Originally published on nojitter.com, authored by Joe Hagan, LumenVox Chief Product Officer
Over the past few years, voice technology has experienced a rapid expansion into areas of business management and communications. Simultaneously, consumers are increasingly comfortable using voice technology to assist them with daily tasks. In the U.S. alone, an estimated 128 million people use a voice assistant at least once a month, an uptick of 11% from previous years. From 2017 to 2019, the number of smart speakers in U.S. households grew by 135%.
As customers grow accustomed to using voice technology in everyday life, businesses can use it to elevate the customer experience. This increased customer familiarity and comfort combined with the need for heightened security requirements–make voice technology, specifically voice biometrics, a natural fit for the progressively digital financial sector.
How Voice Biometrics Works
Voice biometrics is a technology that enables an individual to authenticate their identity through automated voice recognition. By leveraging state-of-the-art technology, voice biometrics harness the power of the human voice by creating a unique biometric identifier. Similar to a fingerprint or an eye scanner, voice biometrics technology ensures that voice recognition is each person’s unique spoken word and not a synthetic imitation.
Voice biometrics solutions are continuing to evolve. With the application of artificial intelligence (AI) and machine learning (ML), voice biometric solutions are showing dramatic improvement in accuracy.
Stronger, Streamlined Authentication
Unfortunately, most people are familiar with the experience of losing a bank card or forgetting a PIN and having to spend time on the phone resetting security passwords. In contrast to traditional authentication tactics like lengthy knowledge-based questions, voice biometrics identification authenticates a customer’s voice in real-time, minimizing time and streamlining the password process for a more efficient, more accurate experience.
Far more secure than other authentication methods, voice biometrics are convenient because they allow customers to authenticate their identity securely over remote channels, using only the sound of their voice.
Fraud and cybersecurity are of primary concern for financial service institutions. Voice biometrics offers a robust security layer that can help mitigate fraud. Though passwords and PINs are hackable, the pronunciation, rhythm, timbre, and pitch of a caller’s voice are unique. Voice biometrics separates genuine customers from fraudsters based on hundreds of characteristics in their unique “voiceprint.” A biometrics-first approach detects fraud attempts quickly and accurately and alerts institutions of potential security breaches. This added protection is a much-needed alternative to overstretched fraud prevention teams trying to address fraudsters with manual, time-consuming processes.
Enhanced Customer Experience
Voice biometrics can be a proactive, strategic way to enhance security without compromising customer experience. As mentioned, voice biometrics identification authenticates users in real-time via their voice. People are becoming more and more comfortable with biometrics because they are tired of passwords, PINs, and other forms of authentication that are just plain hard to remember. LumenVox decouples any personal information from the voiceprint in voice-enabled payment solutions, so it’s not linked to anything sensitive or revealing for the consumer. It’s much more secure because it’s essentially anonymous in the backend.
For the customer, voice biometrics is intuitive and immediate: each time a customer reaches out to a call center or vocally interacts with an app, the system validates and updates the unique voiceprint. Because it’s not what they say, but who is saying it, users don’t have to remember a password or a PIN. This enhancement results in a safe and seamless authentication with less effort from the customer.
Voice biometrics is becoming critical to elevating today’s overall customer journey. The rising demand for self-service verification, anytime, anywhere, through various digital channels is boosting the need for active voice biometrics solutions across the globe. At the same time, the ongoing threat of fraud is prompting financial service institutions to adopt authentication protocols that prevent unauthorized access to customer data or financial resources.
Together, these trends drive the adoption of accurate voice biometrics solutions and services. As a result of these adoptions and technological advancements, consumers have grown more comfortable using their voice as an authenticator. As financial services institutions deepen their investment into voice biometrics as a security solution, they will continue to see improved customer satisfaction.
Download the latest whitepaper to discover why Frost & Sullivan awarded LumenVox for its ability to help organizations deliver secure voice experiences.