Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

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
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.”