China Guangfa Bank will use voice recognition technology for identity authentication, in yet another move to accelerate the nation's adoption of financial technology.
According to Guangzhou-based commercial lender China Guangfa Bank, the adoption of «voiceprint» identification technology will help prevent fraud and improve the quality of services, a «Global Times» report said.
China is rapidly accelerating fintech adoption and voiceprint identification was amongst the first batch of fintech tools confirmed in a catalog published by Chinese authorities, alongside fingerprint and facial recognition technology.
According to the country's Ministry of Public Security, each individual’s voice print is unique and currently technology has achieved elite accuracy with a recognition rate of 99.8 percent.
