KUALA LUMPUR (Aug 23): Citibank Bhd (Citi) launched its voice verification system for its consumer banking customers today in an effort to cut verification time for its clients who call in for phone banking service.

Dubbed Voice Biometrics, the bank's chief executive officer (CEO) Lee Lung Nien said Citi is the first financial service firm in Malaysia to implement the new security feature.

"We at Citi will always continue to be innovative and upgrade ourselves in terms of technology so that Citi will continue to be relevant and competitive in the market," he said at the launching ceremony today.

Voice Biometrics is capable of identifying Citi's customers through their voice print, which is unique to each individual.

Citi's clients in Malaysia, which number about one million currently, can opt to enrol for the service by recording their voices, which the bank will store as voice prints to match up with subsequent calls.

Each voice print is said to be uniquely tagged and cannot be reverse-engineered once stored.

With the new system, Lee said Citi can cut customer's verification time by more than 66% to 15 seconds, from 45 seconds now in an average phone banking session.

Lee said it took up to 18 months for Citi to develop the technology infrastructure for the new voice authentication system, and obtain regulatory approvals.

The bank, which derives 55% of its revenue in Malaysia from the consumer banking segment, is targeting to record 1,000 voice prints per day.

Citi Asia Pacific CEO Francisco Aristeguieta, who also attended the launch, said the bank is mindful of the rapid adoption of mobile and other digital channels that have been transforming the banking landscape.

"We have responded to this by accelerating our investments in our digital capabilities such as the launch of Voice Biometrics," he said.

Citi implemented its Voice Biometrics authentication first in Taiwan this year, followed by Australia, Hong Kong, Singapore, and now Malaysia.