Voice Authentication in the FinTech Sector

Voice authentication technology is increasingly vital in enhancing security within the FinTech sector. According to Statista’s report, the global voice recognition market is projected to grow from USD 10 billion in 20202021 to around USD 50 billion by 2029, indicating a significant 23.7% CAGR. FinTech companies are integrating voice authentication to parallel biometric methods like fingerprints and facial recognition.

How does Voice Authentication work?

Enrollment: Initially, users record their voice. This step involves speaking a specific passphrase or sentence, which the system captures and analyzes.
Feature Extraction: The system examines over 70 aspects of speech production. These include tone, pitch, modulation, speech rate, and even subtle nuances unique to each individual, providing a comprehensive user voice profile.
Comparison and Verification: When requested access, the system compares the live voice with the stored voiceprint. This involves sophisticated algorithms to ensure accuracy, even if the voice varies slightly due to health or environmental factors.