Consumers Are Ready for Voice Authentication Technology
A recent study examining consumers’ attitudes about voice authentication conducted by TouchPoint Consulting and FSTC discovered that if the technology is properly presented, consumers will react positively to it.
The study is the industry’s first in-depth and independent study of consumer views on voice authentication, the technology that utilizes unique characteristics of a caller’s voice to verify their identity. Leading financial institutions, such as Charles Schwab, The Dreyfus Corp., Visa and Wells Fargo, were among the study’s primary sponsors. FSTC and TouchPoint Consulting partnered to develop the study for the sponsor group, which provided them with key business issues and questions.
Participating technology vendors, including Authentify, Nuance Communications, TradeHarbor, TargusInfo, Versay Solutions and Vocent, contributed collateral materials as well as recorded interactive applications used in the research. In return for their contributions, the vendors received important consumer feedback about their applications and methods.
“The study has provided much needed objective information for financial service companies that are leading the adoption of voice authentication,” says Paul Heirendt, chief executive officer of TradeHarbor. “Several institutions that were waiting for confirmation of consumer acceptance are now moving forward with pilots and projected rollouts based on the positive consumer response in the study.”
The study found that convenience is the most important element for consumer acceptance. Also the study found that consumers believe that security concerns must be addressed and many early adopters are ready now.
Jack Carroll, TouchPoint partner and director of the project, compares voice authentication technology now to that of ATM technology in the early stages of its development. “While some of the benefits are apparent, successful solutions have yet to be developed. Consumers intuitively recognize the convenience, but are concerned because they don’t understand the technology or how it may affect their security. Therefore, the path to successful implementations will require design, communication and tuning efforts that are responsive to the changing nature of user knowledge and concerns.”
The resulting understanding of consumer attitudes is enabling banks, credit card and investment companies to plan their implementation strategies, study organizers say