Talking about iris recognition and passwords recently, I got a note from Spanish Bank, Bankinter, which has just launched an app that identifies clients through iris recognition on the phone.
The way it works is that customers access their brokerage accounts by blinking into their smartphone’s camera.
The app has algorithms built-in that look for eye movement, to ensure it's not just some picture of the eye, and there is no need for any additional hardware or external sensors.
The technology is new and was developed for Bankinter by Mobbeel Solutions, a Spanish start-up based in Caceres, Extremadura, Spain.
Today, it works with just the iPhone4 – over half (55%) of Bankinter’s customers have an iPhone – but could be extended to Android in the future.
Bankinter is also thinking about using this as an authentication mechanism for other remote channels, such as ATMs, internet and mobile banking.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...