News & Views - Savantor

Next year’s model

Saturday, 30 November 2013

The one thing which always comes up in consumer surveys about use of mobiles for payment is the issue of security. PINs and passwords are viewed as yesterday's news in these days of rapid advances in technology but maybe an old idea is about to have its moment in the sun. Voice biometrics is an idea which has been around a long time but there are signs that its use is on the rise. Earlier in the year Barclays Wealth announced they were using it. Wealth was the first financial services firm to deploy voice biometrics as the primary means to authenticate customers in their call centres. A verified voiceprint is used to identify the caller to the system, which Barclays claimed will be rolled out across the bank in the future.

Advanced voice recognition detect whether a customer is who they say they are after just 30 seconds of normal conversation. Customers who have already used the services have already rated it 9 out of 10 for speed, ease of use and security in 93% of cases.

ANZ is now experimenting with the use of voice biometrics for securing customer interactions at the call centre and for authorisation of larger-value cash transactions via mobile phones and the technology could be implemented within the next 12-18 months. The idea would be to use customer voice prints to approve higher-value transfers to external accounts via mobile phones, and to speed up customer identification at the call centre.

Voice recognition varies with each unique phrase so using a passphrase with voice biometrics provides two-factor authentication that is much harder to steal and likely to be more appealing to customers who struggle to remember multiple passwords and PINs. How easy it would be to simply speak a word or phrase to secure a mobile payment. The systems already exist so maybe 2014 will be the year of the voice.                                      

 

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