Nuance Communications announced that Banco Santander México has deployed the company’s Vocal Password voice biometrics solution to replace PINs, passwords, and security questions in their automated phone system. Nuance’s voice biometrics solution is being used to confirm the identity of Santander customers with just the sound of their voice.
Santander launched Nuance’s VocalPassword solution so that customers who call in to the bank’s phone system can simply speak to be authenticated, making the banking-by-phone process easier and more secure. Until recently, Banco Santander México’s customers needed to remember passwords and PINs and often were inconvenienced to recall answers to security challenge questions in order to gain access to their accounts.
Now, customers simply speak the phrase “At Banco Santander, my voice is my password” to be authenticated by their unique voiceprint when they call into Santander’s interactive voice response phone system. Since the introduction of Nuance VocalPassword at Banco Santander México, more than 1.7M customers have enrolled to benefit from the improved banking experience, and authentication success rates have doubled. Efforts to enroll a larger base of Santander’s customers continue.
Data from Opus Research shows that spending on voice biometric solutions for authentication grew by 74.2% from 2011 to 2012 and is on target to grow at a rate of 35% compound annual growth rate over the next five-years.
U.S. Bank is also testing a system from Nuance.