Since most of the retail broking companies offer multiple services like trading in equity, commodities, investment options like mutual funds, insurance and portfolio management services (PMS) to its customers, the challenge is to identify and authorize the customer quickly and effectively without asking too many questions.
Avaya uses a biometric speech solution which can identify a customer based on his or her voice print. A combination of speech and dual tone multi frequency (DTMF) identification can be used to identify the customer along with speaker verification. The interactive voice response (IVR) can be tightly integrated with the customer relationship management (CRM) application which can configure customers’ unique telephone number as their ID.
A password phrase recorded on the IVR can be subsequently used for biometric identification.
Biometric identification is more accurate as compared to a user ID and password as it
- Cannot be easily stolen, forgotten and shared
- Can be tied to a physical person
- Is not difficult in re-establishing identity
The biometric identification can be used to share information such as holding details, ledger balance, depository participant (DP) enquiry, real time security rates etc.
Additionally, dual authorization can be used to process transactions – the customer once authorized using a biometric password phrase can be asked to enter a 4-digit numeric TPIN to use the ‘Trade Services’ option. Dual authorization provides increased security for the customer and is not a hindrance while the customer uses informative services.
