The digital world is going through drastic changes with each technology being either replaced or evolved in minuscule of time and banking or the financial sector is no different. These sectors are deploying new and innovative solutions on a daily basis to ensure safety, security, and engagement of their customers. One of the basic aims of digitization for the financial institutions was to improve the simplicity of banking.
When internet banking was introduced, it was seen as providing banking at fingertips to the people from the comforts of their home or on the go. Efforts are always on to improve the user experience. But, at times, maintaining the security and providing the best of the user experience is not always in sync. One of the major stumbling blocks in the efforts of improving the user experience is the password authentication process.
It is expected that by 2020, an average consumer would be having around 200 accounts that would require passwords. To have different passwords for these many accounts and to remember them is a job in itself. It is virtually impossible for a majority of the users to manage and remember these many usernames and passwords. Thus, a groundbreaking technology of biometrics was introduced.
Voice Biometrics in Banking:
The rise of biometrics has also put a huge pressure on the banking sector to introduce this technology. Many banks are now offering Voice Biometrics for banking processes. Biometrics is emerging as an enterprise level security solution, which improves security, has cost benefits involved, and fits with the customer behavior. The banking sector has to deal with the sensitivity of data at risk and the changing customer behavior, which considers providing adequate safety measures as the ‘norm’.
Among all types of biometric applications that are in use today, it is the voice-based authentication that provokes the least resistance. A Unisys survey indicates that consumer preference for voice recognition is highest among all other biometric measures at 32%. This is probably because voice biometrics is a non-intrusive and a non-contact process that is also very easy to follow.
Major Benefits of Voice Biometrics:
Voice Biometrics is gaining ground as they are better from the security point of view and convenient for the consumers. It is a technology that is easy for people to use and at the same time difficult to mimic and thus ideal during times when data breaches are rampant. This kind of voice recognition technology is widely used these days in phone banking as its benefits are loud and clear. It frees up the user’s hands allowing them to multitask and be more productive. It shortens and simplifies the tasks as giving verbal instructions is far easier than manually completing the task.
If you can simply ask your device to update you when a bill is due or the total spending in a week or a month, then managing personal finance becomes simpler and more contextual. Getting account information in a simple and secure manner helps to keep a better tab on the account status and manage it efficiently.
Voice Biometrics holds immense potential in providing better security and experience to digital banking. The financial organizations, however, need to keep the perfect balance between usability and security as too much of one can jeopardize the other.
Recommended read: Voice Biometrics – A formidable measure for real-time authentication