May 11, 2015 -
Financial institutions First Internet Bank and Investec separately announced that they have integrated Touch ID functionality in their respective mobile banking applications, replacing traditional login credentials such a username or password.
The Touch ID fingerprint recognition capabilities are available for users of the iPhone 5s, iPhone 6 and iPhone 6 Plus, as well as iPad Air 2 and iPad Mini 3.
First Internet Bank said its customers who use Touch ID will receive the same amount of access that is available via the login methods the system is replacing.
The user’s fingerprints are stored permanently in his or her mobile device, and encrypted with a key that is only accessible on said device.
“First Internet Bank is a pioneer in digital banking, with a history of delivering innovative, customer-oriented banking services,” said David Becker, president and CEO of First Internet Bank. “Our customers have come to expect a rich digital banking experience from us. With speed and ease-of-use, Touch ID demonstrates our continued commitment to applying technology and practical design to meet our customers’ needs.”
Additionally, Investec has become the second bank in South Africa to integrate Apple’s Touch ID fingerprint recognition capabilities into its mobile banking app, according to a report by Tech Central.
Investec clients with an iPhone device will now be able to use Touch ID to log into their Investec app with a single, secure touch, as an alternative to their password,” the bank said in a statement.
“Although biometrics has been around for some time, the technology has finally reached a level of development that satisfies the requirements of the global security community,” said Lyndon Subroyen, global head of digital at Investec.
Last month, Standard Bank introduced Touch ID technology in its app for iPhone and iPad Air 2 and iPad Mini 3.