TIAA Heeds Call of Voice Authentication

Another financial services company has embraced voice biometrics for customer authentication. TIAA, a financial services company servicing the academic, cultural, government, medical, and research sectors, with a strong focus on services relating to retirement, has announced that the technology is now available “to most TIAA retirement participants,” according to a statement.TIAA Heeds Call of Voice Authentication

As in many other banks’ recent deployments of voice authentication systems, TIAA is using the technology as a replacement for memorized credentials. In announcing the system, TIAA EVP Scott Blandford framed it as a move to improve customer service, calling it “the latest example of how TIAA is leveraging game-changing technology to transform the way our customers manage their finances – and ultimately make it easier than ever to effectively prepare for retirement.”

In embracing voice biometric authentication, TIAA joins a growing trend in the financial services sector that has seen numerous banks embrace the technology for their call-in centers. Citibank, for example, recently launched such a system in Malaysia, with plans to become the first bank to bring such authentication technology to all of its APAC region customers. While some such systems enable voice identification passively via natural speech, TIAA’s uses a specific vocal passcode spoken by the user.

August 30, 2016 – by Alex Perala