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How are Australian banks leveraging voice technology in their operations and customer interactions?
Australian banks are using voice biometrics technology to authenticate customers, eliminating the need for passwords and security questions.
Bank Australia has partnered with Nuance to offer VoiceID, a service that authenticates customers based on the sound of their voice.
National Australia Bank has enrolled 120,000 customers in its VoiceID service.
Voice biometrics technology has been implemented by several Australian banks, providing a higher standard of security and convenience.
AI voice cloning technology can mimic a customer's voice, potentially gaining unauthorized access to their accounts, raising concerns about security risks.
Despite these concerns, many Australian banks believe that the benefits of faster and more secure authentication outweigh the risks.
The use of voice biometrics has been expanding, with banks such as ANZ implementing the technology for identity verification in their IVR systems.
In 2022, it is expected that banks will provide identity checking as a new service as the newly created n Payments Plus coordinates their efforts.
Conversational AI technology is being used by banks to improve customer experience, such as Ceba, a virtual assistant launched by CommBank.
With voice biometrics, ANZ customers can now make 'Pay Anyone' payments of more than 1000 on their mobile without needing to log into internet banking or remember additional passwords or PINs.
Banks are exploring the potential of AI voice cloning technology for voice authentication, which could provide increased security and convenience.
Biometric banking is becoming commonplace as banks test voice and facial recognition technology for identity verification.
The use of voice biometrics technology is expected to grow as banks continue to prioritize cybersecurity and customer experience.
Banks are using voice biometrics technology to tighten security and reduce the risk of phone-based fraud and identity theft.
The deployment of Nuance Gatekeeper, the world's most advanced biometrics solution for authentication and fraud detection, has improved the customer experience for one of Australia's leading customer-owned banks.
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