The Industrial Bank of Korea (IBK) plans to extend the use of iris recognition across all branches within the year, following a successful trial of the technology.”In the initial stage, there were concerns and negative perceptions about revealing information about one's body parts,” said Kwak Young-ki, general manger of the fintech business department at the bank in an interview with the Korea JoongAng Daily. “But after four months, we have become friendlier about using the iris-scanning system, and I think if technology continues to improve, repulsion to such biometric information will disappear in the future.”IBK will start using the iris verification system in June on ATMs at 10 branches in order to test its effectiveness.Kwak told the newspaper: “Conventional banks need to seek new types of financial services by not competing with fintech start-ups but by embracing them.”IBK first revealed its iris recognition plans last December, and according to the Korea Portal, the bank's executives have already signed a deal with Irience on the project.
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