Emoji’s Debut Into Finance

Surprised EmojiUp until now you must have thought emoji’s are only meant to express emotions on Social Media or to chat with your friends, but you’re wrong. In the U.K,  a British technology firm called Intelligent Environments  created the world’s first emoji-only pass code, which means a pass code for bank transactions made out of emoji’s and not those boring old numbers! 

Here’s the full story:

Who started this?

On June 15th 2015, world’s first emoji-only pass code was launched by Intelligent Intelligent EnviornmentsEnvironment (London) for logging into banking applications.

They have claimed that its Emoji Passcode service is more secure because there are more potential combinations of the selected emojis than there are of the numbers 0-9.

quotation-02Why can’t financial service be fun and innovative?quotation-01

-David Webber, Managing Director of Intelligent Environments.

What exactly is it?

Intelligent Environments’ ‘Emoji Passcode’ enables consumers to log into their banks using four emoji characters, instead of traditional number PINs or pass codes.  The emoji’s are not the standard ones which you see on your phone. Instead, they have come up with their own emojis. This is intentional because so many emojis are similar with only small differences, which can make the selections more tricky.

What was so wrong with the good old numerical PIN and Pass codes?

The software created by Intelligent Environment gives a choice of 44 limited emojis only. It might not sound like a lot but after doing the math  we can get “3,498,308 million” permutations whereas in case of traditional numerical pass codes made from 0-9 numbers we get only 7,290 unique permutations which is easily hack-able. 

Why is this Emoji PIN/Passcode better?

Lock Emoji thumbs-up1. It is more secure:

  • Colourful emoji  would make online banking more secure because they will stop hackers from identifying common pin numbers such as birthdays, anniversaries etc. 
  • Unlike the text messages, the most frequently used emoji won’t be saved, because they will type it on specially designed keypad, meaning that the hackers won’t be able to guess pass codes from user’s history either. 

Yay Emoji2. It is easy to remember:

The idea given by this company is really thoughtful because research shows that people find it so much easier to remember stories and pictures than numbers and words.

see-no-evil-monkey3. People forget numerical pass codes easily and keep the same pass code for all cards:

Intelligent Environments launched the feature in response to research that said Britishers find it hard to remember numerical passcodes. A survey showed that over 1,300 respondents in the UK, have forgotten their PINs before. While one in four respondents said they used the same PIN for all their cards.

Thumbs Up rise-and-shine Heart-eyes-emoji4. It is ‘Trending’:

Most of the younger generation (‘millennials’ as they are famously referred to) prefer communicating in emoji’s and this encouraged Intelligent Environment to come up with such a system that would appeal to millennials and make banking fun and easy for them.

Realizing the potential of emojis in banking, few digital banks in UK have already expressed an interest in Emoji Passcode service offered by this company. 

Crying emojisee-no-evil-monkey But there might be a few glitches in this Expressive Plan:

  • Older generation might face difficulties with this new form of authentication, as they might find emojis difficult to remember and use.
  • In spite of the emoji pass code being more secure than numbers, stronger forms of verification such as “Two Factor Authentication” method, (which is an extra layer of security), will still be required to protect sensitive information such as banking logins.
  • There isn’t still any valid proof or formal study about how secure these emoji pass codes can be and only after that will banks start implementing this technology.

Emoji’s may not be used as pass codes YET, but they are used by banks for other Twitterreasons:

A lot of banks are coming up with chatbots which are just like the Siri on your iPhone. You can ask this chatbot anything relating to your banking account and it will answer it. It is like having a one-on-one interaction  and you can speak to them in Emoji’s and Gifs!

One such chatbot has been created by Capital One. It is called as Eno: An app that communicates to customers through text messages about their bank account and can understand emojis. For example, if a user sends a cash bag emoji, it will send additional information about the user’s account.


Guess The Bank Names With These Emojis (2).jpg

Take the above quiz and challenge your friends too. Share your scores at @MissManage.face-with-stuck-out-tongue-and-winking-eye That was all about the Emoji’s entry into the ‘Finance World’. If you still have any questions comment and let us know, in Emojis!


One thought on “Emoji’s Debut Into Finance

  1. Pingback: Max Your Tax Game

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