With advancing technology, many companies have switched from orthodox authentication methods to cutting-edge biometric authentication and its components. Fingerprint, facial, and palm recognition remain the most common types, biometric voice recognition has seen a rise.
What is Biometric Voice Recognition?
Biometric Voice Recognition is the use of the human voice to uniquely identify biological characteristics to authenticate an individual unlike passwords or tokens that require physical input.
Massive advances in neural network technology have led to the development of voice biometrics that are faster and more accurate than other methods. These biometric voice recognition systems have access to larger use cases and can identify an individual with less amount of speech samples.
Where is the Voice Biometric Market Heading?
- The market size of biometric voice recognition is expected to grow from $1.1 billion USD in 2020 to $3.9 billion USD by 2026, at a Compound Annual Growth Rate (CAGR) of 22.8% during the forecast period.
- Due to insufficient security features, device interactions in the finance sector are limited. Fraud attacks against financial institutions have increased by 269% over the previous four years, more than most other industries investigated.
- Financial institutions are likely to employ voice recognition in combination with their speech-recognition applications in the future.
How Does Biometric Voice Recognition Work?
Voice biometric recognition works by inputting the the voice of the individual whose identity has to be stored in the system. This input is kept as a print for authentication. The input print is made with software that can split the voice statement into multiple frequencies.
Behavioral attributes are identified at this stage that work mutually to make up the voice print. Voice recognition is much like iris or fingerprint recognition. Each one is unique to an individual and cannot be duplicated. These prints are stored in the database for further authentication.
Meanwhile, a text independent system focuses and matches unfamiliar speech with previously stored voice information.
There are two types of voice authentication:
Text-independent recognition: The system does not keep any pre-recorded audio to compare with the input in this case. It’s a voice authentication approach that doesn’t require any prior speech material to be entered into the biometric system. It is far more practical because it allows for free speech.
Text-dependent recognition: This necessitates the repetition of a previously delivered sentence that has been stored in the system, posing a speech content limitation.
Voice Biometrics Use-Cases
Voice biometric recognition has multiple use cases. Some of them are:
The contact center industry is perhaps the most common application of speech biometrics. By avoiding the laborious security questions at the start of every customer service interaction, using voice to verify and authenticate callers saves time and effort for both the consumer and the agent.
Voice biometrics is a powerful fraud-detection tool. Multi-factor authentication is increasingly being used to prevent unauthorised access to client data or financial resources, since identity theft is on the rise. Voice biometrics offers a safe, spoof-resistant authentication mechanism.
In recent years, the global financial services market has seen significant changes. Customers’ lives have been made easier by mobile banking and other FinTech alternatives, but there has also been an increase in danger. Thousands of verifications a day, in many languages, are processed using voice biometrics.
Voice biometrics can be used to establish voice signatures, which are a legally binding means of underwriting documents like life insurance contracts. Financial transactions can also be authorised using voice signatures.
The use of voice biometrics in workforce management apps is currently commonplace. Speech verification is a secure alternative to badging systems for organisations with a big, scattered workforce.
Advantages of Biometric Voice Recognition
1. Low Operational Costs
Call centres and even banks can save money by using voice authentication. It saves them millions of dollars by eliminating many of the steps necessary in traditional verification methods. It can recognise the customer’s voice during an end-to-end chat to authenticate their identity without the need for customary inquiries.
2.Enhanced User Experience
Another advantage of voice biometric systems that is often neglected is that they have the ability to greatly improve customer experiences. Callers no longer need to offer passcodes, PINs, or answer challenge questions to verify their identity.
This makes speech biometrics perfect for omnichannel and multichannel deployments, as a customer’s voiceprint can be used across all of your company’s support channels once they’ve been enrolled.
3. Increased Accuracy
Voice authentication is more accurate and trustworthy than passwords, which are easy to forget, modify, or guess. It’s similar to fingerprints, which no one else can have. In other words, unlike passwords, you cannot forget or reproduce a voice. Despite the fact that the sound may be impacted by a variety of things, it is far more reliable and convenient.
4. Easy to Implement Technology
Because this technology is so simple to use, companies can often reassign personnel elsewhere in the organisation to boost performance and customer satisfaction.
Voice authentication is a great way to verify a user’s identification since it adds additional layers of protection that manual pass codes might not provide. Voice authentication is beneficial for both customers and the business as it removes frustration associated with cumbersome login processes.