The digital revolution is transforming the banking industry, prompting banks to invest heavily in providing the real-time solutions that customers want. As customer needs and expectations evolve, so too do considerations like security, privacy and trust weigh heavily on banks when rolling out services aimed at convenience. Digital safety is a partnership between clients and a bank.
A new initiative, DigiMe, has been launched by Standard Bank as an innovative solution designed to empower customers with control over their APP banking activities. DigiMe makes use of the latest biometric and facial recognition software, combined with multi-factor authentication to create a safe and secure banking experience on a mobile device.
DigiMe recognises the critical need to keep digital services secure, with the strengthened authentication process available on the mobile app. DigiMe is designed to further protect digital profiles by utilising a picture of an identity document, a selfie, fingerprint or unique Appcode.
Strong authentication is the improved method of authenticating Standard Bank customers by using two or more factors to authenticate the identity of an individual. This is achieved by using a combination of something you know (pin), something you are (fingerprint or facial biometric) and something you have (smart device or bank card).
The new security feature can be activated via the Standard Bank mobile app on the user’s profile where they can select the ‘link and secure your profile’ feature. This prompts users to begin the process to activate the DigiMe strong authentication. It is a simple set of steps that requires an official identification document and a selfie to set up the facial recognition.
“It is critical for the Standard Bank to be one step ahead in the race to provide safe and secure digital banking. This means implementing systems and controls that keep up with the evolution of customer preferences and cyber risks,” says Andrew van der Hoven Head of Digital Banking at Standard Bank.
Van der Hoven explains that in providing the DigiMe solution Standard Bank customers will, over time, benefit due to the DigiMe authenticators being utilized for banking transactions. He continues “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.”