Part 1 – Crypto
Cryptocurrency adoption is increasing globally by the day and going mainstream comes with its own challenges to providing a seamless and secure customer experience. As crypto is the new kid on the block, even the slightest bad experience can damage a crypto exchange’s reputation and slow adoption rates in this volatile industry.
Speedy and efficient authentication procedures give companies a competitive advantage in today’s digital-first world across many industries and crypto exchanges are no different. The transaction process for crypto exchanges needs to be highly efficient when processing large numbers of investors, especially in instances when a cryptocurrency makes headlines for a spike in value. One small mistake and millions of dollars go to the next competitor, or worse, users miss their opportunity.
To properly identify a new user, crypto exchanges are generally required by law to use document verification, where users must take a selfie along with a photo of their ID to prove they are who they say they are. This process is rather expensive but clearly required when first enrolling a user onto a crypto-exchange platform. But what happens when users get locked out of their account, forget their password, or need to make a high-dollar transaction? Document verification in these cases is not only costly for the business but frustrating for the user. These hassles can turn users off and find them looking to other platforms. On the bright side, there are alternate solutions for crypto exchanges to make the overall experience a lot better for their customers.
Voice Authentication for CryptoCurrency Platforms
Voice biometric authentication can allow customers to utter just a few syllables and be verified, as speaker recognition systems offer more accurate authentication in less time. Background noises get removed to solely focus on the voice — to identify attacks ranging from voice morphing and recorded voices, to synthesized and simulated voices.
You can quickly and easily embed this kind of customer experience into your crypto exchange with an Application Programming Interface (API). When it comes to a Speaker Recognition API, the first step in leveraging voice biometrics is to have the user enroll their voice for future authentication. Pindrop’s API endpoints perform user voice enrollment by consuming an audio sample and creating a voice profile against a user identifier, without ever storing audio or personally identifiable information (PII). This makes voice authentication ideal for secure platforms like crypto exchanges that benefit from the element of privacy. When the user needs to authenticate, whether it’s for a secure transaction or a locked account, they simply need to verify their voice through a live recording or callback from an agent. The process is fast, seamless, and much less expensive than document verification.
Take a hard look at your customer’s authentication experience, especially in the context of stressful crypto trading, non-fungible token (NFT) releases, and large transactions that benefit from extra security. You can improve that experience and your bottom line by implementing secure, voice authentication.
Pindrop has one platform to service voice interactions for organizations – regardless of if those interactions are prompted on a mobile device to a call center or through a smart speaker. If you would like to identify voices regardless of where they are coming from through ”voice single-sign on”, Pindrop can help. Contact us.