ICICI Bank introduces voice recognition for biometric authentication

May 25, 2015




  • First bank in India to offer this service
  • To benefit all savings account and credit card customers

Mumbai: ICICI Bank, India’s largest private sector bank, announced the launch of voice recognition service which authenticates customers based on their speech patterns and allows them to execute banking transactions through the Bank’s call centre in a quick, secure and convenient manner.

 

The-first-of-its kind service by a Bank in the country, it is available to over 33 million customers of its savings account and credit card. With the voice recognition technology in place, customers are no longer required to enter their card numbers, PIN and answer security questions to authenticate themselves. Their voice will now act as the password for banking transactions through the call centre.

 

Ms. Chanda Kochhar, MD & CEO, ICICI Bank said, "ICICI Bank has always been committed to bringing in new technology and innovation to its customers and the introduction of voice recognition as a means of authentication is an extension of this commitment. Our decision to invest in this new technology was primarily driven by the objective of enhancing the everyday banking experience of our customers. We have noticed that the customers, especially those who use smart phones, find it difficult to enter the 16 digit card number and the 4 digit PIN with accuracy and at a reasonable speed. We wanted to offer them a secure and hands-free alternative to the traditional on-screen commands on smart phones. The voice recognition service has the potential to increase security and convenience."

 

The voice recognition technology works on voice prints, which are unique to an individual. It comprises more than 100 characteristics including voice modulation, speed, accent, pronunciation which are impossible to imitate, thereby enhancing security. The Bank stores the customer's unique voice print against his account and matches it whenever he calls from his registered mobile number, offering a seamless experience to the customer.

 

This launch comes close on the heels of a slew of technology-led innovative services introduced by the Bank. The list includes new apps for mobile banking, fully automated and round-the-clock 'Touch Banking' branches, Tab Banking, banking on Facebook and Twitter, the country's first contactless debit and credit cards, and ‘Pockets’, India’s first digital bank on mobile phone. The Bank has 4050 branches and 12451 ATMs ( at March 31, 2015).

 

For updates, visit www.icicibank.com, follow us on www.twitter.com/ICICIBank

 

About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) is India's largest private sector bank with consolidated total assets of US $ 132.17 billion at March 31, 2015. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 17 countries, including India.

 

Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of nonperforming loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

 

For media queries, write to us at: corporate.communications@icicibank.com

 



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