As far as I am aware the A7 chip is not a memory (file storage) chip, it's a CPU. So the fingerprint data can't be stored on there. If it was, and you switched your phone off - BOOM you'd loose your fingerprint data!
I guess they are storing the fingerprint data in a secure encrypted space in the main Flash memory which the system limits access too. That said there must be some access as the system and the Apple store seem to be able to communicate with it and if the system can access it...![]()
I plan on watching the keynote again, but I remember them pulling a spot on the A7 where the fingerprint data supposedly resides.
I'm well aware the SoC is not a storage medium.