How Much Safe & Secure Is Voice Authentication Technology
Artificial Intelligence, Voice Technology

How Much Safe & Secure Is Voice Authentication Technology

What is voice authentication and how does voice authentication work?

Voice authentication is a method of biometric identification that uses the unique characteristics of a user or a person’s voice to verify their identity. Voice authentication, as a system of recognition, compares a speaker’s voice using a database of recorded voices to determine whether or not it matches an existing voiceprint or voice data.

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Why choose Voice Biometrics over passwords in the Banking industry
Artificial Intelligence, Voice Biometrics

Why choose Voice Biometrics over passwords in the Banking industry

What is Voice Biometrics in Banking

Voice biometrics is a method of recognizing individuals based on their voice patterns. It provides an additional layer of security to authenticate someone before they are allowed access to any system or application.

In the banking industry, voice biometrics is used to secure access to applications and data. It is also used for customer service and to improve the overall customer experience.

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Voice Biometrics in Healthcare: Benefits & Challenges
Artificial Intelligence, Healthcare, Voice Biometrics

Voice Biometrics in Healthcare: Benefits & Challenges

Understanding the Increasing Demand for Voice Biometrics in Healthcare Industry

The Healthcare industry is one of the fastest growing industries in the world. It is also one of the most demanding industries as far as the biometric security is concerned. The healthcare industry has faced many challenges due to increasing fraud and identity theft cases recently.

Voice biometrics is a perfect solution for the healthcare industry to overcome these challenges because it offers high accuracy and ease of use. Voice biometrics can be used in various healthcare applications such as patient identification, medical records access, health insurance claims processing, etc.

It also offers a higher level of security than traditional methods such as passwords or fingerprints because there are no physical tokens involved; therefore, it cannot be stolen like other forms of authentication, such as credit cards.

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armour365: Highly secure & language independent voice authentication
Artificial Intelligence, Voice Biometrics

armour365: Highly secure & language independent voice authentication

What Is armour365

armour365 is a voice biometrics software by that has innovative features to address the growing threats of fraud and cybercrime. armour365 Voice Biometrics is a voice analytics software solution that works in conjunction with multiple contact center platforms and chat applications.

The software is designed with various advanced features, including an “anti-spoof layer” and “replay attack detection.” With “one enrollment,” armour365 offers exceptional security and customer experience for industries like Contact Centers, Banks, and Defense.

From securing customer authentication across all channels to safeguarding access to sensitive devices, armour365 is an increasingly robust solution.

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Why Voice Biometrics is becoming the leading choice for Authentication
Artificial Intelligence, Voice Biometrics, Voice Technology

Why Voice Biometrics is becoming the leading choice for Authentication

Everything You Should Know About Voice Biometrics Authentication

Voice biometrics is the identification of a person by the properties of their voice. In a typical implementation, the speaker recites an array of words or phrases stored in an electronic database. The system then compares these test utterances with previously collected from known individuals.

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Artificial Intelligence, Conversational AI, Healthcare

The 5 Best Chatbot Use Cases in Healthcare| Gnani

The importance of chatbots in healthcare

Technology and the use of data has changed how we do things, and it’s no different in healthcare. The rise of chatbots has led to an increased demand for these automated programs that can help customers, i.e., patients with their medical needs and health-related questions. With time, chatbots are now being used across multiple industries, not only healthcare. Still, they’re especially helpful in medicine because they make it easier for doctors to access their patient records, cases, health and appointments data and update them in real time whenever necessary.

Chatbots can help doctors communicate with patients more conveniently than ever before. They can also aid in customer or patient education and provide data about treatments, medications, and other aspects of healthcare.

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Chatbots for Debt Collections
Artificial Intelligence, chatbot, Conversational AI

What Are Debt Collection Chatbots & How Do They Work | Gnani

Improving the Debt Collection Process with Automated Debt Collection

Debt collection can be a complex and time-consuming process, especially for businesses and organizations that are dealing with a large number of outstanding debts. Therefore, a large number of businesses are turning to artificial intelligence (AI) and chatbots to automate and streamline the process.

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Chatbots in Banking System
Banking and Insurance, Conversational AI

AI Chatbots in Banking Sector : Benefits & Future

AI Chatbots in Banking Sector

Banking chatbots are virtual assistants that help customers with banking transactions, query resolutions, and support in general. Nowadays, Chatbots are being successfully used to open a new account, check balances, transfer funds, and more. In recent years, they have become more popular as banks look for ways to reduce costs while increasing customer satisfaction.

In most cases, banking chatbots help banks lower the cost of first-level (L1) support. The bots can solve easy customer queries, and the more complicated ones can then be escalated to human agents. Most banks today, thus, prefer a mix of both bots and human agents to manage customer support. 

With improvements in AI, Chatbots are becoming more sophisticated by the day. We can thus foresee a future where the bots handle a more significant chunk of complicated customer queries and, in the process, further bring down the requirements and costs of hiring human agents. 

Top 7 Potential Used Cases for Chatbots in Banking

Banking chatbots are designed to provide a faster and more accurate service than a human operator. The main benefit of using banking chatbots is that they can reduce costs and improve efficiency in the banking industry by automating simple tasks. 

In 2022, the top 5 used cases of chatbots in banking are listed below. 

Upscaled Communication

Banking chatbots allow banks to communicate with customers more efficiently and effectively than traditional methods. Customers can ask questions, get answers, and conduct transactions without the need to be served by a human agent. This benefits banks and customers because it saves time while ensuring that all questions are answered correctly. As a result, customer satisfaction is uncompromised, but the bank saves a lot of time and money on service.

24/7 Support

Banking chatbots provide 24/7 support. This is especially helpful when a customer needs help during non-banking hours. For example, if a customer forgets their password on a Sunday and needs assistance to access their account, they can do so with immediate help from a banking chatbot.

Enhanced Productivity of Bank Personnel

Banking chatbots can help banks reduce their employees’ time on administrative tasks and mundane query resolution. This frees up time for bank personnel to focus on more sophisticated and impactful tasks. It’s especially beneficial for customer service representatives who often spend a large chunk of their day answering phone calls, emails, and customer texts.

Faster Transactions

Banking chatbots can process transactions in seconds instead of hours or days, allowing customers to complete their business faster. Quick resolution is something that most customers love. Especially effective for large financial institutions that are notoriously known for long snaking queues.

Personalized Client Experience

Banking chatbots can help banks personalize their customer experience by incorporating information about each customer’s preferences and history into the conversation. It makes the customers feel special and is a relief considering the typical situations that we are accustomed to: Explaining your problem in detail to Agent 1, getting the call transferred to Agent 2 & then having to explain your situation from scratch all over again!

Cross Selling and Marketing Using Chatbots

With the progress of conversational commerce, chatbots can cross-sell for market products to customers. We have all received the latest offers from our banks on WhatsApp or SMS. With time, this will improve, and chatbots will become a key sales channel for banks. 

Online Social Media Reputation Management using Chatbots

In this age of the social media boom, customers are more likely than ever to open up about their concerns or feedback on Facebook, Twitter, or LinkedIn. Banks and companies across industries have felt the need to address such queries rapidly before things blow up. Using chatbots, banks can have meaningful chats on social media to collect concerns and transfer them to the concerned departments – it can go a long way in building the company’s online reputation. 

Future of Chatbots in Banking

Banking systems have long been a popular use case for chatbots, but the technology has only recently become sophisticated enough to make them truly useful.

Initially, chatbots were simple FAQ engines that could only answer questions already available in their database. With the rise of ML and NLP (Natural Language Processing), bots can have more meaningful conversations by interpreting questions that are not within the database. However, when it comes to responding – the responses are usually templated. 

In the future, we can expect more non-templated responses from bots. We are fast advancing to a time when it may be difficult for a customer to guess whether they just chatted with a human or a machine.

Frequently Asked Questions

What is the use of chatbots in banking?

Many banks use chatbots to send customers timely reminders of account-related information, such as bill payment deadlines or last-day loan offers.

What task can be helped by a banking chatbot?

Banking bots can provide financial advice by consulting with professionals and staying up to date on news and trends. By using chatbots, customers can understand complex banking and financial terminology.

How are chatbots redefining the banking experience?

Banking chatbots are changing the way customers interact with banks. They make it easier for people to find the information they need and complete transactions without having human interaction.

Why do chatbots make the best personal banker?

Chatbots can be used around the clock, so current and potential customers can speak with a representative about their banking issues whenever convenient for them—this ultimately leads to a better customer experience.

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