Another financial institution has embraced voice recognition technology for customer authentication. Nuance Communications has announced that its technology has been adopted by Investec, a major South African private financial services company.
The technology was adapted in partnership with OneVault, a voice biometrics company based in South Africa. That company has previous experiencing securing banking institutions and also offering solutions related to government and insurance applications. Nuance Communications, too, has worked with major financial institutions, but is also responsible for advanced interactive voice software such as the Dragon Mobile Assistant app and the Dragon Drive system for smart cars.
Together, the companies are mining a rich field in the overall voice biometrics market. The technology has proven particularly popular in the financial services sector, offering banks and other such institutions the opportunity to ditch their cumbersome security question systems in favour of a streamlined means of customer authentication allowing for greater efficiency and customer satisfaction.