Online Banking now requiring apps on smartphones - security/restrictions/useability

KingL2

One of my banks (cynergy) is forcibly introducing a smartphone app to verify your identity before being able to use their online banking.

I have a smartphone (android7), but don't particularly want to use it for online banking/security (does anybody remember computers?), but it seems that the end is nigh and I'll have to get smartfone banking apps.

Which brings up a couple of questions:

1) the main one is 'are the login/identity credentials of the banking app tied-into/verified against the userid of the phone handset'?. That is, if my google id on the android phone itself is SodOffGoogle, will that cause the banking app to baulk, because it isn't my real name.  Or is it the same as with a PC/browser (one identity for the login to the PC then 'key in what you like' into the browser.

2) Are banking apps tied to the Android OS version number?  If I have (had) Android version 4, would banking apps refuse to play-ball with it, like they do with old versions of browsers on a pc? How far back can/do they go?  I've only had two smartphones, but neither has let me update the OS.

3) Presumably, you have to key in a user id to login to online banking.  I don't like the idea of having the app remember my login id.  Is there an Android password manager, which is secure (encrypted) like, say veracrypt? 

4) How do they do dual-factor identification on smartphone apps?  i.e. Currently, if I use online banking on a PC, they will often text me a temporary password. But if both the banking and the phone is to be on the same device (Smartphone), then surely that is less secure than the old setup? 

5) Anything else I should know about useability/security before finally taking the jump into smartphone apps for banking?

I'm mainly thinking of existing (high streety) banks that have had regular (browser based) online banking for years, rather than Smartfone only Starling-alikes.

ta

I have (a) Android 7, and (b) lots of bank accounts with lots of passwords,

ZeroSum

There are a number of apps that don't work on older operating systems.

I've just upgraded from Android 5, & Natwest, Tesco Bank & British Gas didn't work. 

tempus_fugit

You should probably get a password manager like 1Password or Lastpass or something else to manage your passwords. Most of these work on Android, iOS, Windows, Mac etc.

oli356

1) No your Google account shouldn't have anything to do with it. For Natwest I believe they used your mobile number at times, but not email. 
2) older operating systems are less secure and therefore you might have to upgrade, the same applies for any app though, not just banking ones. Likewise you can be forced to update banking apps to the latest version otherwise they will stop working (after weeks / months of warning prior)
3) If depends.. Most use fingerprint id if you have it, alternatively a pin number. But I've not come across an app yet that forgets your login ID, you are only promoted for the password/pin
4) None of my banking apps have any 2 factor authentication, fingerprint to login to Monzo, hsbc, nationwide, starling, Natwest. All just use pin otherwise but no text message. I'm not worried about the security of them and 99% of my banking is done on phone.
5) It's so much more convenient, so just do it if you are a bit concerned then some people would say only use them whilst on your home WiFi and not public WiFi or mobile data.. Personally I use it on any. 

blakemansarah

Makes sense