Singapore’s Oversea-Chinese Banking Corporation (OCBC Bank) has embraced Touch ID authentication for its new OCBC Business Mobile Banking app. With the app, Singaporeans who have registered for the company’s business banking portal, Velocity@ocbc, can log in via fingerprint scan to gain account access for the purposes of checking account balances and activity.
The system was developed as a direct response to customer demand, according to the bank. In a statement announcing the OCBC Business Mobile Banking app, the company cited internal data indicating that between 2013 and 2015, incoming calls regarding account balances and activity rose by 30 percent, accounting for 15 percent of all calls to the bank’s call centers last year.
“The need to know their account balances and status of incoming and outgoing funds are clearly critical for business owners to effectively manage their day-to-day operations,” commented OCBC Bank executive Gregory Trotter, adding, “we developed this app to provide control, assurance and accessibility to our customers, which fits their business requirements as well.”
Many other banks have adopted Touch ID login for their mobile devices, with US Bank and Fifth Third Bank being notable recent examples. While OCDC Bank rebranded it OCBC OneTouch, its system nevertheless has the same foundation, using newer Apple mobile devices’ built-in fingerprint sensors to authenticate users based on biometrics.
April 25, 2016 – by Alex Perala