Bank of New Zealand has incorporated secure two factor authentication into mobile phone apps for its internet banking customers, effectively cutting one step required to log on to its mobile banking.
The application “turns smartphones into a security device”, says Paul Bartlett, BNZ project manager www, mobile and online.
Bartlett says BNZ is the first local bank to deploy the MobileNetGuard developed from technology provided by Entrust. It will be available for users of the bank’s mobile apps for iPhone and Android.
Bartlett says the system was developed by the bank’s Wellington-based team following feedback from customers on social media and focus groups who expressed a desire for a mobile banking app that was more convenient to use.
MobileNetGuard replaces the NetGuard cards previously used to provide two factor authentication when logging in to BNZ mobile banking.
Asked what worked well in the project, Bartlett says having a cross functional team was critical. The team is made up of developers who specialise in apps, testers, business analysts and designers who are part of BNZ Online.
“We can maintain and grow our skill sets and we can listen to our customers and make proper changes within the environment quickly,” he says.
Nick Fantham, BNZ Online Service manager, says the team used an agile development process, “so we are quite nimble”.
Each customer is given one Mobile NetGuard. The customer only has to enter their password to log in via their iPhone and Android apps. NetGuard generates a unique security code for each and every session without affecting the user experience.
BNZ started an iPhone app in July 2011, and estimates 20 percent of its internet banking customers use mobile banking, representing a 300 percent growth in mobile banking in the past nine months.