Put Your
Finger on It
Consumer
banking has been revolutionized with the introduction of touch ID, the
biometric centrepiece of Apple's latest smartphones. Recently, financial
services companies pounced when the Cupertino tech giant released the API for
Touch ID, its fingerprint-authentication technology. In fact, Apple is not the
only belle at the mobile-banking ball. Westpac New Zealand, for example, has come
up with apps for mobile fingerprint scanning on Samsung devices.
Benefits
of Touch
Banks will
love this technology for its convenience in future as it has prospective that
enable customers to reset their password without having to take up call centre
time and resources – and has the potential to replace passwords completely
someday. There are other mobile biometrics that banks are exploring as well,
including images of eyes due to bothering issues bank industry regarding the security of the Apple Touch ID (which
has been proved to be hackable).
The Eyes
Have It
Eyeprint
ID envisages logging in to your bank account by just taking an eyeball selfie. This
is a revolutionary mobile security technology developed by biometrics firm EyeVerify in 2013. According to
EyeVerify, unlike iris scanning that is more costly and requires specialized
hardware, Eyeprint ID utilizes basic smartphone cameras to scan the unique map
of blood vessels in the whites of the user's eyes.
Benefits
of Eye Scanning
People
always say that our eyes are the windows to our souls, not only that, our eyes
will be the windows to our bank accounts someday. As
every smartphone comes fitted out with a camera of a fairly high resolution,
making use of eye-scanning applications is relatively feasible for financial
institutions. As with fingerprinting, it's a way to offer multi-factor
authentication for all mobile banking customers.
The
Benefits of Voice Recognition
For
mobile banking apps voice assistance has long been available. USAA introduced its "Virtual Mobile Assistant" for
iPhone users two years ago, and E-Trade Financial rolled out voice recognition into its
mobile apps the year before that. The benefits
of voice recognition to financial institutions are the promise of
improving and simplifying security and usability. Voice-based authentication
does not require the customer to remember a complex password just like other
biometrics. In fact, voice biometrics elevates accessibility, assisting people
with disabilities the difficulty of tapping in a password.
Benefits
of Personal Finance Management
Good
customer service is about providing Personal Finance Management to your
customers for use on their mobile devices isn't just about good security.
Banking brands can utilize these tools to support fiscal responsibility for
their customers that can lead to improve saving attitudes. In short, these
tools are like money in the bank.
In
conclusion
Fingers,
eyeballs, voice and, of course, an app to assist customers to manage their
spending and these are part of the emerging upsurge of mobile banking that IT
organizations in financial services companies need to consider in the near
future. As valuable customer information becomes increasingly target of cyber-criminals,
the mobile device must be equipped with best defence. It’s not impossible to
achieve this as long as banking industry feels the need to implement the tools
and services that will protect their customers.
http://www.coretrac.com/4-hot-mobile-banking-security-developments
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