Could the use of Voice Biometrics Change the way we bank?
As Companies like Apple, Samsung, PayPal, Square, and Google Wallet are embracing mobile payments, mobile commerce seems poised for massive adoption in 2015. A lot has been talked and researched about mobile payment security and use of biometrics to secure Mobile Payments. According to Frost and Sullivan, the number of global biometrics smartphone users will reach 471.11 million in 2017. As Mobile devices with personal identification information hit the market, securing these devices to recognize and authenticate will be a major challenge. FIDO (FastIDentity Online) alliance has developed various technical specifications with interoperability among strong authentication devices. These protocols safeguards user’s information used by different online services and helps in tracking a User across the service. “Voice Recognition is one of the most acceptable types of biometric authentication in US, UK and Germany” - 2013 consumer survey report. Voice Biometrics is the most-intrusive, accurate, revocable, stable form of technology. Over the next few years, Customer will be accustomed to using their voice to interact with their smartphones and can become frustrated with key-entering passwords. Natural Voice interactions have been reinventing Customer experience in the banking industry. Using the voice biometric system, customers who initiate a transaction would be called by the bank to get their voice verified and complete the transaction. According to Associated Press interviews with dozens of industry representatives and records requests in the US, Europe and elsewhere, more than 65m voiceprints already on government and corporate databases. Voice biometrics will be the de facto standard in 2-3 years. Voice Recognition technology has been adopted by financial institutions throughout the world including Barclays Wealth, ING and Banco Santander México. Mastercard has completed a successful voice and facial recognition payments trail. The credit card firm has created a successful verification rate of 98%, mixing a combination of voice and facial recognition, in “an e-commerce environment of over 14,000 transactions”. While we are beginning to see movement in this direction, as the development of technological innovation gains pace, there is still some way to go and hopefully 2015 paves way for it.