Wells Fargo piqued the interest of its corporate clients late last year when it revealed it was working on biometric identification technology that allows businesses to sign into their online banking by eye scans and voice analysis.
According to Los Angeles Times in recent reports, Wells Fargo is inching closer towards making this development a reality.
Reports said Wells Fargo plans to roll out its biometric security features for corporate users of its mobile banking solution this summer.
“Usernames and passwords are basically 15 years old. They’re at the end of their useful life,” Secil Watson, head of Wells Fargo commercial banking online and mobile apps, told the publication.
Watson added that while fingerprint identification has become more prevalent among consumer mobile banking services, corporations have high standards for security. Eyeball veins and voice recognition technology can be more secure than fingerprint scans.
In an interview with PYMNTS last November, Watson pointed to this heightened security need.
“Business customers have a higher burden because they have a higher-dollar amount of transactions,” she said. “There is more risk; they want more security, and we do, too.”
Wells Fargo plans to use technology developed by EyeVerify after investing in the startup two years ago, according to reports. But corporate users can also utilize the alternative face and voice recognition tool to sign into their online banking.
Either way, biometrics are Wells Fargo’s way of solving issues around tokenization, which requires corporate users to enter a username, passcode, corporate ID number and a token code.