Attempts to use modern technology such as biometrics to identify customers are being stymied in the UK by large banks keen to protect their businesses, according to an influential industry voice.
Michael Mainelli, executive chair of financial services firm Z/Yen, reported that the country was falling behind its neighbours in adopting innovation that could make payments easier and safer.
“In the UK we forget the banks like outmoded, outdated technology because it’s a barrier to entry,” he said, speaking the ICDA Blockchain Conference in London.
Mainelli compared the performance of the UK with regulators in the self-governing Channel Islands, Ireland and Germany, some of which are forging ahead on identity.
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