News : OCBC Launches Voice Recognition Solutions for Transactions
Singapore, May 23, 2016 -- OCBC Bank has been busy launching a string of firsts to ride the fintech boom. It just announced it has deployed voice recognition solutions to make it easier for customers to access different services.
One of the solutions is voice biometrics, which customers can use to check accounts, card balances, latest transactions, and status of deposited checks. The voiceprint replaces PINs, one-time passwords, and security questions that the bank's contact centre requires.
To enroll a voiceprint, customers are asked to say a specific phrase crafted by the bank, called a passphrase, three times. This is then stored in the system's database.
OCBC piloted the solution among a targeted group of customers in September, and will roll it out to all customers by the fourth quarter of this year, the bank says. It claims it will be the first to do so in Singapore.
With speech recognition, a customer can describe his or her inquiry in a more precise manner, and perform transactions quickly. The solution replaces the lengthy process of entering options on the phone keypad to get to the service the customer requires. It also avoids instances of customer calls being transferred to the wrong agent.
"With voice biometrics, customers will be able to get faster access to banking services as there is no longer a need for customer service agents to ask a series of personal questions for verification, which can be frustrating for customers as they need to recall numerous answers," explains Praveen Raina, OCBC senior vice president and head of Regional Contact Center. "Speech recognition has been very well-accepted by our customers as it cuts down the time a customer takes to get help."
Posted by Veronica Silva Cusi, news correspondent
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