originated in branches and online banking has not yet managed to become a driver of new accounts, according to Accenture. The conference featured a video conference with Accenture's innovation center in Sophia Antipolis, a research park in southern France that has a prototype of the next generation of a branch bank. Tellers will still exist, but futuristic branches will have a whole lot more gadgets and ATMs. Palm reading is just one way to access an account; customers could also use a quick-response (QR) code on their smart phones or contact-less cards.