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Ex-JPMorgan product VP in fintech critiques the bank's newest innovation

For 20-something British schoolchildren, "biometric payments" may recall memories of your school's fingerprint scanner in the lunch canteen. The concept is soon to go global, as JPMorgan wants to launch biometric scanning services for payments en masse in 2025 using facial and palm recognition.

At 11:FS' Fintech Insider: After Dark event in London last night, a former VP at the bank, 'Alex Rivas-Gale', was a panelist and gave her thoughts on the innovation. 

Rivas-Gale, who left the bank in March 2022 and is now European head of product for banking infrastructure fintech ClearBank, says we're entering "really dangerous territory." Her main concern is whether companies "have the right security measures in place," but she also asks consumers, "how much information are we willing to give?" 

This isn't a dig at JPMorgan's tech, rather an omen of other less-equipped banks trying to follow it. "JPMorgan will be great, it will do fine, but other players may not have the infrastructure to deal with it."

It seems like something that will take off quickly, especially with the youth. Last year, eFinanicalCareers held a seminar on fintech for prospective finance students through the Sutton Trust, and asked them to come up with the next big innovation in fintech. One of the most well received ideas of the day... a debit card with a biometric scanner.

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AUTHORAlex McMurray Reporter
  • Pa
    Patrick
    27 May 2024

    I've yet to meet a product manager who added any value whatsoever. They seem to have a unique skill set where they don't seem understand the technology or the business side of things. They are, however very good at burning through travel budgets and taking credit for the work of developers.

  • Op
    Op3rand1
    23 March 2024

    C'mon. Ex VP product. She was a low level product person (VP) and now is magically the head of some fintech product and knows what she is talking about? Hard pass on what I care about her two cents

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