First Internet Bank, America’s first FDIC-insured, state-chartered solely digital financial institution, has announced Touch ID functionality for its mobile app. Customers who use iPhones will now be able to log in using only their fingerprints; it is a complete password replacement.
In a statement announcing the development, First Internet Bank CEO David Becker emphasized the technological advancement of the new login system and the convenience it will offer to the bank’s customers. “First Internet Bank is a pioneer in digital banking, with a history of delivering innovative, customer-oriented banking services,” he said. He added that with its “speed and ease-of-use, Touch ID demonstrates our continued commitment to applying technology and practical design to meet our customers’ needs.”
The company says that it plans to extend the Touch ID login functionality to its iPad apps.
While Apple’s mobile fingerprint-scanning system has been criticized by some for its susceptibility to spoofing, financial services institutions are increasingly adopting it as a password replacement, or as an extra layer of security. And given that so many iPhone users are evidently comfortable using the system to authenticate payments via the Apple Pay mPayment platform, it seems a natural step forward for an online bank to embrace it too. It’s still much more secure than a password.