Voice recognition and fingerprints are replacing pin numbers and passwords at Standard Chartered as the UK-listed bank becomes the latest lender to introduce biometric technology.
StanChart, which operates mostly across Asia, the Middle East and Africa, will roll out the new service to some 5m mobile and telephone banking customers this year, allowing them to check bank balances and access investments without needing to remember multiple passwords.
The move comes as many of the world’s biggest banks expand digital investments in order to meet the rising demand for mobile banking, as the number of customers visiting branches declines.
Earlier this month, Barclays announced that all personal phone banking customers in the UK would be able to use their voice as a form of secure ID instead of answering security questions or remembering passwords. HSBC is planning to launch voice recognition and fingerprint ID in the summer while Royal Bank of Scotland is launching artificial intelligence to interact with staff, to help them assist their small business customers.
In Singapore, local banks have gone one step further and are collaborating on a service that will allow customers to make payments using their social media ID and mobile phone numbers instead of account numbers and sort codes.
StanChart’s moves are part of a plan unveiled by chief executive Bill Winters last November to invest $1.5bn in technology over three years and bolster the bank’s retail banking division.
Read More@ http://www.ft.com/cms/s/0/080a7d70-60ad-11e6-ae3f-77baadeb1c93.html#axzz4HetEMMHq
StanChart, which operates mostly across Asia, the Middle East and Africa, will roll out the new service to some 5m mobile and telephone banking customers this year, allowing them to check bank balances and access investments without needing to remember multiple passwords.
The move comes as many of the world’s biggest banks expand digital investments in order to meet the rising demand for mobile banking, as the number of customers visiting branches declines.
Earlier this month, Barclays announced that all personal phone banking customers in the UK would be able to use their voice as a form of secure ID instead of answering security questions or remembering passwords. HSBC is planning to launch voice recognition and fingerprint ID in the summer while Royal Bank of Scotland is launching artificial intelligence to interact with staff, to help them assist their small business customers.
In Singapore, local banks have gone one step further and are collaborating on a service that will allow customers to make payments using their social media ID and mobile phone numbers instead of account numbers and sort codes.
StanChart’s moves are part of a plan unveiled by chief executive Bill Winters last November to invest $1.5bn in technology over three years and bolster the bank’s retail banking division.
Read More@ http://www.ft.com/cms/s/0/080a7d70-60ad-11e6-ae3f-77baadeb1c93.html#axzz4HetEMMHq
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