The voice biometrics industry has grown tremendously over the last couple of years. The industry’s global market size of $1.1 billion in 2020 is forecasted to reach $3.9 billion by 2026 with a Compound Annual Growth Rate (CAGR) of 22.8%. This may be due to the need for robust cybersecurity as more and more transactions happen over the internet.
Voice biometrics work similarly to passwords but without the hassle of remembering codes or phrases or worries of being hacked. It has intrinsic algorithms that measure unique aspects of a user’s voice. You can configure this in either of its two types, text-dependent or text-independent, according to your needs.
Due to its security benefits and ease of use, it’s no surprise that companies are starting to use this authentication method.
5 Use Cases for Voice Biometrics
Voice biometrics can be helpful for many institutions, as proven by the use cases below.
1. Fraud Detection for Call Centers
Call centers may benefit the most from voice authentication as it helps agents detect fraud easily. As no two voices are the same, reliable voice biometric solutions can provide real-time risk scores for every call they receive. This enables them to spot and prevent fraudulent calls, such as ones that use voice mimicking techniques.
2. Audio Signatures for Important Documents
Handwritten signatures can be easily replicated with enough practice. Using voice signatures instead of written signatures can be a more secure way of underwriting legally binding documents like insurance contracts. It can also reduce the time to sign documents that require precise signatures.
3. Seamless Authentication for Financial Services
Due to the rise of FinTech alternatives and mobile banking, financial institutions need to be more proactive with cybersecurity. Voice and facial identification have become popular authentication methods for such companies. Instead of the usual PINs and passwords, voice recognition is harder to copy, making it a secure way of authorizing financial transactions.
4. Alternative Authentication for Mobile Applications
Biometric authentication is quickly becoming the norm for many mobile applications. Besides fingerprint and facial recognition, voice authentication joins the mix for robust multi-factor authentication, helping identify users in a remote setup. This ensures secure transactions in the ecommerce sector, such as authorizing payments in online shopping apps, account registrations, and logins.
5. Real-time Verification for Workforce Management
Voice authentication has many uses in workforce management applications. This technology is a more secure alternative to badging systems for organizations with a large and distributed employee pool.
It’s also an efficient way of monitoring your employees’ attendance, preventing cases of absenteeism. Voice verification enables your team working in remote places to verify their activities easily, from starting the workday to logging off, reducing the likelihood of falsifying work hours.
Let Your Voice Keep You Safe
Voice biometrics is becoming a popular authentication method. With its numerous benefits and diverse uses, it’s no wonder many companies are starting to employ it in their operations. Whether detecting fraud over the phone or securing financial transactions, this technology can keep your business safe in the online space.
Looking to incorporate voice recognition in your business? Q5id has robust and comprehensive biometric authentication solutions, keeping your company protected online.
Schedule a consultation with us today to learn more!
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