You may never have to remember your mother’s maiden name, your first pet, or the name of your first concert again.
The software is able to identify a person calling the bank within 15 seconds, just by their voice, with more than 90 percent accuracy, Sharir said.
A customer service representative wouldn’t even necessarily have to ask your name, as the bank would be able to identify you after just a few seconds, she said.
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She declined to identify any companies now using the technology, but said that "several global financial services" were currently using it, as well as a few telecommunications companies.
In addition to helping prevent fraud, the technology is designed to improve customer experience, and make call centers more efficient, she said.
See on www.cnbc.com
In most parts of the world, the banking system is closely regulated and monitored by central banks and other government …
In most parts of the world, the banking system is closely regulated and monitored by central banks and other government agencies. That’s just as it should be, you might think.
But banks have a way round this kind of regulation. For the last decade or so, it has become common practice for banks to do business in ways that don’t show up on conventional balance sheets. Before the 2008 financial crisis, for example, many investment banks financed mortgages in this way. To all intents and purposes, these transactions are invisible to regulators.
This so-called shadow banking system is huge and important. Indeed, many economists blame activities that took place in the shadow banking system for the 2008 crash.
But the size of the system is hard to measure because of its hidden and impenetrable nature. But today, Davide Fiaschi , an economist at the University of Pisa in Italy, and a couple of pals reveal a powerful and simple way of determining the size of the shadow banking system.
See on medium.com