Following the introduction of multi-factor authentication, which included QR code and fingerprint biometrics, on its app, Standard Bank has now rolled out the next phase of its digital banking security.
Dubbed DigiMe, the new security layer makes use of the latest biometric and facial recognition software, combined with multi-factor authentication, to create a safe and secure banking experience on a mobile device.
In order to bring its mobile banking security offering to market, Standard Bank is closely working with the Department of Home Affairs and provider of remote biometric identity authentication, iiDentifii.
The bank’s new security layer is meant to give consumers the power over their banking profile by increasing the security on banking platforms, said Andrew van der Hoven, head of digital banking at Standard Bank.
“It is critical for Standard Bank to be one step ahead in the race to provide safe and secure digital banking. This means implementing systems and controls that keep up with the evolution of customer preferences and cyber risks.”
Standard Bank has seen significant gains in its digital banking platforms, indicating its customers increasingly prefer digital channels over traditional channels. Last year, the big-four bank said the business saw strong digital volume growth across Instant Money, the SBG mobile app and value-added services, as well as card-based transactions.
Van der Hoven said banking was previously mainly made up of 9am to 3:30pm transactions. However, it has significantly changed in recent years, becoming a 24-hour activity that consumers conduct on their mobile phones.
As result, functionality has to be flexible and secure, he stated.
Available from today to the bank’s app users, the new security feature can be a ..
Support the originator by clicking the read the rest link below.
