March 30, 2017 04:00 AM
Banks today should always be on the lookout for innovations and technologies that can make their customers’ lives easier, and one area that has great potential to increase both convenience and security is biometrics.
Being able to confirm your identify with a fingerprint, voice sample or facial features can make interactions much faster, as well as getting rid of the need for passwords, which can be hard to remember but easy to compromise.
And it seems customers are also enthusiastic about this technology. For instance, the introduction of voice biometrics as part of Citibank’s phone banking authentication process has been hugely popular with the financial institution’s customers in Asia-Pacific.
Since rolling out a voice authentication offering in Taiwan, Australia, Singapore, Hong Kong, the Philippines, Malaysia, Vietnam, Thailand and India in May last year, one million customers across the region have signed up for the service.
According to the bank, voice biometrics can reduce the time needed to authenticate a person’s identity for phone banking from 45 seconds to 15 seconds by removing the need for multiple checks.
Being able to deliver an improved service is likely to be particularly important for Citi’s operations in this part of the world, as Finextra notes 95 percent of its retail banking transactions in Asia-Pacific use either online or mobile services, while more than half of customers use digital channels.
Anand Selva, head of Asia-Pacific consumer banking at Citi, stated: “The rapid adoption of mobile and other digital channels has truly transformed how people bank and we are delighted that voice biometrics has proved such a hit with our clients.”
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