Best Innovation Group (BIG) has partnered with Connect Financial Software Solutions (ConnectFSS) and CULedger to secure its voice banking platform.
The partnership will see the introduction of distributed ledger technology (DLT) to BIG’s FIVE Voice Banking Platform.
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The platform will utilise MyCUID’s DLT-based self-sovereign identity platform developed by CULedger.
It is expected to enable the members to authenticate their voice banking transactions securely.
BIG founder and CEO John Best said: “Voice banking uses devices like Amazon Alexa and Google Home to enable members to transact with their financial institutions in a conversational way.
“A significant value add when using voice-first interactions for banking is the channel’s inherent ability to reduce the friction that people experience in other channels.
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By GlobalData“The environment should be as secure as possible, but we don’t want to reintroduce a lot of friction into this touchless interface in the process, and today’s security paradigms did not meet our needs.”
The new solution will be first available to ConnectFSS’ clients who implement FIVE Voice Banking Platform.
It will allow the members to create, store and manage their identity information in the MyCUID solution. Subsequently, the information can be used to authenticate the services.
The data is accessible and controlled by the members themselves.
Connect FSS president Grant Parry said: “Whenever you have an opportunity to increase security while also removing friction from the member experience, it’s a win for all parties involved.
“This collaboration brings credit unions a better way to identify their members – and the voice channel is a great place to start.
“We see the MyCUID solution as solving the digital identity problem across all delivery channels and we are excited to play a part in bringing the solution to the market.”
