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People’s Choice Credit Union, with 345,000 members across Australia, launched the app with the aim of simplifying the user experience of mobile banking, given its claim that people need to remember an average of 10 pins a day.
Commenting on the new technology, People’s Choice Credit Union spokesman Stuart Symons said: “A PIN can be lost, forgotten or stolen, so a fingerprint is a much more secure form of identification and it’s pretty convenient as well – always there at the tip of your finger.”
People’s Choice is confident members will embrace the cutting-edge technology, especially given it increases security and cannot be stolen or forged.
Researchers across the world are working on developing reliable technology that will recognise a range of unique human qualities such as scanning finger veins, facial recognition, behaviour–based identification, iris and retinal scans and even monitoring the electrical activity of the heart.
“[We are] proud that People’s Choice is right there in the first wave of financial institutions introducing this technology,” Mr Symons said.
“It really is only the start. Biometric authentication is certainly the way of the future.”
The credit union also recently released new Android apps, and has updated their website and introduced Pay Tag and redi2PAY. The changes to its internet and mobile banking are aimed at making it easier for customers to check balances, view their transaction history, transfer funds, use BPAY and locate their nearest branch/ATM.
“This sort of technology is becoming an indispensable part of our everyday lives and at People’s Choice we believe it is important that our members keep their finger on the pulse of the latest trends in banking and technology,” Mr Symons said.
Last year, Westpac/St. George were the first Australian banks to introduce TouchID to their mobile banking apps on the iPhone 5s, iPhone 6 and iPhone 6 Plus – enabling customers to access their banking without having to remember a myriad of pins.
Out of the remaining big four, CBA and ANZ have unveiled plans to make the technology available to consumers. NAB has previously said it does not currently have any developments involving touch technology.