Japanese Bank To Offer Residents Loans Using Palm Scans During Emergencies
A bank in Japan is set to allow its customers to take out emergency loans using a unique method. Rather than use traditional identification documents, members of the Ogaki Kyoritsu Bank will be able to use palm scanning machines to verify their identify and withdraw up to $17,000 during natural disasters.
The novel method of getting a loan has been introduced because during earthquakes and other crises, customers will often not be able to access vital documents that are needed to secure access to funds. After the 2011 earthquake and tsunami, many people were left without any money to buy essential items such as food and the bank realized a new system was required.
The loan system will only be activated in specific circumstances. An earthquake that measures at least a “lower six” on the Japanese seven-level seismic intensity scale, torrential rain that causes flooding or a volcanic eruption will trigger the system and allow customers to go to local cash machines and withdraw money using their palm scan.
