AI Case Study

Barclays reduces telephone banking user authentication time to under 10 seconds using voice identification

Barclays introduced voice identification for its telephone banking customers in 2016. The system works by identifying over 100 characteristics of a user's voice to confirm their identity and has reduced the time it takes to authenticate to under 10 seconds.

Industry

Financial Services

Banking

Project Overview

From Wired: "Each time a customer calls, the technology will compare their voice against the voice print to establish a match using the first few words spoken. Barclays was the first European bank to launch voice recognition technology to customers in May 2013. Customers will have to register for voice security by using the telephone banking service. Barclays will collect a sufficient voice print over the course of approximately three phone calls, before allowing users to opt into to the voice security technology rather than using a password."

Reported Results

Barclays initially trialled the system in 2013 to a limited number of its wealthy clients and was successful enough that it was extended to all its customers in 2016. According to The Guardian, Barclays claimed the service had been well received by its trial customers, "with the time taken to verify their identity falling from 1.5 minutes to less than 10 seconds".

Technology

Function

Customer Service

Contact Centre

Background

According to Wired, "the Financial Fraud Action (FFA) revealed that losses due to telephone banking fraud rose by 92 per cent in 2015 to £32.3 million and greater adoption of technologies such as voice recognition could help stem the flow."

Benefits

Data

Voice, with over 100 identifying features being taken into consideration.