OCBC Bank replaces hardware tokens with digital feature on app, aims to save SG$25m

OCBC Bank has rolled out a digital security token, OCBC OneToken, on its mobile banking app for secure and convenient digital banking. This will be replacing all hardware security tokens for customers.Integrated for use with biometric authentication or access code and PIN, OCBC OneToken offers customers access to all digital banking services on-the-go and on their desktop, eliminating the need for SMS one-time passwords (OTP) or hardware tokens. Available to OCBC Singapore customers since January 2019, this service will now be open to OCBC Malaysia customers from March 2019.Customers will be able to perform digital banking services from basic services such as viewing bank accounts, to making payments and transfers, and even high-risk transactions such as adding payees and updating personal details. The digital security token automatically authenticates transactions on the OCBC mobile banking app, and allows customers to approve transactions on their registered mobile phone when banking on other devices.According to data from OCBC, since its launch in Singapore, more than one in four digital customers have activated the digital security token on their mobile devices, while over two million transactions have been performed and authenticated with OCBC OneToken. In addition, OCBC Bank aims to save SG$25 million in five years by reducing SMS OTPs and eliminating the issuance of hardware tokens.Aditya Gupta, head e-business, Singapore & Malaysia, OCBC Bank said that the move towards digital security tokens will allow its customers to ditch their hardware tokens and bank seamlessly and securely with the bank."Everyone has their mobile device with them almost all the time, so having OCBC OneToken on their mobile makes digital banking totally friction-less – no SMS OTPs, no hardware tokens, no passwords needed for authentication. We are excited about the positive initial customer response, and are confident that a majority of our digital consumers will embrace this,” he added.