Norwegian bank Sparebanken Vest has revealed one in every ten of its online customers are now using its mobile banking application, following its launch on 4 October, with more than 500 new registrants joining every day. Sparebanken Vest uses Encap’s Software-as-a-Service (SaaS) two-factor security authentication tool for its mobile banking app, which delivers a simple and easy registration and login process, aiding uptake along wide the convenience factor of being able to bank on the move.
Sparebanken Vest’s mobile banking app allows its 250,000 retail customers to access balance enquiries, transfer money between accounts, make payments, and track bill due dates. The app, available for both iOS and Android platforms, was created by Sparebanken Vest to provide its customers with mobile banking services on the move. Working with Encap’s partner, Evry, Sparebanken Vest fully integrated the Encap access security solution into the mobile banking app to deliver the best user experience possible.
The mobile banking app uses two-factor security, which combines ‘something you know’ and ‘something you have’ to authenticate users. For the Norwegian bank customers Encap’s patented technology effectively ‘fingerprints’ a user smartphone or tablet via the IP and lets the user select a PIN. The Encap software is integrated into the mobile banking app to allow a seamless and intuitive user experience and remove context switches that obstruct use and adoption. The result is a secure login process that is just as easy to use as a typical one-factor process, but without the need for tokens or using the SIM.
“Mobile will very soon overtake online as the primary channel for interactions with the bank for our customers,” said Jan Erik Kjerpeseth, deputy managing director at Sparebanken Vest. “In just over two months after launch, registration of our mobile app has been extraordinary, with about 500 to 600 new registrations every day. We have received lots of positive feedback on our choice of login solution, and our customers are delighted that we have chosen to move away from existing solutions based on [cumbersome] tokens.”