Banca March is the first bank in Spain to allow digital transaction approval using voiceprint
15 December 2021 Category: Digitization
The service is now up and running and will be rolled out to all Banca March mobile app users.
- The service is now operational and will be rolled out to all Banca March mobile app users over the course of November.
- Banca March customers can now authorise bank transfers quickly and easily, simply by saying “My voice is my password”.
- This pioneering use of biometrics to authorise transactions is a milestone in Banca March's digital transformation, stepping up security and enhancing user experience.
Banca March has become the first Spanish financial institution to offer its customers a voice biometrics system to authorise their banking transactions. The service is now up and running and will be rolled out to all Banca March mobile app users over the course of November.
This pioneering use of biometrics to authorise transactions is a milestone in the digital transformation process underway at Banca March, which is being directly overseen by Banca March Vice Chairman Rita Rodríguez Arrojo. To develop this new solution, the bank worked with technology by Nuance Communications, a leading provider of Artificial Intelligence, Security and Biometrics solutions with over 650 million users worldwide.
Adopting this procedure will allow the bank to enhance authentication security for digital banking transactions, as customers will register and use their voiceprint from their own trusted device only. At the time the transaction is performed, the innovative system compares the voice used by the customer to approve the transaction with the voiceprint created by the customer at the point of registration.
The service will be available for the approval of any kind of transfer undertaken by bank customers, regardless of the destination or the amount in question. From a customer experience perspective, the process is quick and easy, allowing any user to create a voiceprint simply and intuitively.
This new authentication method is safe and simple for customers. The user simply has to access the Banca March app from their trusted device and register their voiceprint as their password. Once the biometric registration is complete, the user simply has to sign the registry and their voiceprint will be saved for subsequent use to approve transactions. This process allows the system to obtain a biometric voiceprint – by analysing over 100 factors based on the latest neural network algorithms – which is unique to each user and cannot be imitated, offering the highest level of security available in the market.
However, customers can still use traditional methods to authorise their transactions – a code received by SMS or a code from a security code card – if they would prefer not to use their voice at any given time. The customer therefore has the option to activate and deactivate voice signature use at their own discretion, and choose an alternative authentication method when approving transactions.
Juan Carlos Segura, Assistant Deputy Managing Director of Banca March and Head of the IT, Innovation and Operations Area, said: “Banca March specialises in private banking, wealth management and corporate advisory and is committed to offering outstanding advisory services from the best-trained professionals in the Spanish banking sector. Adopting voice biometrics for transaction approvals brings us one step closer to our goal of offering our customers a seamless, omni-channel experience with unbeatable security, whilst simultaneously positioning Banca March as a pioneer in rolling out cutting-edge which afford an optimal, efficient digital experience for our customers.” .
Providing responsive, omnichannel advisory services
Banca March is rolling out a digital transformation process as part of its #WeAreTransformation Plan, which is intended to improve the experience of customers and managers alike through responsive, omnichannel advisory services and generate enhanced operating efficiency thanks to continuous improvements to the bank's technology systems. Banca March is incorporating new functions at an intense pace to ensure it offers its customers complete satisfaction with the digital experience.
The bank recently launched its new online reporting service, offering customers detailed, easily accessible information on the real time performance of savings and investments. Banca March customers now have access to three brand new functions within the online reporting service, available through both the Remote Banking section of the website and the Banca March app. The new functions are aggregate reporting, custom view and the selection of specific time periods. The online reporting service offers Banca March customers access to detailed information on their entire investment portfolio, including returns, yields, performance, composition, movements and management fees, 24 hours a day, seven days a week.
Banca March's online reporting service is among the most comprehensive in the market, allowing customers to: consult the returns, yields and performances of all portfolio groups broken down by account holder; create a customised, aggregated view of their investment page showing their selected portfolio groups, thereby viewing the total status of their investments; and generate a summary and performance graph for their portfolios and aggregate reporting on their investments over a selected time period.
Nuance Communications: a world leader in voice biometrics
Nuance Communications (NASDAQ: NUAN) is a pioneer and a leading provider of AI technologies aimed at transforming how brands engage with their customers, streamlining interactions and minimising operating costs. The company is a leader in the security and biometrics market, delivering solutions which enhance the safety of any transaction through any channel on any device, integrating various biometrics into a single platform to help organisations prevent and identify fraud.
Nuance boasts decades of experience in the field of artificial intelligence (AI) and works with thousands of companies worldwide in healthcare, financial services, telecoms, retail and the public sector to build stronger relationships and enhance customer and employee experiences.