From June 1, 2023, all customers of Thai banks must undergo biometric identification. Without this, the client will not be able to use some of the application's functions, such as the transfer of a large amount of funds. As part of the new initiative of the Central Bank, the limit on the transfer of funds is set at 50 thousand THB.
For the banking sector, this means that additional costs will be required for the development and implementation of new technologies in the field of IT. However, these costs are mandatory to ensure the security of clients' financial transactions.
In addition to improving security, biometric identification will also improve the usability of banking mobile applications by speeding up the authorization process and reducing the number of failed login attempts. This will increase the level of customer confidence in banking services and increase the number of mobile application users.
According to the study, more than 50% of Thai bank customers already use mobile applications for financial transactions. The introduction of biometric identification will accelerate the growth in the number of mobile application users and improve interaction between banks and their customers.
Thus, the Thai banking sector is preparing for a new era of security and convenience for its customers. Investments in new technologies will allow banks to provide reliable protection of financial transactions, as well as improve the quality of service for their customers.
