[October 02, 2003] VOCENT RELEASES SURVEY RESULTS – ILLUMINATES CONSUMER SENTIMENT OVER TELEPHONE BANKING, IDENTITY THEFT AND VOICEPRINT TECHNOLOGY VOCENT RELEASES SURVEY RESULTS – ILLUMINATES CONSUMER SENTIMENT OVER TELEPHONE BANKING, IDENTITY THEFT AND VOICEPRINT TECHNOLOGY Survey Unveils Consumer Concerns Over Telephone Transactions, Security, and Identity Theft – Validates Voiceprints for Authentication SpeechTEK – Mountain View, CA – October 1, 2003 – Vocent Solutions Inc., the leading provider of voiceprint-based secure automation solutions, today announced the results of a nationwide consumer survey that addressed multiple issues of consumer sentiment with regards to telephone banking transactions, consumer information given over the phone, security concerns, identity theft and consumer response to using voiceprint technology as a biometric tool to conveniently and securely authenticate callers. “Whether consumers will adopt biometric technologies, such as voiceprints, has been the 64-million dollar question,” said Chuck Buffum, President and CEO of Vocent Solutions. “Clearly, this survey conclusively reports that consumers are ready for primetime use of voiceprints, and that consumers value the convenience and security features that voiceprints can provide in their over-the-phone financial transactions.” Voice Authentication Consumer Survey Results The full report is available for free at: http://www.vocent.com/vision/research.html. The survey addresses several key points in relation to consumer fears about telephone security and acceptance of voiceprint technology. These key points are: • Telephony-driven Transactions are Here to Stay – The telephone remains a primary channel in accessing financial information and making transactions. This trend is likely to continue due to the ubiquity and ease-of-use of the telephone; • Consumers are Concerned – Nearly 80-percent of those surveyed are “concerned” or “very concerned” about providing sensitive or personal information over the telephone; • PINs Are Not Enough – Consumers voiced that they believe their financial institution is responsible for their account security and integrity, and that PIN numbers and content knowledge (i.e. mother’s maiden name) is not perceived to be satisfactory preventative measures; • Awareness of Identity Theft – Most consumers (nearly 70-percent) are aware of identity theft, and indicate that 30-percent know of someone who has been a victim of identity theft; • Voiceprints are Secure and Convenient – Although most consumers have not heard of voiceprint technology, once explained, 83-percent “somewhat agree” or “strongly agree” that voiceprint technology could help prevent fraud or reduce identity theft when accessing financial account information or when making credit card purchases over the telephone; • Consumers are Willing to Adopt Voiceprints – Given the opportunity, most consumers would enroll their voiceprint with their financial institution if asked. “This survey addresses the fundamental issue of when, not if, consumers will adopt voiceprints as a means to better secure access to their financial information,” said C. Maxine Most, Principal and Founder of Acuity Market Research, an analyst firm that researches emerging technologies. “Once aware of what voiceprints can do, consumers are more than ready to have a voiceprint-based solution in place today to thwart fraudulent access to their financial information.” “This study confirms that, while not familiar with the underlying science, consumers like the value proposition of voice biometrics and are ready to use it for voice authentication,” said Allen Weinberg, managing director of Glenbrook Partners and co-chair of the FSTC Biometrics SIG. “The industry needs to start deploying voice biometrics and move on to consumer education and the challenges of enrollment.” Methodology The survey was created in concert with Voice Partners and Datamonitor. Voice Partners, a leader in voice interface design and research, designed and moderated a set of focus groups to gather qualitative input, identify key issues, and define the terminology Datamonitor, a leading research firm, surveyed more than 700 American consumers between June 30 and August 6, 2003. Respondents were screened to ensure that they were representative of a cross-section of age, gender, state of residence, income and education. Included respondents conduct financial transactions over a telephone, such as telephone banking or credit card purchases, at least a few times per year. The final results were weighted by age, gender and state of residence. The survey has a margin of error of ±3.7 percent “It was critical to gather a sample to understand the habits and opinions of the typical American consumer who accesses some form of financial account information via the telephone, said Tim Gower, Managing Analyst of Datamonitor. “By reaching such a broad base of consumers, one can be reasonably assured that the data points pulled from the survey are reflective of trends and issues that most people express today. Consumers are concerned about their private information used over the telephone, and if given the chance, consumers would value voiceprint technology as a means to better secure their financial data.” “Speech technology in call centers has proven its value in both reducing costs and improving service,” said Bill Meisel, president of TMA Associates and speech industry analyst. “The large sample size and methodology of this survey are convincing in showing that customers will not only accept, but welcome, voice authentication.” About Vocent Vocent delivers packaged, speech-driven applications which leverage voice biometrics to securely automate authentication. Headquartered in Mountain View, Calif., the privately held company applies industry standards to develop platform-independent solutions that combine proven voice technology with unique application-level functionality to maximize caller automation while maintaining comprehensive security. Typically installed in less than 90 days, Vocent’s packaged applications provide increased user convenience, significant cost savings and investment returns within 6 months. For more information about Vocent, visit www.vocent.com or call 650-316-3000. # # # [ Back To TMCnet.com's Homepage ]