The role of biometric authentication in the pursuit of global financial inclusion

26 October 2018

By Stan Swearingen, CEO, IDEX Biometrics

Many of us take our bank accounts for granted, but without them, the ability to interact in the economy and wider society is almost non-existent. There are currently an estimated 1.7 billion adults who remain unbanked today across the globe for a range of factors from language, health limitations and physical barriers to a distrust of the financial system.

Financial inclusion is a reference to the quest to make financial services accessible and affordable for all individuals and minorities. Once major factor can be cited as Illiteracy. In fact, according to UNESCO data from 2017, there are as an estimated 750 million adults that remain “functionally illiterate” across the globe.

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