TransUnion South Africa, in partnership with OneVault, has announced plans to develop a national Voice Bank. This national Voice Bank will result in the use of stronger biometrics, like voice, to help businesses curb fraud and identity theft and therefore alleviate the growing concerns around information security disciplines.
Voice biometrics is being adopted globally by companies, especially those with large contact centre operations, because it offers faster, improved authentication, a better customer experience and a reduction in fraud. TransUnion’s innovative offering is accessible via a hosted pay-per-use solution, enabling the benefits of voice biometrics to the local market.
TransUnion’s national voice bank offers significant benefits for both consumers and business. Organisations that employ voice biometrics can reduce call handling times for agent-assisted calls, giving the ability to get to the heart of a consumer’s enquiry quickly and with the overall result of improved customer and agent satisfaction.
In addition, identification accuracy is increased which assists in helping to mitigate fraud. As operational costs reduce, businesses can more aggressively and confidently evaluate and promote additional customer self-service. In global studies, users experience approximately 80% faster authentication via voice biometrics, with approximately 90% of users preferring the solution over the status quo. Thus, voice biometric authentication combined with other multi-factor authentication methodologies, can deliver enhanced business value.
The hosted Voice Bank solution currently has 30 000 voice prints, primarily acquired via TransUnion’s consumer call centre, but this number is expected to grow rapidly. TransUnion anticipates that building this Voice Bank will deliver significant value to corporate customers as this data type is reliable and unique.
South Africa, like the rest of the world, is encouraging transactions and product applications to shift online, but consequently is seeing increases in identity theft and in card transaction fraud. Consumers are increasingly vulnerable and technologies such as voice biometrics provide additional security measures that help to address these concerns.