BPI to explore moving away from OTPs, eyes biometric authentication for enhanced security

By TechWatch PH Staff

The Bank of the Philippine Islands (BPI) is set to explore moving away from one-time passwords (OTPs) as it studies the use of more advanced and secure authentication methods such as biometrics

Speaking on the sidelines of the Cybersecurity Media Roundtable hosted by BPI with the theme “Securing the Future with AI and Next Generation of Cybersecurity,” BPI Chief Technology Officer, Alex Seminiano said the bank aims to strengthen digital security while keeping services accessible to all customers.

“Unfortunately right now, given the infrastructure in banking, a lot of people are still relying on OTP as an authentication. But we plan to move away from that one,” Seminiano said.

He added that BPI is working closely with the government to explore the integration of biometric verification through the national ID system.

“That is also why we are working closely also with the government for the national ID trying to see if we can use biometric. So all of those are actually technology that the industry is exploring and discussing within the banking 9industry). How to make it more secure,” he said.

Seminiano emphasized that while adopting new authentication technologies is a priority, the bank also considers the need to balance convenience and inclusivity.

“The only reason why we have not yet made a policy to use all of those third party authentication is simply because we are trying to also balance the convenience. Because remember, we serve a full spectrum of our customers. So not all customers have access to those things,” he said.

He noted that BPI continues to study options that ensure both security and accessibility.

“We need to be able to work both mobile and the web. But there are also some people suggesting that maybe we don’t need the web. We just go for the app. But that will disenfranchise our business. And disenfranchise a lot of our customers who are used to using the web. So it’s a balance. Simply because we are serving a different spectrum of customers.”

BPI’s exploration of biometric authentication reflects the banking industry’s forward-looking approach to building safer, smarter, and more inclusive digital experiences for all users.