If one thing is apparent after talking with attendees at this year’s Money 20/20 conference, it’s that many organizations are struggling mightily with the customer identity verification process when signing legal disclaimers and authorizing purchases.
Why are so many businesses struggling to verify their customers’ identities? Simply put, a large percentage of businesses are still using paper-based authentication. This method of identity verification is slow, expensive to manage and process, and highly vulnerable to fraud.
For these reasons, many organizations are now abandoning their paper-based authentication processes in favor of a safer and more efficient technology: voice e-signatures. Instead of collecting signatures, they’re collecting unique voiceprints.
Just recently, for example, a leading organization in the financial industry, which manages billions of dollars in global assets, recently announced an exciting new partnership with Enacomm—a leading provider of intelligent customer interactions and partner of voice biometric identity verification provider VoiceVault. This new partnership, announced during Money 20/20, will allow the company’s customers to verify their identities by simply speaking a phrase into a receiver.
The process is safer, as voiceprints cannot get lost, damaged or stolen as paper can, and they are also hack-proof.
What’s more, voice e-signatures are recognized as legally binding contracts under:
- The American Bar Association’s test for a legally binding signature
- S. E-Sign Act
- The Health Insurance Portability and Accountability Act (HIPAA)
- FDA21 CFR 11 regulations
- EU Directive 1993/93/EC
As Enacomm CEO Michael Boukadakis explained following the announcement, the decision can help businesses across many different high-profile industries.
“Financial institutions, insurance companies, medical practices and other organizations often require a customer or patient signature acknowledging a legal disclaimer or even a sale,” he said. “Compared to the traditional process of mailing forms for customers to sign, then filing and managing them once returned, Voice e-Signatures are extremely efficient, enabling one-shot telephonic enrollments.”
So, are you ready to explore how voice biometrics can help your organization? Click here for more information about how VoiceVault can help.