Nuance Communications announced that Santander Bank of Mexico has incorporated the use of voice biometrics in place of the PINs, passwords and security questions that are currently used in the automated telephone system. This biometric solution will be used to confirm the identity of clients using the sound of their voice.
Bank customers who communicate by phone will be authenticated simply by speaking using the characteristic and individual sound of their voice. This will also have the effect of improving the safety of banking by phone. Until recently, Santander users had to remember passwords and PINs as well as answers to security questions in order to access their financial products.
Santander clients can now set up their voice as their password using the company’s interactive voice system. Since the introduction of the Nuance Vocal Password system, more than 1.7 million clients have signed up to take advantage of this new way of banking, doubling the rates of successful authentication. This has also increased Santander’s client base.
Additionally, data from Opus Research has shown that investment in biometric voice solutions to identify users has grown 74.2 percent between 2011 and 2012 and it is expected to maintain a compound annual growth rate of 35 percent in the next five years.