ANZ follows call of voice recognition for mobile transfers
Under the plan, which is still being tested, mobile banking customers would no longer be prevented from "paying anyone" $1000 or more through the bank's smartphone application.
Instead, they would be able to authorise higher-value payments by speaking into their phone, after having already provided a password. The computer system would then compare their voice with a digital "voiceprint" stored in a database. It is the latest sign banks are using "biometric" information to identify customers more easily and cheaply.
Lenders have also looked at using fingerprint testing to replace personal identification numbers or PINs, or attaching retina scanners to automatic teller machines.
ANZ's plan to use voice recognition technology is still in the pilot phase, but the chief executive of the bank's Australian arm, Phil Chronican, said he expected the new system would be introduced within the next year to 18 months.
"We're piloting it. We think we'll do it. Obviously it's got to pass all the tests," Mr Chronican said in a technology briefing on Wednesday.
The bank believes its plan is more secure than sending a text message to confirm a large payment, because of the risk of phones being stolen.
Mr Chronican said voice recognition was also likely to be used in call centres - a move that could have a "massive productivity benefit" for the bank because it could save resources required to identify customers over the phone.
"If we've already got a biometrics database set up, then we could use it when you call a call centre and you need to be identified," he said.
Australia's big banks are spending hundreds of millions of dollars upgrading technology systems, amid expectations mobile banking will help in retaining customers.
Frequently Asked Questions about this Article…
ANZ is planning to implement voice recognition technology to authorize large cash transfers via mobile banking. This technology will allow customers to authorize high-value payments by speaking into their phone, enhancing security and convenience.
The system works by comparing a customer's voice with a digital 'voiceprint' stored in a database. After providing a password, customers can authorize payments by speaking into their phone, making the process more secure and efficient.
ANZ believes that voice recognition technology is more secure than traditional methods like text message confirmations, which can be compromised if phones are stolen. It also aims to make the process of authorizing large payments more convenient for customers.
The voice recognition technology is currently in the pilot phase. ANZ's chief executive of the Australian arm, Phil Chronican, expects the system to be introduced within the next year to 18 months, pending successful testing.
Voice recognition offers enhanced security by using biometric data, reducing the risk of fraud. It also provides convenience for customers by simplifying the process of authorizing large transactions and could improve productivity in call centers by streamlining customer identification.
Yes, ANZ plans to use voice recognition in call centers to identify customers more efficiently. This could lead to significant productivity benefits by saving resources needed for customer identification over the phone.
Voice recognition is one of several biometric technologies being explored by banks, alongside fingerprint testing and retina scanning. These technologies aim to replace traditional identification methods like PINs, offering more secure and convenient options for customers.
Banks, including ANZ, are investing heavily in technology upgrades to enhance security, improve customer experience, and retain customers. As mobile banking becomes increasingly popular, these innovations are crucial for staying competitive in the financial industry.
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