There is now a brand new way with which customers can access their mobile NatWest or RBS banking app, and it’s as easy as touching a button. These two banks have started to incorporate fingerprint technology with their apps, allowing people to access accounts by pressing their finger or thumb onto the ‘Touch ID’ display.
This means customers no longer have to remember a password, but it does only work with the latest Apple smartphones. So those who bank with RBS or NatWest and have an iPhone 5/6 can make immediate use of this new innovation.
Innovative Approach
NatWest and RBS are both owned by The Royal Bank of Scotland Group. They are the first high street banks to offer such an innovative approach to mobile banking technology. The Royal Bank of Scotland Group believes that around 800,000 customers will benefit from the technology as more than 3 million people already use a NatWest of RBS mobile banking app.
This method of access is of course optional as customers may continue to use the traditional passcode entry method if they should wish to. When first setting up the fingerprint access, customers must first enter their passcode and give permission for the app to access the iPhone’s ‘Touch ID’ technology.
Customers are asked to simply choose a digit to press onto the display for it to be printed. This is then stored in the device’s memory for comparison any time someone wishes to log in. Failure to provide a recognised fingerprint after three attempts will prompt the app to ask for a passcode as per usual.
Is it Too Risky?
Many critics have argued that fingerprint technology is no substitute for traditional security methods. Security is a major issue for this element of the industry too, as over 12 million banking apps have been downloaded in Britain to this date. It is believed that over half of all bank customers use online banking, with over 5 million transactions carried out every single day.
Time will tell if the security of fingerprint technology is to be questioned more seriously. For now though it seems like a breakthrough in innovation and a convenient method of access for those wanting to manage their finances on the move. It’s certainly a revolution in the world of banking, and it won’t be long until alternative finance methods introduce improved accessibility to coincide with increased demand.
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