June 24, 2014
On 23rd June 2014, it was announced that Barclays – leading UK bank – is introducing a voice recognition system provided by Nuance Communications, that verifies a user based on their speech patterns.
Barclay’s system works on voice biometrics, and has been offered to customers in Barclays’ high net worth Wealth arm, says Telegraph. However it will be rolled out to its 12m retail customers early next year.
The system takes less than 10 seconds to verify the customer’s identity as compared to its previous 90 seconds, Barclays personal and corporate banking CEO Ashok Vaswani told The Sunday Telegraph. It’s foolproof. You don’t get fraud, and you don’t annoy the customers by asking them to identify themselves with security, he added.