Hong Leong Bank (“HLB” or the “Bank”), in-line with its Digitization roadmap has introduced a new, secure and seamless eToken for their Corporate and Small-to-Medium Enterprises (SME) customers. The eToken has authentication technology built in, with additional first-in-market biometric facial recoginition technology for mobile devices which meets strict regulatory security requirements and is in line with global best practices. This latest feature uses facial recognition capabilities to authenticate log-ins and approve payments on Hong Leong ConnectFirst (“HL ConnectFirst”), HLB’s business online banking platform.
With HL ConnectFirst eToken, Corporates and SMEs can now enjoy a hassle-free banking experience, without the need to carry a physical token. The eToken will also be integrated with the upcoming HL ConnectFirst mobile banking application on smartphone, further reducing friction in the process of online transactions and general banking. Corporate and SMEs only need to confirm transactions on a registered mobile device by a “single tap”.
“Guided by our digital at the core strategy, we are committed in developing innovative solutions that are built around the needs and preferences of our customers, making sure that our products and services deliver secure, simple, seamless and straight-through customer experiences. Facial recognition technology has evolved to levels that can provide high accuracy, agility and above all safety to be used in a wide variety of applications. The new HL ConnectFirst eToken exemplifies just that and embodies our pledge to remain steadfast in becoming a valuable partner to our corporate and SMEs customers,” said Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB.
The HL ConnectFirst eToken will be available to all corporate customers in Malaysia starting October 2019. Current users of physical security token will be contacted and offered the option to convert to the eToken over the coming weeks.
In the last financial year, HLB processed more than 27 milllion transactions through its business internet banking platform, with more than eight in ten corporate and SME transactions are done online. The updated eToken will make this entire process much more seamless.
“The key objective of product innovation at HLB is improving the experience, simplifying processes and reducing friction for our customers. The introduction of facial recognition eToken is based on our understanding and insights on customers’ pain points when using a physical dongle and conventional passwords, which can be misplaced or forgotten. With HL ConnectFirst eToken, your smartphone is now your eToken with biometric authentication that provides enhanced cybersecurity on a personal and enterprise levels, enabling you to transact and manage your accounts efficiently, anytime, anywhere,” said Yow Kuan Tuck, Managing Director, Business Corporate Banking of HLB.