Voice biometrics has been helping banks stay on top of their games for a few years. It's no longer a far-fetched idea, especially given the current progressive state of technology. Today, the benefits of using voice biometric authentication for online banking transactions are highly recognized.
Digitization has become the new norm. There is an even greater need for traditional knowledge-based authentication methods to be replaced with something more practical.
Voice biometrics in banking was launched into action as early as 2014. By 2018, banks started joining hands with technology start-ups in a bid to incorporate the priceless technology.
Here’s a quick comparison between voice biometrics and other types of biometrics:
| Voice biometrics | Other types of biometrics |
|---|---|
| Voice biometrics is independent. It does not depend on anyone for authentication purposes except for the user’s voice. | Knowledge-based authentication depends on the user’s caution. For example, users are required to think deeply and come up with an unbeatable 4-digit pin to safeguard their accounts. |
| It ensures 100% accuracy. There is next to no area for errors. | Since it heavily relies on the human brain, there’s room for repeated mistakes. |
| Voice biometrics will not be subject to phishing scams as there’s not much scope for the same. | Thousands are subject to phishing scams even today, despite numerous warnings issued. |
| There’s room for an upgrade with voice biometrics, in case there’s a loophole discovered. | Knowledge-based authentication has reached its saturation point. |
Following are the most prominent benefits of employing voice biometrics.
Voice recognition biometrics will enable banks to offer customers a quick and easy banking solution. Users will no longer be required to clear various stages of accessing their accounts.
Banks and customers can enjoy a secured transaction using voice authentication technology. On the contrary, traditional knowledge-based authentication methods often lead to several phishing scams.
A voice verification system is a boon, not just for customers but also for banks as well. Banks and customers will have meaningful engagements and recognize their customers quicker.
Voice biometrics solutions will improve the efficiency of the services provided by banking systems. There will be accurately designed systems that leave no room for mistakes.
Voice biometric verification will ensure accuracy. For example, the technology will recognize the user’s voice while mapping it against the various characteristics of their voice.
Voice biometric systems scan an individual’s voice for authentication purposes. They are designed to extract voice characteristics that help them identify the person and match them to the voiceprint or voice template they have stored in their database.
They are a quick, secure, and accurate user verification solution.
Accura Scan voice biometrics solution is completely secured and meets high security standards.
Voice biometrics companies are on a constant growth trajectory because voice biometrics triumphs over all other types of biometrics due to the secured, efficient banking solution it offers.
Voice biometric identification is taking the banking sector to a whole new level. It will cater to the new generation (i.e., the millennial and gen Z users), making the transition from traditional methods to new ones much easier.
Accura Scan is a leading RegTech solutions provider working towards expanding the reach of voice biometrics identification. It offers businesses an innovative environment, seamlessly supporting them in their transition to the new technology. Don’t stay put. See yourself moving into the future with evolving technology with the help of Accura Scan. Connect with us at Accura Scan today or call us on +91 8208-988-751.
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