Gruesome attacks on banking institutions around the world has become just-another-news nowadays. The bank security specialists are desperately looking for a viable solution that can protect bank accounts from the tools and techniques of hackers. Some say that voice biometrics in banking could potentially be that solution.
Biometric modality isn’t new in the banking industry. Several banks have already adopted biometric technology to protect their data from forgers and other fraudsters. But, voice recognition technology is relatively new and is still improving its system.
However, already some financial institutes including Barclays and HSBC have adopted voice recognition technology and implemented it to their banking system.
What is voice biometrics?
Voice biometrics recognition is comparatively newer than other modalities like fingerprint, iris etc. It works in a different way than others and is considered one of the most secure biometric modalities.
Voice biometrics is nothing but the simple task of authenticating someone by their voice. As like fingerprint and iris, voice is also unique to every person, including biological twins. Unlike other biometric modalities, it only needs a microphone as an input device that is already built-in to our smartphones.
How Voice Biometrics in Banking Works?
Voice Security is a new, quick, easy and highly secure way that allows customers to identify and verify themselves and gain access to operate their accounts easily while ensuring maximum security.
Voice recognition technology is actually easier than other biometric modalities. You don’t need to go anywhere or touch anything to verify your biometric authentication.
At first, you need to call your bank and they will identify your voice data based on your accent, modulation, diction, and intonation. Now, the bank has your voiceprint, so when you call them next time, they will authenticate you by matching your current voiceprint with the previous data which is stored in their database.
Voice recognition system can’t understand what you are saying, but they accurately recognize how you are saying what you are saying. Unlike speech recognition, it detects the speaker, and not the words itself. It is simply a kind of audio version of the fingerprint.
There are already some very popular biometric modality available today. But why are banks adopting voice recognition system to tighten their security system?
Here we will talk about some of the many reasons why voice recognition in banking is going to become an integral part of its security.
As the fraudulent attacks on banks continue to increase day by day, bank authorities are looking for a viable solution that could protect the users’ data. The traditional password/PIN system just fails to fulfil all the requirements of the fraudulent tools available today.
The following are some of the most recent bank hacking examples:
- Italy’s largest bank HACKED in major security breach as data from 400,000 accounts stolen
- Hackers stole $6 million in Russia bank attack via SWIFT system
- Bangladesh Bank Hackers Steal $100 Million
- 22 bank accounts hacked, ₹5.3 lakh stolen in 48 hours in India
- Hackers nick $60m from Taiwanese bank in tailored SWIFT attack
- Hackers walk away with 29 million from National Bank of Kenya
- Cash-strapped North Korea hacked Turkish banks
Voice biometrics is a highly secure modality as every people on the planet earth has a unique voice and it cannot be replicated by others. It ensures that the caller is legitimate by matching the voice print data.
- Customer Experience:
Sometimes, it becomes very disturbing to contact with the bank personnel over phone, email etc. to get a service. This process is lengthy, annoying, complex and error-prone.
Voice biometrics is a highly convenient and user friendly solution that significantly improves the customer experience. It allows you to forget the passwords/PINs and just simply speak something or any specific answer to verify your identity.
- Saves Money
Banks are losing millions of dollars every year due to the complex user verification systems and even more from fraudulent activities. Moreover, manual user verification process is time consuming, less effective and needs a large team to handle the verification process. Bank authorities can easily save that money by adopting voice biometric recognition system while not compromising on security.
- Saves Time:
Voice biometrics in banking is a huge time saver for both users and the banks. It allows banks to eliminate all paperwork and lengthy verification processes and helping users to perform their banking chores without hampering their safety & security.
- Less Error Rate:
Voice biometric provides accurate data with less error rate compared to other biometric modalities. It is considered to be one of the most accurate biometric systems today.
Voice biometrics in banking isn’t an unknown system. Over the last few years, some big players in the banking sector adopted voice recognition banking technology to facilitate their security systems.
Some key examples are the following:
- Barclays: In an official note on 01 Aug 2016, Barclays announced that they have launched voice security technology for all of its customers. Passwords will no longer be needed as every human has a unique voice and will suffice for their authentication.
- ANZ: ANZ is one of the biggest banks of Australia that introduced Australia’s first voice-based security for banking.
- HSBC: HSBC has launched voice recognition and touch security services in the UK back in 2016.
- ICICI: In a press note on May 25, 2015, ICICI Bank of India announced that they are the first to bring voice recognition in the banking service industry of India.
- Citibank: Citibank has adopted voice prints to authenticate customers quickly and effortlessly in 2016.
It is a time when financial organizations are continuously looking for a viable solution to tighten the security for themselves and their users. Additionally, the new technology needs to be user friendly, able to streamline operations, save time and be cost effective etc.
Considering all the requirements, voice biometric recognition system comes as a very handy solution for the banks and customers too.