Johannesburg, 07 Jan 2020
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 working closely with the Department of Home Affairs and the 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 bank, one of the country's big four banks, 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 changed significantly 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 activated via the bank’s mobile app on the user’s profile, where they can select the ‘link and secure your profile’ feature. This prompts users to begin the process to activate the DigiMe strong authentication.
The steps require an official identification document, passport or smart ID, and a selfie to set up the facial recognition.
Van der Hoven added the new facial recognition solution will also come to the bank’s Internet banking platform, but only at a later stage.
“DigiMe continues an evolving journey to increase the trust our customers have in our digital platforms, and provides them with real benefits in the form of increased safety and convenience when they do their banking,” he concluded.
Share