Fifth Third Bank Adds Touch ID


Fifth Third Bank announced yesterday (Feb. 4) that it added Touch ID to its banking app for the Apple iPhone. The bank’s customers will now have the ability to log into the Fifth Third mobile banking app by using their fingerprint or thumbprint rather than being required to enter a password.

“Our customers’ digital expectations continue to evolve, and many of those expectations are being set by using non-bank apps, such as shopping and games,” Chad Borton, EVP and head of the Consumer Bank for Fifth Third Bank, explained in a press release. “Fifth Third is continuing to evolve its digital experiences to do the same, creating fast and simple banking.”

The fingerprint authentication for enabled mobile devices was added to the Fifth Third Bank application in response to an increase in customers’ demands for the biometric technology.

According to the bank, the use of mobile banking among its customers is outpacing online banking. Mobile banking usage reportedly increased 43 percent from 2014 to 2015, with nearly 19 million logins made on the Fifth Third mobile banking app last year.

About one-fifth of all Fifth Third consumer deposits were made through its mobile channel in Dec. 2015, representing a 36 percent jump over Dec. 2014.

“We know how important banking on the go is to our customers,” Borton said. “Our banking app makes banking simple and fast.”


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.