Voice Password Facility for Phone Banking Rolled Out by ICICI

Published By : 25 May 2015 | Published By : QYRESEARCH

India, largest private lender ICICI Bank on Monday said it has launched a service where customers can make transactions using just their voice, without using other means of authentication like a password.

The voice recognition service authenticates customers based on their speech patterns and allows them to execute banking transactions through the bank's call center, the bank said in a statement. Customers, in general, use various means of authentication like entering card numbers, answering security questions and entering a personal identification number (PIN) to carry out a phone banking transaction.

Their voice will now act as the password for banking transactions through the call center, the statement told, adding that the service is secure.

More than 33 million savings bank and credit card customers will be able to use the service.

The decision to invest in this novel technology was mainly driven by the objective of improving the everyday banking experience of their subscribers. The managing director and the chief executive of ICICI, Ms. Chanda Kocher stated. She added that customers using smartphones find it difficult to enter the 16 digit card number and the 4 digit PIN with accuracy and the hands-free alternative has the potential to increase security and convenience.

The technology solution works on unique 'voice prints' which comprise over 100 characteristics, including voice modulation, speed, accent and pronunciation, which are impossible to imitate, the statement said. The voice print is stored and matched whenever the customer calls from the registered mobile number, it said.
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