Another US bank has embraced Touch ID for user login. People’s United Bank users can now log in to their People’s United Bank Mobile App by scanning their fingerprints on their iPhones, the financial services company has announced.
As with so many other financial services organizations that have adopted Touch ID for their mobile apps, People’s United Bank is emphasizing both the convenience and security of the system. In a press release, People’s United Bank CEO Jack Barnes asserted that “Touch ID makes simple inquiries – on consumer balances, accounts, and activity – effortless,” adding that regardless of how customers choose to access their accounts, “security remains our focus.” He went on to explain that account data isn’t stored on the user’s smartphone, and that it is encrypted for transmission. The app does not facilitate transactions, but rather allows customers to view account balances and activity.
In adopting Touch ID login, People’s United Bank joins a long list of financial services organizations that have chosen to take advantage of the password replacement on their mobile devices, with PNC Bank and Bank of America having hopped onboard in the last few weeks alone. While there have been concerns about Touch ID’s susceptibility to spoofing, these organizations have evidently determined it’s still more secure than passwords, or at least that its benefits in terms of convenience outweigh its risk factor.