Using Voice OTPs with SMS OTPs: A need for the modern banking sector

+91 120 6139000

Using Voice OTPs with SMS OTPs: A need for the modern banking sector

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Voice calling has been an important aspect of business communication for decades. By speaking to clients, customers, colleagues and business partner, one can troubleshoot, gauge tone, and engage in personalized conversation. Leveraging Voice Calling for Business can help encourage relationships on its multiple levels, by boosting customer trust and ensuring satisfaction among the stakeholders.

However, Business Voice Solutions are not limited to making calls.

Today, Voice OTPs are extensively used as a security tool by banks, online sellers and more. A good number of businesses, especially banks, use both SMS and Voice OTPs today to elevate the security of online transactions.

Voice OTPs: An inclusive online banking security solution Voice OTP solutions go beyond the typical 2FA structure and enables OTPs to be read out loud to listeners. This comes as a huge advantage for people on-the-go. Voice OTPs also ensures tech inclusivity as it extends the advantage of enhanced 2FA security to users who are visually impaired, as well as people with low literacy levels. People with dyslexia and other leaning disorders also benefit from Voice OTPs.

Another great advantage of Voice OTP is that it does not leave any paper trail for the hackers to copy. Basically, even the 120 to 360 second window period that hackers have for intercepting SMS OTPs is effectively taken away in this situation. There are many service providers for Voice OTP Call API Gateway whom banks can contact to avail voice OTPs for transaction processes.

Banks can also avail Voice API services to deliver highly personalized marketing offers, reminders, alerts, notifications and more, through voice messages. It helps banks to reach to a good extent, but connecting with people who prefer voice communication than text.

Online banking security: more options than ever As online banking numbers are expected to grow in the future, it has become more important than ever for banks to reassess and strengthen their security protocols. Adding a second method of confirming user identify is a key step of the process. Deploying both SMS and Voice OTPs can prove to be pretty advantageous for banks.

After all, SMS has proven to have open rates as high as 98%, and hence must be used across the banking journey of a user to enhance their experience. Voice OTPs can be used when the SMS OTPs are unable to reach the users due to bad network, full SMS inbox, and more.

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