From a business perspective, the concept of a mobile payment solution seems like it should be wildly popular among consumers. After all, what could be better than making a payment through your smartphone. Right?
In a perfect world, this would be the case. But research shows that consumers are still warming up to this relatively new technology. In fact, while 41 percent of North American smartphone users are highly aware that they can make payments using their mobile devices at retail checkout counters, only about 16 percent claim have leveraged this capability. Moreover, about 45 percent of respondents who do not make mobile payments claim they have security concerns, while 37 percent are worried about privacy.
Interestingly, 37 percent claim they don’t make mobile payments because they don’t think it is convenient. It appears that despite the multitude of benefits afforded by mobile banking, a number of customers remain wary about the innovation and would rather pull out a wad of cash or a plastic card than to enter passwords, PIN numbers and/or security questions during a transaction.
It’s time, therefore, to migrate away from outdated end user authentication solutions and offer a voice-based mobile identity verification solution to your customers.
What makes voice biometrics so appealing to your end user? Namely, it comes down to security and convenience offered by the technology. When it comes time to purchase a product, for example, all a customer has to do to verify his or her identity is speak a short phrase into the device. Aside from being ultra-convenient (the voice authentication process only takes a few seconds), voice authentication is also highly secure. The authentication process, for instance, involves rendering a three-dimensional model of a customer’s voice and nasal tract for accuracy. It also measures how a customer co-articulates when speaking so as to gain a more accurate read over the person who is speaking.
Voice biometric authentication also eliminates the need to carry around sensitive security credentials, or store them in a mobile device.
So, are you ready to enhance your payment application’s mobile identity verification solution? Click here to get started with voice biometrics.