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. This is why voice biometrics is especially useful in the banking industry.

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

How the Banking Industry Uses Voice Biometrics 

Voice biometrics uses a voiceprint device to verify an individual’s identity. The voiceprint is generated using a sample of speech. It can be recorded by speaking into the microphone of a computer or mobile device or by recording someone’s voice over the phone.

Once the audio file is created, it is sent to the bank’s system for comparison with their database of known voice patterns.

Advantages of Voice Biometric Recognition in the Banking Industry

Voice biometrics offers many advantages over other types of authentication methods. Some of them are:

Cost Effective

Voice biometrics is more cost-effective than other authentication methods because it doesn’t require additional hardware or software, such as a fingerprint scanner or facial recognition system.

Greater Security

Voice biometrics is more secure than other authentication methods because it is less likely to be compromised by hackers. One of the reasons for this increased security is that voice biometric systems do not store sensitive data.

The system only stores a voiceprint, which cannot be decrypted or reversed, or engineered into any usable information about the user.

Greater User Experience

Voice biometric authentication is done very quickly. Customers need to wait long and provide passcodes and PINs or answer challenge questions to verify their identity.

Easy to Implement Technology

Voice biometric systems are easy to implement, which makes them an attractive option for businesses. Because the technology does not require additional hardware or software, it can be used with existing systems.

Why Replace Password With Voice Biometrics in the Banking Industry

Voice Authentication is safer, more accurate, convenient, and trustworthy as a technology. The traditional ways of authenticating with a password or pin are knowledge-based, less secure, and easy to forget, modify or guess.

Voice can’t be forgotten or reproduced. It can offer banks several advantages over existing verification methods, including greater security and a more convenient user experience.

Two-Factor Authentication System for More Security

Remote identification is another advantage. Voice biometrics need nothing besides existing phone lines and mobile infrastructure. The software exists on the bank’s side. The user is asked to say a phrase that may be randomly generated to create an authentication sample.

If a match is not found, user access will be denied. This method prevents hackers who try to use voice recordings.

Use Your Voice as Your Password

Voice biometrics can be used as a more secure form of password protection. It is much harder for someone to steal your voice than for someone to gain access to your computer or mobile device.

This makes voice biometrics especially useful when personnel cannot physically secure their devices, such as when working remotely or traveling.

Frequently Asked Questions

Is voice biometrics 100% secure?

Biometrics are not without limitations, but software and hardware improvements have made them more reliable than ever for information security.

Can voice be used as biometrics?

Yes. Voice biometrics uses the unique characteristics of your voice to identify you, such as how you hold a phone or speak into it.