Importance of Voice Biometrics in Business

Voice Biometric is an authentication technology well suited for applications and systems in which other Biometric technologies would be difficult or inconvenient to implement. Voice Biometrics provides a multifactor authentication of a person’s identity through a unique property: his or her voice. Just like other Biometric characteristics, the voice is unique to an individual.

Voice Biometrics, specifically, voice signature solutions can help enterprises that require traditional registration and confirmation processes such as offline, paper forms with wet ink signatures to drastically streamline the process and improve conversions.

How Voice Biometrics Helps in Business?

The conventional multi-step process has been shown to result in lower conversion rates. Research shows that no matter what the industry, there is a 30-55% falloff rate when a paper process is involved in getting a signature from parties who are not face-to-face. That is because each person’s voice is their ‘spoken identifier,’ with unique characteristics such as pitch and rhythm; these characteristics can be mapped and used to verify identity.

There are more than 120 different touch points to an individual’s voice. A voice biometric will capture all of these touch points and, in essence, make a fingerprint of that unique voice. That is why Voice Biometrics can be used to securely and safely replace lengthy paper-based signature processes. By identifying customers using their individual voice, organizations can provide a secure and easy way for them to “sign on the dotted line” using a voice print.

Voice signature eliminates the lengthy process that usually involves printing, faxing, mailing, or other forms of paper distribution coupled with waiting for the returned signed documents. This helps the organizations to achieve better customer service, higher levels of data security, tighter audit trails, and increased conversion rates.

Among the benefits of voice signature, one of the biggest benefits to business seems to involve contracts. Specifically, when voice signature is used, the number of contracts that do not get signed drops drastically when compared with a paper-based process (including documents sent via e-mail). Businesses find that when using paper-based processes, 45- 70% of contracts typically do not come back; leaving a dropout rate of 30-55% regardless of any efforts to the contrary. Contracts are simply left on the shelf, or someone meant to sign but did not, or for whatever reason the prospect had a change of heart. That dropout rate goes to almost zero when a voice signature is obtained the moment someone says “YES”.

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