OCBC Bank first to launch biometric authentication for a business banking mobile app
Singapore, 25 April 2016 – OCBC Bank has been at the forefront of digital innovations and making its products and services simple, fast and convenient for business banking customers. Today, we are the first bank to launch a business banking mobile app, the OCBC Business Mobile Banking app, that uses biometric authentication. It enables smartphone users to perform the following tasks at the touch of a finger:
Based on a customer focus group conducted in January 2015, our business customers have indicated that they would like to perform the above three tasks while on the move. They shared that their top priorities are: being in control of their company’s operating cashflow; having the assurance that payments are made and funds received; and getting quick access to the above information. The OCBC Business Mobile Banking app was developed based on these customer insights.
In addition, enquiries relating to the three tasks account for more than 15% of calls made to the Bank’s call centre for businesses, the OCBC Business Banking Commercial Service Centre, in 2015. Between 2013 and 2015, the number of calls enquiring about these same tasks increased by 30%. These are the most common types of calls received.
The new app, featuring OCBC OneTouch™which leverages Apple’s Touch ID technology, will allow Singapore-registered users of the Bank’s business internet banking portal, Velocity@ocbc, to access their account balances and transactional activities using fingerprint recognition. It is a convenient, secure and quick method that does not require them to log in to the app using their User IDs and password. There are over 120,000 customers who will benefit from this app, anytime and anywhere, even when they are overseas.
Said Mr Gregory Trotter, Head of Cash Management, Global Transaction Banking, OCBC Bank: "We are very excited with the launch of the OCBC Business Mobile Banking app. In this increasingly fast-paced business world, people are always on the move and they want immediate access to information, and that is why the mobile phone has become an indispensable gadget for business owners. With banking information at their fingertips, this new OCBC app will empower business owners to make decisions on the go."
Mobile phone users in Singapore are increasingly using their smartphones to obtain information. According to the Infocomm Development Authority of Singapore (IDA), mobile data usage in Singapore has doubled over the short span of just over three years, from a monthly average of 5.33 petabytes1 in the second quarter of 2012 to 10.68 petabytes in the fourth quarter of 2015.
Added Mr Trotter: "Our studies have shown a 30% increase in the number of calls from customers enquiring about their business account information in the last three years. The need to know their account balances and status of incoming and outgoing funds are clearly critical for business owners to effectively manage their day-to-day operations. Understanding this need, we developed this app to provide control, assurance and accessibility to our customers, which fits their business requirements as well."
OCBC OneTouch™ is available on Touch ID enabled Apple iPhones, such as iPhone 5s and newer models that run on at least iOS 8 operating system (or later versions).
To get started, customers need to download the OCBC Business Mobile Banking app from the Apple App Store. They will need to perform a one-time activation by keying in their Velocity@ocbc organisation ID, user ID and password, followed by a one-time password (OTP) sent via SMS or security token. Thereafter, within the app, customers need only to place their finger on the home button to view their account balances and transactional activities.
The OCBC Business Mobile Banking app is also available for Android phone users on Google Play. Customers using Android phones will need to perform a two-factor authentication (2FA) using their security token or SMS-OTP to log in.
Quote from Velocity@ocbc customer:
Said Ms Fanny See, Chief Marketing Officer and co-founder of Detrack Systems Pte Ltd: "I like the simplicity and convenience that the new OCBC app offers. I can now check my company’s balances and the status of our
payments and receipts – especially business debit card transactions – when I’m on the go. All it takes is the touch of a button and I’m on top of my company’s cashflow."
Detrack Systems is a technology solutions company that developed Detrack – a mobile app-based tracking system for logistics companies.
For more information about the OCBC Business Mobile Banking app, go to: www.ocbc.com/businessmobile.
Check your Account Balances and Latest Transactions with Touch ID Fingerprint
Step 1: Access Touch ID on phone and place finger on home button
Step 2: View your Account Balances and Latest Transactions
1 petabyte = 1,000 terabytes = 1,000,000 gigabytes