Biometric Banking on the Rise Thanks to COVID-19: Citibank Taiwan

In acknowledgement of the way the COVID-19 pandemic has changed the needs of its corporate customers, Taiwan’s Citibank Taiwan Ltd. has highlighted the growing popularity of its own online banking app that allows its corporate customers to do more of their banking online using secure biometric authentication for added security.

According to a recent report from Taipei Times, the CitiDirect BE app allows corporate Citibank customers to authenticate their identity using their existing dynamic password card already tied to their account, along with the addition of biometric authentication using fingerprint or facial recognition.

“Since the local COVID-19 outbreak intensified in mid-May and after the government issued a level 3 alert nationwide, many corporate customers have begun to implement work-at-home programs or divide people into different groups to work, while their transaction patterns and fund management has also changed,” said William Mor, head of Treasury and Trade Solutions at Citibank Taiwan.

Social and physical distancing measures implemented throughout the world have driven online traffic for everything from work to school to shopping. The financial services sector has seen some of the greatest demand for remote authentication options, with biometrics emerging as the safe and secure choice of a number of experts.

Corporate Citibank customers can use the CitiDirect app to complete tasks such as authorizing payments, checking their account balances and cash positions, and managing users. The new biometric features are also available through Citibank’s desktop portal as well.

“We see the demand for digital financial solutions from corporate customers, and the proportion of those using CitiDirect BE mobile online banking is rapidly increasing,” said Mor. “Whether it is using a smartphone, tablet or a PC, the number of people logging on to CitiDirect BE using biometrics showed a significant increase in May compared with April, and we expect a more dramatic increase in June,” he added.

Source: Taipei Times

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(Originally posted on Mobile ID World)