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The Biometrics Market Is Expected to Reach a Value of $30 Bn by 2021

Biometrics are gaining more and more popularity in the financial services industry worldwide. The technology is claimed to be the most convenient method as users don’t have to remember the numbers, codes or passwords.

Seeking to leverage the technology, a range of banks have turned to testing biometrics on limited audiences/particular markets. It may not take long till the industry makes biometric authentication a mainstream and ditches passwords once and forever.

Just couple days ago, two banks DBS and OCBC, revealed that voice biometrics will become available to retail customers in the second half of this year, in a bid to cut down the length of time that clients spend on calls. Using voice biometrics, DBS and OCBC say that customers can be verified in 15 seconds or less as they speak to customer service officers

OCBC launched its voice biometrics service to a number of retail customers in September 2015, while speech recognition technology was rolled out for all clients in April 2016. Meanwhile, DBS said that voice recognition service will be available at its customer centers by the end of 2016.

Financial institutions,

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