Biometrics came into play with the convergence of improved technology acting upon significant volumes of data. Quicker, better and more convenient services are the latest trend in retail banking. Iris scanning, fingerprint, and facial recognition technologies are created to provide authentic and non-spoofable process. Retail banking companies are hopping on the bandwagon of adding an extra layer of biometric authentication using smart devices.
Fraudsters and attackers are learning new techniques as the banking industry moves further into the digital realm. Fraudsters look for the weakest links that are caused from human-level interactions, and that makes call centers an easy pick for cheats. The attackers are the most agile and adaptive of all and biometrics cannot stop the criminal resourcefulness.
Biometrics expert seeks to strengthen the defenses and reduce the fraud coming via contact centers. The current technology can identify 80 different characteristics within the vocal tract. So, the user can improve their weakness by 80 to the power of 10. This process makes voice print better than a fingerprint. Voice biometrics is armed with sentiment analysis and measures the inclination towards positive or negative customer behavior that can be used to score conversations by effectiveness in real time. The three emotional features of speech are nerves, power, and arousal and their combination can be analyzed in real time.
Voice print is excellent for behavioral analytics and works as a phonebook of fraudsters. Banks can build up a database of repeated offenders, and as soon as the agent begins talking to a known offender, the system will present a red flag in real-time. Cross collaboration between banks by sharing the voice prints could drastically reduce the instances of fraud across the banking sector. The regulations of Markets in Financial Instruments Directive or MiFID, a legislative framework instituted by the European Union requires the telephonic conversation to be recorded. The technology would be able to recognize the phrases and words as they’re spoken and flag them.
In future, voice biometrics can be embedded as a part of technology in tech giants. These companies use natural language processing voice technology used on a full scale. Enterprises would use the technology to improve their algorithms in the background to boost speed and accuracy of the platform.