This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers.Santander announced that it plans to offer telephone banking customers the option to verify their identity via phone ID and biometric voice ID technology, according toThis will eliminate the need for customers to type in lengthy personal ID and security numbers when completing phone authentication.
Biometrics can help Santander combat phone verification fraud. During the enrollment process for the new feature, customers repeat a short phrase several times, allowing the technology to develop a unique voice print. When the customer calls in the future, they will repeat the same sentence and the tech will compare it with the previous recording. Notably, the tech is able to identify if someone is playing a recording of the sentence, which will help prevent fraud.
, for example, terminated a telephone banking feature that allowed customers to pay bills via the phone in October last year, as fewer than 2,000 customers made such transactions. However, making the login process more efficient and secure might help Santander increase customer satisfaction on the phone banking front.This is just the latest in Santander's digital push — and its holistic approach to digitization could help it to satisfy a diverse user base.
Santander is investing in new technologies all-round, making sure all aspects of the bank are getting up to speed.In , it was announced that Santander reached a $700 million five-year global technology agreement with IBM to deepen its business transformation efforts., the banking giant introduced fraud warnings for customers, forcing them to specify the reason for certain transactions. And while telephone banking may be on the decline, it's important to not leave out customers who depend on other potentially less popular channels for banking.
TD already does this