National Australia Bank (NAB) has chosen Nuance’s biometrics solutions to secure its contact centre operations and improve customer experiences.
The bank will deploy the Nuance Gatekeeper solution and leverage it for authenticating customers and enabling fraud detection.
The solution uses voice recognition technology to identify a caller and provides an additional layer of security by incorporating factors like location and caller’s behaviour.
Nuance Gatekeeper offers real-time fraud detection to cross-check an individual’s device, geo-location and pattern of speech to prevent fraudsters from using a recording or a synthetic voice.
The solution removes the need for knowledge-based passwords for phone banking customers during the authentication process.
Apart from NAB, Nuance’s other clients in the financial industry include Australian Taxation Office (ATO), HSBC, RBS, Deutsche, Santander and Allied Irish Banks.
In your opinion, what presents the biggest operational challenge for FS providers in the COVID-19 crisis?
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Nuance Enterprise security business general manager Brett Beranek said: “With eleven online accounts and nine different passwords per person on average, passwords are becoming overwhelming for consumers to manage.
“Biometrics offers a win-win solution, with a simpler way for consumers to access sensitive services like banking, and a secure alternative for businesses.”
NAB is leveraging the Nuance Gatekeeper solution to power its VoiceID service, which allows its customers to record their voiceprint over the phone.
The VoiceID service captures vocal traits like pronunciation, tone, pattern, and distinct voice characteristics to create a unique voiceprint.
This encrypted voiceprint is securely stored so the bank can identify its customers when they call.
Approximately 120,000 customers enrolled in the VoiceID system since NAB launched the service in November. The bank is hoping to raise that number to 250,000 before the end of the year.
NAB consumer-direct EGM Paula Constant said: “As the first major Australian bank to offer VoiceID in its contact centre, this technology is helping us improve the experience our customers have when they call by spending less time on the authentication process and more time helping them with their needs.”
Last month, reports emerged that NAB is planning to raise A$3.5bn ($2.26bn) in equity to boost its balance sheet in the wake of the coronavirus crisis.
For the six months period ended 31 March 2020, the bank reported an after-tax profit of A$1.3bn, a 51% drop compared to the previous year.