May 21, 2015 -
Mobile banking app developer Malauzai Software has integrated Apple’s Touch ID technology with mobile banking as a part of the Malauzai Mobile Only Experience (MOX Everywhere) suite of banking products.
Several community financial institutions now allow users to access mobile banking through fingerprint technology, including Greater TEXAS Federal Credit Union and its division Aggieland Credit Union in Austin, Texas; Ameriana Bancorp in New Castle, Indiana; Customers Bank in Wyomissing, Pennsylvania; Fort Community Credit Union in Fort Atkinson, Wisconsin; First United Bank in Lubbock, Texas; Happy State Bank in Happy, Texas; and Alabama Teachers Credit Union in Gadsden, Alabama.
Apple’s fingerprint recognition feature, Touch ID, can be embedded in mobile banking apps, enabling users to log in using their fingerprint instead of the traditional password system.
The simplified and secure process enables account holders to instantly access their account information such as balance and recent transactions.
The fingerprint data is stored on the user’s smartphone, which it makes it difficult for hackers to access the information.
“Biometrics are hitting the financial industry in full force,” said Robb Gaynor, chief product officer of Malauzai. “Touch ID is yet another clear sign that community banks are well on their way to beating the bigger banks. Ultimately, the big win is for the end-user, who has a vastly improved user experience, with the peace of mind that their information is safe.”