The newest iPhone's technology is good news for banking (Source: Getty)
Following months of speculation, token leaks and various rumours, the day many of us have been waiting for has arrived. Tonight, the newest iPhone is due to be unveiled at the Apple launch event.
However, this isn't just significant for Apple fans. This is also an important time for the financial services industry and banks should take note.
Improvements in smartphone technology have historically presented significant opportunities for the banking industry – indeed, several providers have been busy exploiting the most recent developments, exploring how they might be used to improve the process of mobile banking for customers.
Read more: What to expect when you're expecting the iPhone 6s
In February this year, for example, RBS and Natwest became the first major banks to introduce Touch ID as an authentication mechanism for their banking apps. Other providers soon followed the trend, and to great effect: our recent research has found that a third (33 per cent) of consumers say they use mobile banking more now that Touch ID has been introduced.
While Barclays has been taking advantage of optical smartphone technology. It recently introduced optical scanning software, enabling customers to bank their cheques from their smartphones, simply by taking a photograph of them. As a result of this introduction, they were hailed as industry leaders.
So what can we expect from the much anticipated new iPhone 6s? And how might banking providers be able to take advantage of its new components to transform mobile banking for their customers?
According to recent reports, the standout features will be a new Force Touch display and significantly improved Touch ID capabilities.
This is good news since the integration of Touch ID is fast becoming a deal-breaker for banking customers, given the safety benefits of biometric security and the speed and convenience of not having to recall elaborate passwords.
Our recent research shows that eight in ten people are ready to ditch their passwords in favour of biometric security measures. Plus, 40 per cent of consumers say they would even consider switching banks to have access to a fingerprint scanner on their mobile banking app. If the new iPhone does feature an improved Touch ID, the opportunity for banks to further improve the authentication process, making it easier and safer than ever before, is clear.
Read more: How and where to watch the Apple launch
Depending on how it is integrated, it is possible we may see a similar consumer demand as Force Touch is introduced. Since the feature enables users to interact with an app by combining the usual touch gestures with pressure, there is an opportunity for banks to streamline the content of their apps (for example) and revolutionise the way customers interact with them: windows might be scrolled through at different speeds depending on the pressure applied on the screen, or varying degrees of pressure might trigger different functions.
However software developers choose to integrate the feature, Force Touch - through its ability to streamline the customer journey and offer added convenience - is sure to benefit mobile banking.
Banks have been taking advantage of the increasingly advanced technology presented by the launch of the iPhone 5s and the iPhone 6 to make mobile banking safer, easier to use and more convenient than ever before. As a result, more customers than ever now use mobile banking as the primary way to manage their finances.
Tonight's launch is likely to be a pivotal time for financial services providers, and it will be exciting to see what they will do to push the new features to their limit. Banking software developers would be well advised to take note and be mindful of how the sector could benefit from the innovations that may become available.
Source: Apple iPhone 6s and 7 release date 2015: What the launch means for banking and the financial services industry with "3D" Force Touch
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