From USAA to Barclays to RBS, the number of financial organizations that are relying on voice biometric identity verification continues to grow. Now, global banking powerhouse HSBC is part of the mix.
On Feb. 19, HSBC announced that the company will soon protect customer accounts with voice recognition software. It will also be implementing fingerprint scanners via Touch ID. The service will be offered to about 15 million HSBC and First Division customers. First Division, it should be noted, is owned by HSBC.
Why is HSBC embracing voice biometrics? The company wanted to improve more than just the security element of its customer login process. It also wanted to make it more convenient.
“The launch of voice and touch ID makes it even quicker and easier for customers to access their bank account, using the most secure form of password technology – the body,” explained head of retail banking and wealth management Francesca McDonagh at HSBC UK following the announcement.
Moving forward, customers simply have to download the HSBC mobile banking app in order to access this innovative feature.
The news comes at an exciting time for the global voice biometrics market, which is expected to continue growing at a rate of 22.15 percent until 2019. Countless organizations are abandoning their traditional password and PIN-based login systems in favor of advanced, cloud-based voice biometric solutions which are a stellar alternative. A voice biometric engine can be easily—and cost effectively—added to the front of a mobile banking application. It requires no additional hardware to use (just a microphone), and no additional downloads.
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