HSBC Holdings (NYSE:HSBC) To Introduce Biometric Technology To Its Client In The UK With The Help Of Nuance Communications Inc. (NASDAQ:NUAN)

HSBC Holdings (NYSE:HSBC) To Introduce Biometric Technology To Its Client In The UK With The Help Of Nuance Communications Inc. (NASDAQ:NUAN)

HSBC Holdings plc (NYSE:HSBC) plans to substitute passwords as well as security questions with biometric technology for its clients in the UK.

The services will be rolled out over the next few weeks at HSBC UK subsidiary, First Direct. After that, it will be introduced to 15 million HSBC customers. Chief of retail banking as well as wealth management for HSBC UK, Francesca McDonagh called the step as the biggest planned introduction of voice biometric security technology in the United Kingdom.

McDonagh said that the introduction of voice, as well as touch id, makes it even faster and simpler for users to access their bank account utilizing the most secure password technology which is the body.

Nuance Communications Inc. (NASDAQ:NUAN) is developing voice recognition software for HSBC. To use the software, HSBC customers need to record their voice print and the software will analyse it for over one hundred unique identifiers.

As per HSBC, software will still function even if a user is unwell. Other financial institutions have adopted fingerprint scans as well as voice recognition software to improve user security. The new technology will verify a hundred different elements of the caller’s voice such as speech speed as well as pronunciation. It can also recognize physical aspects of the speaker such as the shape of their mouth and voice box that are not likely to change much as customers become older.

Manager at Nuance, Robert Weideman, claimed that voice biometric technology will completely change the way users interact with their bank. The technology is one of the most advanced on the market not only measuring what is being said but how it is said.

Password based system can be hacked as people often choose predictable passwords or utilize the same password on different sites. The new voice recognition service is exclusively to access telephone banking services. The touch Id fingerprint scan is present on iPads and iPhones.

The soon-to-open Atom Bank will use facial recognition technology to identify customers. HSBC initiative is considered to be the first blend of voice as well as the fingerprint technology in the UK. It’s not known whether the bank plans to launch its biometric services outside the UK.