The app leverages on Apple's Touch ID technology to create a fingerprint recognition system that allows customers to make basic banking simpler and more accessible by eliminating the need to remember and repeatedly enter authentication details for the most common transaction -- checking account balances.

According to OCBC Bank's Head of E-Business Mr. Roy Heong, checking balances accounts for more than half of all online transactions.

"With the majority of mobile banking transactions revolving round checking of account balances, we view the introduction of OCBC OneTouch as key to meeting a significant need of customers in today's digitally-driven environment. OCBC OneTouch represents another massive stride forward in the journey toward greater convenience and security, two key elements that are sometimes on opposite ends of the spectrum, but both of which customers today demand in order to keep up to date with their finances," he said.

To get started, customers need to perform a one-time activation by keying in their OCBC Mobile Banking login ID and password. Thereafter, within the Mobile Banking app, customers need only to place their finger on the home button in order to view their account balances.

All account numbers are partially masked with only the last 4 digits revealed. The Bank does not store any account information such as numbers, balances and other related information on the phone. Should any customer wish to perform banking transactions other than a balance enquiry, they have the option of logging into Mobile Banking using their login ID and password.

OCBC OneTouch is available on iOS devices that incorporate Apple's Touch ID fingerprint sensors. These include iPhone 5S, iPhone 6, and iPhone 6Plus with the iOS 8 operating system.

The latest in a series of digital innovations, OCBC OneTouch was already in the works when OCBC Bank first launched its mobile banking app over the iOS & Android platforms in 2015. This was accompanied by OCBC Money Insights, a personal finance manager tool that enables customers to easily monitor expenses, set budgets and save towards their goals.