Societe Generale has become the first bank in France to experiment the use of biometric cards to expand contactless capabilities across the country.
The bank said that the move will provide ever greater security for these transactions right from the first euro. Its biometric cards will come fitted with a fingerprint sensor, meaning, customers will authenticate themselves by means of their finger rather than entering the PIN code when using the card.
Its cardholder records their fingerprint in the Societe Generale biometric cards. That fingerprint is then verified directly on the card and no element of the fingerprint transmits back to the merchant or to the bank.
Societe Generale said in a statement: “Just like the usual dynamic card verification value / code, which is reassuring for the client, this innovative solution forms part of the bank’s strategy of constantly improving user experience and remaining a trusted third party for the French people.”
This bank card is based on the F.CODE technology developed by IDEMIA, an Augmented Identity company.
Earlier this month, Societe Generale Securities Services partnered with Addventa to use artificial intelligence for portfolio commentary. Together the pair said they will launch a service for automated drafting of portfolio management commentaries based on artificial intelligence solutions.
As result, management companies, who are SGSS clients, will benefit from an automated and instant drafting of performance commentaries for their financial investment portfolios.
Societe Generale also recently picked Duco’s platform to provide better insights, enhance customer service and improve data governance. The bank said it will use Duco’s platform to automate key reconciliation processes across all business areas, dramatically improving efficiency compared to legacy systems and spreadsheet-based processes.
It will also leverage Duco’s API to provide external reconciliation services to its clients in its capital markets business, adding value to its trade execution and clearing services.
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