Voice biometrics a viable option for banking sector

September 27, 2012 - 

Financial institutions are increasingly turning to voice biometrics as a way to not only improve security, but also lower costs and reduce customer frustration with the authentication process.

According to Opus Research, there are currently five million individuals enrolled in systems or services that recognize their voiceprints as unique, personal identifiers.

By 2015, the number of enrolled or “protected individuals” is expected to approach 90 million.

As stated before in an opinion of the banking sector on BiometricUpdate.com: “There are factors to consider before banks adopt biometric technology. The driving “push” factor for adoption is that biometric technology shortens transaction time. It provides security unlike other measures used. Using biometrics can prevent crimes like Internet fraud, money laundering, and identity theft.”

“Detracting factors for installing biometrics is cost when compared to projected benefits. Installing biometrics throughout a whole network of bank branches requires millions of dollars. Also, banking culture needs to be considered. Recently, a coalition of trade unions representing about one million workers at Indian public sector banks had a two-day nationwide strike to protest against pending legislation that could open the sector to increased investment, competition and technology. The efficacy of employing technology than can eliminate staffed positions will need careful considered. But technology can also be an enabler for customers, in terms of speed and efficiency.”

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About Raze Machan

Raze Machan writes full time for BiometricUpdate.com and graduated with a of Bachelor of Science in Information Technology from Central Philippine University. She has been a tech industry writer since 2003. Follow her @Razemachan.