Visa expects wider use of biometric technologies in Azerbaijan's financial sector

Biometric technologies are expected to see expanded use in Azerbaijan's financial sector, Adilkhan Mukazhanov, Regional Business Development Director for the financial sector at the international payment company Visa, said at the 10th International Financial and Banking Summit in Baku.

Report quotes him as saying artificial intelligence and biometric solutions are already becoming key technologies driving the transformation of the financial sector in countries such as Kazakhstan, Azerbaijan, Tajikistan, Kyrgyzstan, and Uzbekistan.

"Biometrics is one of the most important elements of digital transformation in the region. These technologies allow financial institutions to improve customer service, enhance security, and reduce fraud risks," he noted.

According to him, biometric identification in finance opens broad opportunities for remote customer verification, account opening, transaction confirmation, and easier access to banking services.

Mukazhanov added that banks and financial institutions in Azerbaijan are showing increasing interest in AI and biometric solutions, and that in the coming years these technologies are expected to become one of the main digital tools in the financial sector.