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Tyfone: Frictionless Omnichannel Banking and Security

CIO VendorDr. Siva G. Narendra, CEO
Today’s banking industry finds itself at the convergence of people and technology. To begin with, the ways in which human beings communicate with each other has come a long way in both speed and convenience, something that pales in comparison when one looks at how humans interact with machines with artificial intelligence (AI). Technology behind such AI machines has revealed amazing new frontiers that are shifting the paradigm banking services. Consider the following interaction:

User: Alexa, Open Star One;
Alexa: Welcome to StarOne Voice Banking, please tell me your voice key;
User: Eighteen twenty;
Alexa: Your voice key has been verified. How can I help you?
User: When is my mortgage due?
Alexa: Your mortgage is due on Sunday, March 4th. The amount due is $1,135, and you have $4,103 in your checking account. Would you like to pay now?
User: No;
Alexa: Okay, did you know that StarOne is currently offering a low rate on home equity loans? Would you like someone to call you to discuss?
User: Sure;
Alexa: Great, I will have a member services specialist call you within the next ten minutes.

This is not science fiction, but a frictionless smart speaker-based voice banking solution implemented by Tyfone, a leading omnichannel banking and security solutions provider, for StarOne Credit Union.
In light of Tyfone’s capability, the view of the marketplace shows a steady convergence of mobile, internet and voice banking, to the point that they are nearly indiscernible. This can be attributed partly to the fact that the prime demand from current users is a frictionless user experience. Smartphones revolutionized digital banking and lead to the convergence of internet and mobile banking, making graphical experiences frictionless. While smartphones took over a decade to reach 75 percent market penetration, smart speakers will do so in four. As an innovator in digital services, it was critical for Tyfone to provide user experiences, not just over voice, but through a frictionless omnichannel approach. “We provide flexibility of deploying one or all of voice, mobile, or internet-based banking solutions from a single omnichannel platform,” says CEO, Dr. Siva G. Narendra.

The company noted another frictionless trend—convergence of voice and graphical interfaces, as smart speakers are beginning to have screens and smartphones are starting to deploy voice-based applications. With omnichannel banking services along with delightful user experiences including addressing Americans with Disabilities Act (ADA), the company is investing in scaling. By being the only vendor of omnichannel banking services including voice banking to two of the top 10 credit unions, they estimate their growth rate to soar this year.

Tyfone has been commended for their implementation at StarOne Credit Union, a unique collaboration that showcases Tyfone’s ability to render banking services at an unsurpassed level of convenience, without compromising on security. It is often noted, that every single implementation that brings security, does so by making operations more inconvenient. Tyfone’s philosophy is to make life extremely difficult for hackers and malicious users, while making authorized operations highly convenient for a legitimate user, enabling it with just the press a button on their smart card, something that cannot be cloned or stolen. By having this step-up along with passwords, one-time passwords, and biometrics Tyfone enables a frictionless approach to security.

Thanks to the recent Equifax hack and loss of personally identifiable information, account take over fraud, is and will continue to escalate exponentially as the hackers automate such process. Tyfone’s step-up security solution solves this massive problem in a frictionless manner.