A private lender ICICI Bank customers are no longer required to memorise their internet banking log-in password. They just need to log in with their registered mobile number and then the bank will send a one-time password (OTP). The customer then needs to enter their debit card PIN along with the OTP to access their internet banking.
The facility is being touted as the first by any private banks in India. It will benefit those who have difficulties in remembering their internet banking login ID and password. ICICI bank maintains that the OTP-based login facility is as secure and robust as the traditional method of logging in, as it involves the same two-factor authentication process.
Traditionally, the login procedure asked users to enter their ‘user-name’, ‘password’, along with captcha. Almost every banks ask their users to enter the password, which has a minimum of eight characters, with at least one number, one alphabet, and one special character. Other banks, such as SBI, HDFC, still follow the traditional method of internet banking login.
On the initiative, the spokesperson of ICICI bank, said, “Our endeavour to offer this service began with the belief that further simplifying the internet banking log-in process would enable our customers to avail the internet banking services with more ease, in a few simple steps instantly.