U.S. Bank tests voice biometrics to replace passwords

U.S. Bank is joining a short list of large financial institutions that are testing voice biometrics as a potential replacement for the traditional password. That list includes Wells Fargo & Co. and Barclays Plc.

Voice biometrics software users log in to an application or website by speaking a word or phrase. The word or phrase is compared to a previous recording the customer has made to verify it’s the same user.
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Is Financial Services Ready for Biometric Technology?

Biometrics is a big talking point at the moment as there is growing consumer dissatisfaction with PINs, passwords and general security around mobile payments. The further down the digital road we go, the more password and PIN management is required and the more frustrated users become. As a technology, biometrics offer a simple solution for consumers which maintain the integrity of a secure systems, regardless of whether they are in smartphones, ATMs or bank branches.
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Using voice of customer analytics for better insight

Attrition models typically consider only structured attributes and past behavior of customers to segment them based on their propensity to defect.  However, this methodology has its shortcomings. Specifically, it does not take into consideration the unstructured data, which is generated in customer conversations.  For instance, a customer, while interacting with a bank’s customer service agent might show his displeasure with the bank’s services and bring it to their notice through chats or messages in Facebook or Twitter.  Frequent incidents of this nature are a good indicator that the customer is ready to defect. Models based on text mining of unstructured data have clearly indicated a strong correlation between certain customer queries and intent to defect.
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The Growth in Voice Biometrics for Banking

It’s been an interesting week for those interested in Financial Services and how biometrics could be used in the industry. It was the subject of my last post on Finextra (“Voiceprints can counter ID theft, but other threats remain”), looking at Barclays’s use of Nuance and Cisco Voice Portal and last week on Finextra brought out some of the industry Trends.
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The Right Touch: Biometrics and Security with Mobile Applications

Security is a tricky business, especially as we store more personal information in the cloud, and access it with mobile devices. Passwords only take us so far. Good ones are hard to devise, even harder to remember, and all too easy for hacking software to crack. The few recent high-profile data breaches have given us all a reminder of just how fragile password protection is.

That’s why biometrics—fingerprint, palm and iris scanning, and voice recognition—are looking like the next big thing in keeping our private information private.
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Banking on voice biometrics?

Biometric identification isn’t a new phenomenon, just ask the Babylonians. They inked their contracts with a fingerprint. Perhaps the scanning technology wasn’t invented yet but the basic premise was there. Even MI6 and the CIA have tapped into fingerprint identification, face recognition and retina scanning. It all sounds very Hollywood, like a scene out of Minority Report but it’s becoming increasingly more common.
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Biometrics a tipping point for future of payments

The word technology is often used when consumers aren’t confident in something.  It’s new and therefore, most of us are “consciously incompetent” when it comes to understanding, using or embracing it.  It’s a great catch all label in that sense.

Take a modern car.  Absolutely packed with technology.  But as a user, we’re largely oblivious.  A lot of the improvements are simply accepted.  We simply get in and go.  We don’t think about the tech. We’re familiar and essentially “subconsciously competent”.
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The focus on biometrics in the mass market


Well, it’s no surprise that following the launch of the new iPhone 5S with it’s new “TouchID” fingerprint sensor that the combination of the mobile phone and biometrics is a focus for discussion in our little corner of the secure electronic transactions world. As was widely anticipated following their $300m purchase of the fingerprint sensor manufacturer Authentec, Apple have added a sensor to the home button of the new iPhones so that users can authenticate themselves using, well, themselves.
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