MOBILE BANKING ADOPTION TO DOUBLE BY THE END OF 2015 NOW THIRD PARTY APPS CAN USE IPHONE 5S FINGERPRINT SCANNER

Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Banking

Posted By Gbaf News

Posted on June 6, 2014

MOBILE BANKING ADOPTION TO DOUBLE BY THE END OF 2015 NOW THIRD PARTY APPS CAN USE IPHONE 5S FINGERPRINT SCANNER

Simon Cadbury, head of strategy and innovation at Intelligent Environments, leading provider of digital banking software, reveals how digital banking will be revolutionised following yesterday’s announcement by Apple to open the iPhone 5S fingerprint scanner to third party apps as part of iOS8.

Simon Cadbury

“Apple’s announcement that developers will be able to use the iPhone 5S fingerprint scanner for third party apps is a revolutionary move for the financial services industry. This technology is set to trigger a huge upswing in the number of customers accessing their bank accounts via a mobile device. In fact, Intelligent Environments expects mobile banking adoption to double by the end of 2015 as a result. This is based on our research that over half of consumers (51%) would like their banks to look at more innovative ways to secure their bank account such as fingerprint scanners. Plus, given other Apple products like the iPad will probably include TouchID in the near future, this is a huge opportunity for the industry to increase mobile banking usage.

“Fingerprint technology, already used in mobile phones in Japan for authentication of mobile payments, will allow third party developers like financial services institutions to eliminate passwords. The increased functionality of not having to enter passwords manually removes a barrier some consumers have when accessing bank accounts or making payments via a mobile device.

“This development is the start of a biometric banking revolution, which spells the death of the password as we know it. Currently, over a quarter (26%) of Brits avoid using digital banking as they are frustrated they have to remember multiple passwords.

“Biometric authentication is a catalyst for change. The fingerprint scanner could do for passwords what iTunes did for CDs. It won’t be long before the majority of mobile devices incorporate biometric authentication and with banks keen to ensure the highest levels of security for their customers, it will be interesting to see which bank will be the first to integrate it into its mobile banking apps.”

Recommended for you