02 August 2012 6:53am
The drive for speed and convenience in retail banking is changing the way financial institutions manage security. National Australia Bank, which is promoting faster log-ins as part of its new Windows Phone mobile banking application, requires only a four-digit PIN for access.
NAB has a four digit log-in called passcode which mobile users can choose, instead of entering the user name and password they would normally use for an internet banking session.
ANZís goMoney and Commonwealth Bankís Kaching have similar features.
NABís general manager for digital, Chris Smith, said a passcode reduces log-in time from around 20 seconds to just four.
Smith said NABís research showed that customers often used mobile banking services when they were engaged in some other activity. For example, people often check their accounts or pay bills in the evening while they watch television.
They want to get in and out of their account quickly, and a passcode helps them do that.
Smith said NAB managed security by only allowing a passcode to be set up on one device. The PIN is mobile-specific.
"We think it is more secure because there is a one-to-one relationship between the customer and the device," he said.
NAB first offered a passcode in March, when it upgraded its iPhone and Android apps. About 50 per cent of customers use it in preference to logging in with a customer name and password.