When the UK banks announced their planned withdrawal of cheques, there was uproar, the older generation were horrified.
When the UK banks announced their planned withdrawal of cheques, there was uproar many people I know thought this was ridiculous, cheques were antiquated and costly. However, cheques and cash are the only forms of money that require limited exposure to technology, the older generation were horrified.
The issue of Personal Identification is key, I have seem older people become totally alienated from their banks because they could not cope with PINs and passwords, is there a better way?
The answer I believe lays in voice biometrics, Nuance products are just starting to be deployed by the Financial Services Industry, these coupled with IBM’s Watson seem the right sort of approach. Barclays Wealth have deployed a voice enabled identification for High Net Worth clients, here the Customer Service agent has a constant readout of the likelihood of positive id during a customer conversation. Also very impressive is TCS Bank in Russia who have a NICE Systems set-up that can authenticate a customer within 7 seconds of dialogue. This cleverly used historic recordings of customers so that their voiceprint is created without any effort from the customer. TCS have now 1000 work stations live with the system.
So why do I believe this approach is the correct one?
Firstly, our senior citizens like and want to talk to human beings and although some memories fade others do not, everyone can remember their earlier lives parents and siblings names, first school, town of birth, its just the artificial PIN’s and passwords that are constantly forgotten and are the basis of embarrassment and worry for forgetful citizens.
Secondly, voice can be used in the branch or on the telephone or even in a shop …
This approach coupled with enhanced service, the topic of my next post would radically change the image of many Financial Institutions, in what is arguably their increasingly most important customer segment.