Singaporeans Want Biometric Authentication Technology in Their Banking System

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A recent study on biometric authentication for payments shows that 97% of Singaporeans are interested in biometric authentication technology to verify their identity and 96% are interested in making payments via this technology. They believe that using a biometric system is faster, easier and, more importantly, it is a secured way of performing transactions.

More than half of the respondents already experienced biometric authentication technology including fingerprint recognition (88%), facial recognition (56%), iris scanning (50%) and voice recognition (49%).

Among all of these biometric modalities, fingerprint recognition is the most popular solution to Singaporeans, as 51% of them use this technology regularly.

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A key person of this survey said that,

“Singaporeans are early adopters of technology and many of them already have experience with biometrics authentication. With the proliferation of biometric authentication solutions used by mobile providers and banks, Singaporeans recognize the value these new technologies bring to their everyday lives. As the country continues its Smart Nation journey, we believe more people will start to adopt biometric authentication.”

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The survey also says that one in five Singaporeans uses fingerprint authentication or facial recognition by banks or mobile phone providers.

There are still a few people who haven’t experienced biometric modalities, but 91% of them are hopeful that they will use this technology in the near future from their banks.

55% of respondents also stated that by using biometric technology, the need to memorize complex passwords and PINs for their accounts is gone for good.  41% of them believe that biometric technology is more secure than other traditional securities like passwords and PINs.

So far, fingerprint recognition is the most popular biometric modality for online payment and in-store purchases to the Singaporeans. Apart from fingerprint recognition, they prefer eye scanning and facial recognition too for banking purposes.

Source:fintechnews.sg

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Mehedi Hassan

Digital Marketing Executive at M2SYS Technology
Bangladesh
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Mehedi Hassan