Banks have to constantly stay on top of the best methods for authentication to combat online fraud. Traditionally, banks have used knowledge-based authentication methods like PINs, passwords, and one-time passwords. Now, the demand for contactless and seamless technologies has permeated even to banking security, especially after the COVID-19 pandemic’s impact. Voice biometrics in banking is a promising online banking solution, above and beyond the retina and fingerprint scanners that require people’s physical presence.
In this post, we trace why traditional authentication methods are falling short in the post-COVID world, and the various avenues opened up in online banking by the adoption of voice biometrics solutions. From fraud prevention to improved customer experience, the benefits are manifold.