BNP Paribas Wealth Management adds Daon-based biometric authentication product

January 18, 2017 - 

Financial institution BNP Paribas Wealth Management has introduced a new service which enables customers to log into their accounts and perform transactions using biometric authentication, according to a report by Banking Technology.

Using biometric authentication technology supplied by Daon, myBioPass enables customers to log into their accounts and perform various transactions.

Clients can log into myWealth and Web Banking on their tablet by taking a “selfie” and using their smartphone as a key.

In addition, clients can validate transactions through a combination of fingerprint and voice recognition, as well as using their smartphone as a key.

BNP says it is the first bank in Europe to combine all three biometric features together in a service.

The biometric authentication service is one of the latest offerings provided through BNP’s new Client Experience venture, which it co-created with customers and fintech firms.

The new digital solutions venture is the result of BNP’s partnership with 100 clients, internal staff and 10 fintech firms, resulting in 10 new digital products developed to address the specific needs of customers.

“[Wealth management customers] want to be able to interact with their bank virtually, the want to be connected, recognized and empowered,” said Vincent Lecomte, co-CEO of BNP Paribas Wealth Management. “They want to save time. And they want to be excited. We want to create a new form of wealth management that adapts the banking services to every aspect of a client’s life.”

myBioPass is now available for Luxembourg clients using iOS mobile devices, with desktop and Android versions to be released later this year.

Previously reported, Equiniti Group PLC partnered with Daon Inc. to launch Prequel, a mobile biometric authentication and identity lifecycle solution.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.