ANZ Bank will use voice recognition technology in the future for authorization of large cash transfers to external accounts, using mobile banking. ANZ said the shift will enhance security.

The technology is still being tested. Once in place, mobile banking customers of ANZ Bank could transfer amounts higher than $1,000 using the bank's smartphone application just by speaking into their phone. However, the depositor would first provide the password.

The bank's computer system then would compare the voice message to a digital voiceprint stored in its database.

Phil Chronican, chief executive of ANZ Bank, said the bank expected to roll out the voice recognition system within the next 12 to 18 months. He added the same technology could possibly be used in the bank's call centres to save resources in identifying clients over the phone.

He said voice technology is more secure than sending a text message to confirm a large payment due to risk of stolen mobile phones.

Other lenders are looking at fingerprint technology or the use of retina scanner as replacement for personal identification numbers at ATMs.

More voice recognition applications in this video:

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