Voice Biometric Technology
The growing popularity and acceptability of Artificial Intelligence techniques have not only made business processes easier; it has also increased the sphere of the pervasiveness of its functions. One of the features that are covered under AI technology is that of Voice Biometrics.
Biometrics is considered as the measurement as well as statistical analysis of the unique behavioral characteristics and unique physical features.
Voice Biometrics is confined to the identification and processing of the audio aspect of an individual. In the working of this technology, when a person speaks out words or phrases, the same is captured by a sophisticated system and then it is further compared with a voiceprint, which is previously stored in the system.
The whole process takes place, while the person speaks into the system. The identification of the voice of the person is very complicated because it is influenced by many factors, i.e. behavioral or physical.
Developments Taking Place in Banking and Finance Sectors
Biometric is widely adopted by banking institutions to authenticate the correct customers, who have access to banking services. The trend of implementing Biometrics is not just restricted to the banks, but other financial institutions are also following suit and implementing this technology to identify their customers and safeguard their interests.
In the recent past, there have been increased cases of identity theft, and financial theft and the Banking and Finance sector has been the primary victim of these frauds.
Banks and financial institutions have made substantial restructure in their practices in order to counter these threats to the cyberspace. Voice-based biometrics offer the best solutions for the BFSI sector and keeps them one step ahead of the criminals. Implementation of voice biometrics makes it almost impossible for criminals to use or steal someone else’s identity.
It is a known fact that Biometric Authentication in the form of Voice is here to stay in the BFSI sector; however, certain challenges exist in its path.
The first and foremost challenge is to develop the technical infrastructure, which is necessary and the regulatory framework, which is required for it’s functioning. The required infrastructure can be deployed by larger institutions and not the smaller ones because of the vast finances involved.
In a country like India, another major challenge is to implement Voice Biometric in a more stringent manner. Due to the vast illiteracy, most of the banking customers would not be able to access it due to ignorance.
There also exists an aspect of “biased nature” in the implementation of Voice Command System, as the banking sector has to oblige their “high-status” customers. The technology cannot grow unless the “bias” aspect is addressed.
With each passing day, the implementation of Biometric Voice Systems is becoming more ubiquitous as compared to the past years. The technology has become more accurate as well as reliable while being more accessible to the larger population. In the coming years, it is expected to become more mainstream.