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 approve 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 transactions by speaking into their phone, making the process more secure and efficient.
ANZ believes that voice recognition is more secure than traditional methods like text message confirmations, which can be compromised if a phone is stolen. This technology aims to enhance security and streamline the transaction process.
The voice recognition technology is currently in the pilot phase. ANZ's Australian arm chief executive, Phil Chronican, expects the system to be introduced within the next year to 18 months, pending successful testing.
Voice recognition offers enhanced security by reducing the risk of unauthorized access. It also provides convenience for customers, allowing them to authorize transactions quickly and easily without relying on physical devices or PINs.
Yes, ANZ plans to use voice recognition in call centers as well. This could lead to significant productivity benefits by saving resources needed to identify customers over the phone, streamlining the customer service process.
Yes, other banks are also exploring biometric technologies such as fingerprint testing and retina scanners to enhance security and replace traditional identification methods like PINs.
Australia's big banks are investing heavily in upgrading technology systems, with a focus on mobile banking. This shift is expected to help retain customers by offering more secure, efficient, and convenient banking solutions.
Call 1300 880 160
Start a chat
Schedule a call
