We’re incorporating new technology to make banking even easier for you in 2016
As the scope of technology shifts the way society connects with and navigates the ebb and flow of daily life, Arsenal recognizes that we must take the proper steps to ensure that you have the most advanced resources at your fingertips. You asked for them, and you shall receive! This year illustrates our continual pursuit to bring the best in financial technology to the forefront of our member services, giving you everything you need to manage your money in the most innovative and convenient ways.
One of the first steps we took toward improved technology was implementing fingerprint authentication for iPhone/iPad users (October 2015).1 By tapping into the biometric data stored within Apple’s Secure Element, members can employ their fingerprint via Touch ID to authenticate their identity and log into their credit union account. This unique feature grants our members the convenience of bypassing the login screen on our mobile app while maintaining the security our members expect from Arsenal. Fingerprint authentication will arrive on our Android app later this year.
Mobile banking registration
We also introduced mobile banking registration, a feature that allows members to download our mobile banking app and sign up for our mobile financial management services without first registering for an online banking account (October 2015).
Apple Pay®, Android Pay™ and Samsung Pay®
Possibly more exciting than existing features, however, are those that lie upon the horizon. This year, we plan to adopt the industry’s leading mobile payment platforms, including Apple Pay, Android Pay (formerly known as Google Wallet™) and Samsung Pay. These next-generation payment options allow you to securely purchase items by “bumping” an applicable smartphone2 at the checkout terminals of participating retailers; simply look for these stickers to know if your method of mobile payment is accepted.
Why would you rather use a mobile payment solution to buy an item than your Arsenal Visa® credit/debit card or cash? Quite simply: convenience and security!
FACT: A large number of shoppers are already holding their smartphones in their hands before ever stepping into a retail store. Maybe you jotted down a quick list of groceries you want to pick up after work, you’re searching for a laundry detergent coupon in your favorite shopping app, or maybe you need to call your loved one at home to see if you need to grab another gallon of milk. Instead of fumbling through a pocket or purse for your credit card, why not just use the phone that’s already in your hands? Holding your phone over an applicable terminal and using your fingerprint to authenticate your purchase takes only one hand and two seconds to complete. That’s right, you don’t need to sign your name or enter a PIN because your unique fingerprint tells the payment terminal that you are the person holding your phone when the payment occurs.
But how are mobile payments more secure? Glad you asked!
FACT: When you use Apple Pay, Android Pay or Samsung Pay to make a purchase, the merchant’s terminal never sees your personal information. This means your name, card number, CVV number and even the expiration date on your card stays within the securely encrypted confines of your phone’s processing chip. This feat is accomplished thanks to tokenization, a process that issues a unique, one-time code that temporarily allows payment to be exchanged between a smartphone and a terminal before expiring.
Remote deposit capture
Aside from these major developments, Arsenal’s official mobile banking app will also receive several other features that may help you manage your finances. For instance, remote deposit capture is a solution that helps you spend less time inside your nearest branch by enabling you to deposit a check into your account simply by taking a photo of your check.3
Electronic address updates
We will also deploy electronic address updates, which will allow a member to manually change his or her address (instead of calling or coming in to a branch) if he/she decides to move.
1Fingerprint authentication (aka Touch ID) requires an iPhone 5S and higher or iPad Air 2 and higher. 2A smartphone with a Near Field Communication (NFC) chip is required to utilize mobile payments. 3A hold may be placed on the check before the deposited amount reaches your account.
Member’s Edge by Arsenal Credit Union is an independent publication and has not been authorized, sponsored, or otherwise approved by Apple Inc.