Bank of America is reportedly launching a pilot of Samsung Electronics technology that will enable customers to access the mobile banking app via a photo of their eye.
“One thing we know we need to work on with our customers is, even in today’s day and age of digital natives, there are questions about safety and security,” said Michelle Moore, head of Digital Banking at Bank of America, in the report. According to Moore, embracing biometrics isn’t about going after the latest in technology but is aimed at helping advance the bank’s efforts to create a digital identity for customers to make authenticating themselves a breeze.
“At some point, passwords will be a thing of the past, and we need to take friction out of the authentication and verification process,” Moore said in the report. “It’s not just biometrics. It’s really around who you are, the Bank of America customer, what is your digital ID; and no matter which channel you choose to interact with us, you can use that identity to authenticate and let us know you are who you say you are.”
The reported noted that of its mobile banking app users, half use fingerprint authentication. Bank of America is also looking at facial scanning and voice recognition for authentication.
American Banker reported around 1,500 Bank of America and Samsung employees will try out the iris scan pilot for around six weeks. It makes sense for Bank of America to team up with Samsung, given the fact that Moore told the American Banker that 30 to 35 percent of its customers own a Samsung phone.
“What do they think about the difference between iris scanning and fingerprint scanning? Does it make them more likely to use mobile to log in?” Moore said is what the bank is trying to ascertain.