January 25, 2015 -
US-based Webster Bank has integrated Apple’s Touch ID technology into its mobile app to enable customers to login to their accounts using fingerprint authentication, according to a report by Banking Technology.
The app, which was developed by mobile money firm Monitise, enables users to login to their accounts, check their balance or view their transaction using Touch ID on the Apple iPhone 5S, 6 and 6 Plus.
For more detailed transactions including payments and transfers, clients will have to adhere to the regular login process of entering in their regular account name and password.
“What consumers need from their mobile banking service is a fine balance between security and accessibility – reassuring them that their money is safe while giving them easy access and complete control over it,” said Mike Dreyer, chief operating officer and president of the Americas at Monitise. “Having Touch ID as part of a multi-tiered security model strikes that balance and shows how Mobile Money is becoming increasingly frictionless.”
The growing popularity of Touch ID has led some banks, such as Bank of America, to consider using it within their mobile apps.
Barclays will soon introduce a ‘finger vein’ reader for its corporate customers to authorize their identities.
Meanwhile, Atom has raised £25 million for the purpose of providing customer identification through fingerprints, voice, facial recognition, and iris recognition. The online banking service is expected to launch this year.