For many, when the term “voice biometrics” is used, security comes to mind. But the number of applications for voice biometrics is growing to meet the needs of organizations and the demands of consumers. In a new guest article for Biometric Update, “Voice Biometrics Offer Benefits beyond Security,” Enacomm CEO Mike Boukadakis explains that voice biometrics technology is reinventing the customer sign-up process and providing new options for organizations of all sizes.
Convenience is one of the greatest benefits provided by voice authentication technology. The act of speaking is natural and easy for consumers – even when “on-the-go.” Voice e-Signature technology, for example, is now enabling consumers to speak on the dotted line, eliminating the time-consuming and expensive collection of ink-based signatures. Research shows there is a 30 to 55 percent fallout rate when a paper process is used to obtain a signature versus a telephone or smart device. That dropout rate is reduced to 5 percent or less when Voice eSignature is utilized.
Recording a customer’s voice as their signature isn’t new. Old-fashioned voice recordings have been in use for decades to approve and sign contracts, but traditional voice recordings can be altered, are difficult to store and maintain, and may degrade over time rendering useless in the event of legal actions. With voice print technology, however, a customer’s voice file and accompanying call recording can be stored for up to 10 years if needed for court proceedings or other legal challenges.
Financial institutions, insurance companies, medical practices and other organizations often require a customer or patient signature acknowledging a legal disclaimer or even a sales transaction. The technology improves the overall consumer experience by allowing companies to more efficiently serve customers, with easier enrollment and faster processing.
Voice eSignature technology also significantly saves on printing and mailing costs. According to Thomson Reuters, a smaller firm with 500 clients may spend more than $28,000 per year managing paper. In fact, related administrative costs can be cut by up to 80 percent or more by using Voice eSignatures.
As conveyed by Boukadakis in the article:
Obtaining customer signatures is a time-consuming, labor-intense and often frustrating process. Businesses and customers alike want to leave old-fashioned, cumbersome paper signature forms where they belong…in the past. Not only is pushing paper detrimental to your customers’ experience, causing costly attrition in the enrollment process, but it also adds up to significant dollars and cents.