~ VoxGen launches banking protection system as voice biometrics market gears up for a revenue jump ~
VoxGen has launched an identification & verification (ID&V) product for the financial services sector, underlining the potential applications of voice verification biometrics – a market projected to be worth over $100 million for the first time next year.
The voice banking protection system enables a user to record a voiceprint via an automated telephone service and use it to access their bank account details.
According to recent Frost & Sullivan research on the world voice verification biometrics market, revenues are set to rocket to a predicted $533.7 million by 2011. The financial vertical was dominant for voice biometrics implementations in 2005.
“The voice verification biometrics industry is poised for high growth rates. The launch of new financially focused products is a very encouraging step in raising the profile of the voice verification biometrics industry,” said Frost and Sullivan Industry analyst, Sapna Capoor.
“Automated ID&V techniques, incorporating voice biometrics technology, is set to revolutionise the way we secure our most sensitive data, as industry begins to realise how easy and accurate the technology has become,” said Tim Morgan, CTO at VoxGen. “Our banking ID&V service allows banks to provide automated registration and enhanced security for their customers – essential in a climate of increased awareness of fraud and the need for greater protection for the public.”
The combination of speech recognition and voice biometric technology in VoxGen’s banking ID&V system creates a simple process. Initially, the user is asked to call a pre-determined number to record a voiceprint – this could be numeric or some other knowledge based information. In the future, when the user calls the automated phone banking service, the system will use the voiceprint to verify that the caller is the correct individual. For the customer this means that they can be confident of safe access to their account, and traditional methods such as knowledge-based questions or a PIN number, can be used in addition to biometrics for an extra layer of security.
The implementation of speech technology enables banks to improve on existing ID&V procedures, such as knowledge-based questions, PIN numbers, etc, by dealing with simple requests and authentication through an automated speech recognition system. This allows the call centre operative to deal with more complex issues, saving time for the customer and money for the banks.
“Voice biometrics uses the unique sound of an individual’s voice to verify their identity, based on harmonies, pitch, range and a host of other variables,” added Morgan. “Our online demonstration shows just how easy it is to introduce speech technology to your business to enhance security and increase customer satisfaction. It is the ability to combine speech recognition, voice biometrics and multimodal technologies that will bring the greatest benefits to organisations within the financial sector. ”