Voice recognition: the future of Banks
The days of verifying your identity through pin codes may finally be over as a British bank rolls out voice recognition technology for clients to access their bank information.
Barclays will be the first in the world to offer ‘voice biometrics’ to customers who want to access their bank details via phone. 93% of customers of Barclay’s private banking arm Wealth, who have been using the technology since 2013, have rated the service highly with 9 out of 10 in speed, ease of use and security.
The software Barclays is using is called ‘Nuance FreeSpeech.’ It compares the caller’s voice to a voiceprint filed by the bank. When a caller phones the bank’s customer service centre, Nuance FreeSpeech kicks in and verifies the caller’s identity during the call.
If security requirements aren’t met, then that’s the time traditional methods of verification are used: the caller will be asked to fill in his or her password details.
Voice biometrics technology has so far saved customers around 1 minute in the verification process and eased burden for Barclays. The bank will start offering this service to its 12m retail clients starting next year.
Barclays Personal and Corporate Banking Chief Executive Ashok Vaswani assured ‘It’s foolproof. You don’t get fraud, and you don’t annoy the customers by asking them to identify themselves with security.’