The two Canada-based credit unions partnered with Central 1 to develop the technology, which leverages Amazon’s voice biometrics and the OAuth open standard for token-based authentication. Through the partnership with Central 1, which provides services to credit unions, customers can make bill and vendor payments, transfer money, and check account information through the voice channel. The two credit unions serve a combined customer base of about 174,000 members.
The new technology is meant to change the public perception that banks are more innovative than credit unions. It facilitates the banking experience for a specific demographic of user, as it simulates talking to a live agent.
Moreover, the companies announced pilots of the technology earlier this year, while market analyst Tractica predicted that the voice and speech technology market will grow from USD 1.1 billion in 2017 to USD 6.9 billion by 2025.
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