Abstract
Current digital payment solutions are passwords or PIN-based and are complex and time-consuming process with 5+ steps including downloading an app, thereby impacting bandwidth and cost. Moreover, these are susceptible to phishing/vishing/theft/hacking. Also, visually impaired/specially abled are not able to access current payment processes. In this paper, “Voice Pay” solution has been developed which aims at making banking personal and possible for anyone using the most secured authentication which is “voice”. Without any additional app, it provides a solution that allows everyone (including visually impaired/specially abled) to perform banking operations with ease in the most secured way. It allows, from cumbersome 5+ step process, to an extremely cost-effective few seconds process making it simple, time-saving, and cost-effective process. It uses available ML and AI/NLP solutions of intelligent virtual assistants and is less vulnerable to breaches than any credential. Sample use case has been undertaken.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Bareria, P., Jain, M., Subramanian, D.K., Pratap, M.: iMFAST—journey so far and ahead. In: IEEE International Conference on Microelectronics, pp. 141–144 (2009)
Barclays: Banking on the Power of Speech (2018). https://wealth.barclays.com/en_gb/home/international-banking/insightresearch/manage-your-money/banking-on-the-power-of-speech.html
Alison, B., Finder.: The Rise of Voice Biometrics in Banking. https://www.finder.com.au/the-rise-of-voice-biometrics-in-banking. Accessed 23 Jan 2018
Timeline of Speech and Voice Recognition. https://en.wikipedia.org/wiki/Timeline_of_speech_and_voice_recognition
Pinola, M., and itbusiness.ca: History of voice recognition: from Audrey to Siri. https://www.itbusiness.ca/news/history-of-voice-recognition-from-audrey-to-siri/15008. Accessed 04 Nov 2011
Patil, H.A., Prakash, D., Kar, B., Bhatta, B., Kar, B., Basu, T.K.: Corpora for speaker recognition research and evaluation in Oriya. In: IEEE International Conference on Industrial Technology, pp. 2217–2222 (2006)
Siddiqui, A.T.: Biometrics to control ATM scams: a study. In: IEEE International Conference on Circuit, Power and Computing Technologies (ICCPCT), pp. 1598–1602 (2014)
Megan, J.: The Institute, Banks Are Offering Voice-Recognition Technology to Replace Passwords. http://theinstitute.ieee.org/ieee-roundup/blogs/blog/banks-are-offering-voicerecognition-technology-to-replace-passwords. Accessed 24 Oct 2017
Business Wire: Customers Can Now Complete Banking Tasks with U.S. Bank Skill for Amazon Alexa. https://www.businesswire.com/news/home/20170906005088/en/Customers-Complete-Banking-Tasks-U.S.-Bank-Skill. Accessed 06 Sept 2017
Kada, A., Youlal, H.: E-financial secure solution using neural network techniques. Canadian J. Electr. Comput. Eng. 30(3), 145–148 (2005)
Alam, S.B., Kabir, H.M.D., Sakib, M.N., Sazzad, A.R., Shahnaz, C., Fattah, S.A.: A secured electronic transaction scheme for mobile banking in Bangladesh incorporating digital watermarking. In: IEEE International Conference on Information Theory and Information Security, pp. 98–102 (2010)
Dimaunahan, E.D., Ballado, A.H., Cruz, F.R.G., Cruz, J.C.D.: MFCC and VQ voice recognition based ATM security for the visually disabled. In: IEEE 9th International Conference on Humanoid, Nanotechnology, Information Technology, Communication and Control, Environment and Management (HNICEM), pp. 1–5 (2017)
MIT Technology Review.: https://www.technologyreview.com/s/508341/the-rise-of-voice-biometrics-for-mobile-phones/
MIT EDU Research Paper—An Overview and Analysis of Voice Authentication Methods. https://courses.csail.mit.edu/6.857/2016/files/31.pdf
Biometrics Fraud Prevention. http://whatsnext.nuance.com/customer-experience/voice-biometrics-fraud-prevention/
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2020 Springer Nature Singapore Pte Ltd.
About this paper
Cite this paper
Kaur, R., Sandhu, R.S., Gera, A., Kaur, T., Gera, P. (2020). Intelligent Voice Bots for Digital Banking. In: Somani, A.K., Shekhawat, R.S., Mundra, A., Srivastava, S., Verma, V.K. (eds) Smart Systems and IoT: Innovations in Computing. Smart Innovation, Systems and Technologies, vol 141. Springer, Singapore. https://doi.org/10.1007/978-981-13-8406-6_38
Download citation
DOI: https://doi.org/10.1007/978-981-13-8406-6_38
Published:
Publisher Name: Springer, Singapore
Print ISBN: 978-981-13-8405-9
Online ISBN: 978-981-13-8406-6
eBook Packages: Intelligent Technologies and RoboticsIntelligent Technologies and Robotics (R0)