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One of Turkey’s leading banks, Isbank, has announced that ithas enabled Apple’s TouchID fingerprint log-in for mobile banking on the iPhone.By enabling the biometric functionality, consumers will no longer have to entera PIN for the iPhone 5 and 6. Although the Monitise powered application islimited to only iPhone users, Isbank claims that thousands of its 1.2 mobilebanking users will be able to use the biometric feature.
Commenting on the announcement, Peter Radcliffe, Monitisepresident EMEA & Asia Pacific said, “Today’s consumer values a secure andseamless mobile banking experience – with the launch of TouchID technology forİşCep, we’re getting a glimpse into a future where accessing your money is a completelyfrictionless process”
The announcement marks the continued push by Isbank toenable consumers to use biometric data to provide a more convenient and securebanking experience. In 2013 for example, the bank announced the deployment ofmore than 3000 Hitachi biometric finger vein scanners in ATMs and branchesacross the country, rendering the use of an ATM card obsolete.
While biometric technology has great potential, few banks orother payment organizations have rolled out large biometric focused programs,however as consumers become more comfortable using them it is likely thatbiometric authentication will become more popular and by announcing its movenow, Isbank is set to be leader not only in the Turkish market but acrossEurope
Overview by Tristan Hugo-Webb, Associate Director of the International Advisory Service for Mercator Advisory Group
Read full story at Finextra