Singapore is a global leader in adopting fingerprint biometrics and voice recognition technologies to authenticate a customer’s identity in the financial services sector, found a recent international study.
The study, Leaders in Financial Services are Experts in Customer Identity, was commissioned by global identity data intelligence firm GBG and conducted by research and advisory company Forrester Consulting.
The study surveyed 315 traditional firms, as well as fintechs and challengers in territories like Singapore, China, the UK and the US to examine customer experience maturity.
In terms of fingerprint biometrics, Singapore comes in tops (61%) ahead of China (57%), Australia (50%), the UK (40%) and the US (37%).
Some 56% of Singapore firms also said they have either implemented voice recognition or are planning to do so as compared to Australia (52%), China (49%), the US (49%) and the UK (33%).
The study showed that customer identification is a widespread concern among financial service firms globally.
In Singapore, 89% of firms cited concern in identifying customers.
The top two reasons cited were the lack of a comprehensive data management strategy to create a single view of the customer, and poor integration of business applications and technology platforms which make it difficult to share information.
GBG’s managing director Mr Glenn Porter said: “Although Singapore is leading the way in adopting particular advanced technologies to authenticate customers’ identities, firms need to ensure they are globally competitive and address increasing customer expectations.”
“Many firms will need to look to move away from legacy processes – especially when it comes to customer onboarding – and look to collaborate with partners that can support integration of innovative technologies.”