Monday, 28 September 2015

4 Hot Mobile Banking Security Developments

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.

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