NAB to introduce Speech Security technology

National Australia Bank (NAB) will launch a sophisticated new system that will grant customers faster access to their bank accounts.

The company will be the first of the country's major banks to introduce Speech Security technology, which is aimed at streamlining telephone banking services, the Daily Telegraph reports.

By using voice-biometric security software, the bank will be able to recognise a person without having to ask them a number of time-consuming verification questions.

Up to 40 per cent of Aussies forget their phone banking passwords and are left frustrated when they cannot access their account.

This new system will eradicate this problem and is also said to reduce call times by the equivalent of 15 million minutes a year.

Understandably, some people are worried that this will increase the chances of having their account hacked by criminals, but NAB leaders have insisted it will actually boost security and is a better system than fingerprint verification.

"Speech is a very secure, personalised form of ID," NAB head of voice services Andrew Davis told the news provider.

"While a fingerprint has around 40 unique characteristics, each voice print is made up of 120. Each person has unique physical attributes that determine the sound of their voice, and we use these to create the biometric print."

To make sure thieves do not record a person's voice, the bank will conduct a "liveliness test", which requires them to repeat a random phrase or sequence of numbers.

Aussies certainly seem to be receptive to the latest banking technology and NAB is keen to use new developments to make their services even more customer friendly.

Last month, the bank announced a strategic partnership with global payments leader VeriFone Systems, which will see the pair come up with more convenient ways for business banking customers to manage their finances.

One of the first products to be launched is the iPhone and iPad "PAYware" sleeve – an application that essentially turns an Apple gadget into a payment terminal.

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