February 4, 2015 -
South African private bank and investment firm Investec has deployed Nuance Communications’ voice biometric solution to improve the overall customer experience for its South African private banking clients.
Investec decided to deploy Nuance’s FreeSpeech voice biometric solution to quickly and securely authenticate its private bank clients by the sound of their voice, replacing its previous system of PINs and passwords.
The move makes Investec the first financial institution in South Africa to provide a voice biometric authentication method to its clients.
Previously, Investec clients calling in to the bank would be required to answer security questions to confirm their identity, which would be both time-consuming and frustrating for many clients.
Investec partnered with South African voice biometric firm OneVault to deploy Nuance’s voice biometrics solution, which verifies the identity of the client through a natural conversation with a bank representative.
The FreeSpeech technology analyzes the client’s voice to compare it with their unique voiceprint stored on the system. Once the identity is confirmed, the system signals the Investec representative to ensure that the client’s query or request can be resolved seamlessly.
“The customer service landscape is changing rapidly and it’s become clear that PINS and passwords are creating gaps in both security and customer experience when it comes to authentication,” said Robert Weideman, executive vice president and general manager of the Nuance enterprise division. “By turning to voice biometrics, Investec has joined the ranks of other organizations worldwide that are utilizing an effective solution that offers a more natural and intuitive experience.”