"Canadian Banks choose their weapons."

To fence off the mega-banks offensive, Canadian financial institutions have, since 2001, assigned exclusively dedicated teams to those projects to come up with a proposal of their own.

Each bank has invested millions of dollars to determine the best avenues each technology has to offer. They all have appointed a project manager to explore deployment strategies. The products use the most recent communication technology such as Max-Fi (which extends the wireless network by more than 30 km as opposed to Wi-Fi presently limited at 3 km). Some put their money on voice recognition, biometry of the iris, digital print and even DNA technology.

According to partial information obtained, RBC and CIBC offers are the most advanced ones.

RBC product, named "Kheops", is using a component made of metal alloy with a pyramidal shape. Inside the pyramid, strategically positioned to reflect people beliefs during the pharaoh era, a communication chip is totally wrapped by a silicon memory component. One can wear "Kheops" like a piece of jewellery or attached it to a key-holder.

"Kheops" high memory capacity will contain the client's overall financial information. Assets and liabilities elements as well as information related to car, household, group or individual insurances are continuously updated. In a matter of 30 seconds, the carrier will be able to get all necessary credit approvals to achieve a major acquisition or to negotiate an insurance policy.

At CIBC, they will be using the biometry of the eye. A sophisticated reader will identify the customer and a PIN will approve the transaction. The information will be securely kept on the bank servers.

Retailers will have to acquire the necessary readers for each new system and establish a link with their own data processing system. Cumulative costs will become prohibitive and will force retailers to make strategic choices. Thus, limiting consumers' options.

In a country such as Canada, with six major banks and more than 100 smaller banking institutions, a situation like this could become confusing enough to finally provoke a consolidation towards the major oligopolies controlled by RBC, CIBC, etc.