Bank of America has expressed interest in tapping emerging capabilities such as Touch ID in future iterations of its mobile app, which was updated last week.

Allowing an Apple authentication system inside the walled garden of a mobile banking app would be a major development.

The Charlotte, N.C.-based bank released a significant update to both iOS and Android platforms last week.

At its WorldWide Developer Conference this week, Apple announced the addition of third-party integration with Touch ID, Apple’s fingerprint recognition technology embedded into the iPhone 5S’s home button. It seems likely that, for the near future, all new touch-based Apple devices will include this fingerprint sensor.

Hari Gopalkrishnan, Bank of America’s e-commerce, architecture & segments technology executive, spoke to Bank Innovation today, and when asked whether or not BofA had any interest in Touch ID, he answered:

Authentication is something that’s very important to us, as you can see by the way we’ve integrated two-factor authentication within our app. Absolutely, we recognize that there are different ways you can authenticate and we’ve done that using tiered authentication [when the app asks for more personal information when dealing with higher-risk transactions]. And of course there are interesting new innovations that will allow us to integrate new technology, depending on our customers and if it’ll best suit their needs.

Letting apps use Touch ID would add a unique biometric security layer that apps using sensitive personal data haven’t had access too until now. Biometrics are having their moment in the sun with banks in 2014. Back in April, Bank Innovation reported that two major banks are scheduled to unveil audio virtual assistance with voice biometrics.

Bank of America’s latest app update comes with a slew of new features, including a redesigned navigation bar, the ability to replace lost credit or debit cards, order copies of checks, and even manage appointments with your bank that you make in person or over the phone. BofA has worked to make its app a one-stop shop for every banking need the average user can have, and, if a service isn’t offered, Gopalkrishnan said, a customer can use the app to make an appointment with a branch.

The goal of the redesign was to “take the difficult issues, like sorting through transaction information and dealing with losing a card, and make it a lot easier,” Gopalkrishnan said. “We’re not stopping simply at showing basic banking information.” Rick Knafelz, consumer e-commerce, mobile & marketing technology executive, added that “Our mobile app is evolving and we’re constantly making changes based on customer feedback.”

Bank of America and its developers closely followed customer suggestions, including one for requesting more checks, which Gopalkrishnan admitted he was surprised about.

Mobile Growth Strategy
This update is just one step in Bank of America’s mobile growth strategy. BofA has a number of apps focused on different areas of its business — from retail banking to capital markets and more. These apps all have “differentiated experience based on different lines of business,” as Gopalkrishnan put it, but the development team is focused on finding commonalities between the apps.

Gopalkrishnan says that there are two reasons for BofA’s steady mobile growth: First, users are growing more comfortable with the mobile platform and the concept of mobile banking in general, and second, the bank has enabled “more value-added transactions,” like replacing lost or damaged cards. If the mobile app works when it really needs to — such as when a customer is stranded without a debit card in a foreign country — Gopalkrishnan argues that users will keep using the app and that will create customer loyalty as well.

Bank of America wrote Bank Innovation the following:

We are constantly exploring options to help drive a frictionless user experience and those options include working within established consortiums as well as emerging capabilities such as Touch ID integration. As discussed, customer security is a top priority and thus balancing the above with flexibility around levels of authentication to safeguard access is a key part of our strategy.

Bank of America has 15 million mobile users, up from 12.6 million users a year ago.