Banks and financial institutions and voice biometrics for customer verification purposes

Beyond a set of reluctances, lapses, worries and bottlenecks related to environmental factors such as background noise and network issues likely to affect the biometrics market, it is obvious that, many industry verticals across the world adopt biometrics because of increasing security, privacy and authentication concerns, and compliance requirements.  

 

Banks and financial institutions are significant adopters of voice biometrics for customer verification purposes. 

In our mobile banking era, Voice recognition is affordable, user-friendly, and does not require any hardware or heavy investment. 

For those who are unfamiliar, Voice biometrics enable the comparison of a person's voice, including pitch, vocal tract, harmonics, and dialect, with a sample stored in the database for identity verification. Voice biometric solutions in the BFSI sector; eliminate the need for PIN-based passwords. 

For instance, the Abu Dhabi Commercial Bank deployed biometric solutions by Nuance Communications for secure and easy customer authentication.