Biometric authentication technologies have witnessed a significant increase in demand in the global financial services industry in recent years, and the Middle East, Asia and Africa are no exception. With more traditional forms of authentication like passwords increasingly vulnerable to hacking, the region has also seen increased calls from financial services firms and their users for alternative ways of verifying identities. plans to expand biometric authentication to the Middle East, Asia and Africa
Tapping into this demand, a new partnership has been announced between authentication specialist Aware and Avanza Solutions, a digital services provider for banks and fintechs. The deal is aiming to expand biometric authentication to the Middle East, Asia and Africa and comes as the financial services market continues to see a surge in growth globally. Both Africa and the Middle East are predicted to be the fast-growing regions in the world over the next several years according to a Research and Markets report.
Avanza Solutions is the latest addition to Aware’s partner program which was introduced to provide greater clarity and transparency around company products, roadmap and pricing. It has increasingly become a key focus for both large and midmarket technology providers such as system integrators, distributors, resellers, consultants, and software companies which see biometrics as a way to differentiate offerings and increase revenue streams. Several benefits have been noted by existing partners including increased confidence in document legitimacy and reduced possibility of document fraud.
According to Research and Markets, although western Europe was the largest region in the financial services market, accounting for 39.0% of the total in 2021 followed by North America, the fastest-growing regions, going forward, will be Africa, and Middle East. These regions are predicted to expereince CAGRs of 8.7% and 8.4% respectively. These will be followed by Western Europe, and, South America where the markets are expected to grow at CAGRs of 7.7% and 7.6%, the report said.
Speaking on the deal, Craig Herman, chief revenue officer at Aware said: “This represents a huge opportunity for us, as financial services providers seek to achieve enhanced security and user convenience, along with regulatory compliance. Collaborating with Avanza Solutions will be instrumental in helping us scale and maximise this opportunity in these regions.”
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