St George bank is set to utilise fingerprint recognition software on the iPhone S5 to bring quick and secure banking to mobile customers.
Known as Touch ID, the biometric log-in will be the first of its kind for mobile banking in Australia, and will be rolled out for use on the iPhone 5S from September. Westpac customers will be able to use the feature shortly after this, with Android compatibility for the Samsung Galaxy S5 set to follow "in the coming months".
After the bank completes the final stages of testing this month, St George customers will be able to choose an option on the home screen of the St George mobile banking app to securely log in to internet banking using Touch ID. Alternatively, there will still be an option to log in with a conventional text password.
The bank says it has seen a 350 percent increase in the number of customers banking on their mobiles since the launch of the St George mobile app in 2009. St George CEO George Frazis said the launch of Touch ID was just the next step in the bank's adoption of new technologies to make banking easier.
"This initiative follows a number of advancements in technology led by St George, including the launch of mobile banking on smartwatches earlier this year and the development of a banking application for Google Glass, which will be ready when the glasses are launched," he said.
"We're excited to be at the forefront of innovation."
To take advantage of the fingerprint swipe access on iPhone, customers will need to download the new St George banking app after the launch of iOS8 in September.