Wells Fargo to introduce biometric authentication options for corporate customers
Wells Fargo recently performed a live demonstration of EyeVerify’s Eyeprint ID solution with which customers can use to scan their eye veins to log into their corporate bank account.
JInnie Ellis, senior vice president of Wells Fargo & Co.’s wholesale Internet solutions division, demonstrated the eye vein scanning technology at the Association of Finance Professionals’ annual conference in Denver, along with face and voice biometrics authentication technologies according to a report by Denver Business Journal.
The move comes a few months after Wells Fargo formed Innovation Group division, a new division that partners with different businesses to implement new innovative practices to further its business.
Wells Fargo has also been testing SpeechPro’s face and voice technology with a select group of its corporate commercial bank clients.
According to Secil Watson, Wells Fargo’s executive vice president and head of wholesale Internet solutions, the firm plans to offer biometric authentication technology to all its corporate customers in the first half of 2016.
Wells Fargo’s Commercial Electronic Office (CEO) portal, which allows access to any banking transaction, currently requires customers to enter their username and password as well as a token that includes an ID number that changes every 90 seconds.
“If you have eight banking relationships which a lot of treasurers do you have a different token for each bank,” Watson said. “One customer said, ‘this is ridiculous, my daughter loves playing with this,’” referring to a key chain with the tokens.
Beginning in 2016, Wells Fargo corporate commercial customers who use the iOS-running CEO app, will be able to log into their accounts either using their eyes, a combination of their face and voice biometrics, or entering their password.
“Apple has done it with Touch ID — getting people comfortable with the concept. I think we are going to see more adoption of this,” Watson said. “I believe people will have more control over their biometric profile. The user will be in control and have their preferred way of doing it.”
Wells Fargo is currently piloting a Touch ID fingerprint authentication option to replace the password, although the company has not set an official launch date for the capability.