PFM (Personal Financial Management) refers to financial technology that helps users manage their money through visual charts and graphs. While this seems
- Sep 06, 2017
Debates have been ongoing about the safety of traditional passwords versus biometric scanning. Data privacy advocates have been quick to warn that your biometric identity would be in someone else’s hands. But according to recent news, it appears that fingerprint account access is now at the point of no return.
The article goes on to say that, “Though the technology has existed for years, data privacy has been a major curveball for banks’ adoption of biometric readers, but the tide has turned. Fingerprint readers used for Apple Pay and other mobile payment services have made consumers more ready to accept biometric technology for paying bills and banking.”
Barclaycard (BCS) U.S. launched a mobile banking app that allows customers to log in with this technology, as well as Bank of America. BofA “allows customers to use their fingerprint to sign into their BofA mobile app. The biometric technology will work for Android, iPhone, and iPad customers and provides a secure, convenient way to log in without a passcode.”
As members are looking for a more seamless and secure experience with their bank accounts, keeping up with technology will be crucial for long-term growth. It is uncertain if biometric passwords will take off, and it will be interesting to see what the big banks that are investing in the technology will uncover about consumer behavior. What is certain is mobile and Internet banking provides the tools for your members to self-serve.