After introducing multi-factor authentication that included QR code and fingerprint biometrics, on its app, the Standard Bank has launched a new segment in its digital banking security.
To create a safe and secure banking experience on a mobile device, Dubbed DigiMe, the new security layer has come up with the brand new biometric and facial recognition software, combined with multi-factor authentication.
The Department of Home Affairs and provider of remote biometric identity authentication, iiDentifii, has already started working with Standard Bank to bring its mobile banking security offering to the market.
Andrew van der Hoven, Head of Digital Banking at Standard Bank, stated that the security on banking platforms is being enhanced so that the bank’s new security layer is meant to give consumers the power over their banking profile.
It is basic for Standard Bank to be one stage ahead in the race to give sheltered and secure computerized banking. This implies executing frameworks and controls that stay aware of the advancement of client inclinations and digital dangers.
Standard Bank has seen huge gains in its computerized financial stages, demonstrating its clients progressively lean toward advanced channels over conventional channels. A year ago, the enormous big-four banks said that the business saw solid advanced volume development across Instant Money, the SBG portable application, and value-added services, as well as card-based transactions.
Van der Hoven stated that initially, banks operated at a standard time that is, from 9 am to 3.30 pm. But in recent years, transactions have become a 24-hour activity that consumers conduct on their mobile phones. Thus, it is important to make sure that functionality should be flexible and secure.
Initiated from 12 February, this 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 start the process of activating the DigiMe strong authentication.
Certain steps need to be followed to set up facial recognition. The following are the requirements: an official identification document, passport, or smart ID, and a selfie.
Van der Hoven also mentioned that sooner or later, the internet banking platform will also be introduced with the new facial recognition solution.
He further concluded, “DigiMe continues an evolving journey to increase the trust our customers have of our digital platforms and provides them with real benefits in the form of increased safety and convenience when they do their banking.”