A new study shows that Singapore is the global leader in adopting fingerprint biometrics and voice recognition technologies in the financial sector. They are adopting these technologies to authenticate customers’ identity. Singapore is adopting biometric technology faster than any other country in the world.
The study is based on the report of 315 financial companies based in countries like Singapore, China, the UK, and the US.
Singapore sits in the top position of fingerprint biometrics with 61% of companies surveyed either using or planning to use fingerprint technology, followed by China at 57%, Australia 50%, the UK 40%, and the US 37%.
Singapore also gets the top spot of adopting voice recognition with 56% of the people surveyed said they are planning on using voice recognition. Other countries of notice were Australia at 56%, China at 49%, the US at 49%, and the UK at 33%.
Singapore placed second to Australia in terms of facial recognition adoption.
Around 89% of Singaporean companies are seriously concerned about customer identification.
Most of the people surveyed think that the lack of a comprehensive data management strategy to make a single view of the customers is the reason for their concern. The insufficient integration of business applications and tech platforms is also a barrier in their opinion.
However, the study clearly showed that the acceptability of customer identification is getting popular throughout the world. People are concerned about their financial identity like never before. It is safe to say that with time, more countries will join in this list with the adoption of biometrics.
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News Source: Business Insider