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Voice Recognition Market to hit US$ 10 billion by 2028, Says Global Market Insights Inc.

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Voice Recognition Market to hit US$ 10 billion by 2028, Says Global Market Insights Inc.

The voice recognition market is expected to surpass USD 10 billion by 2028, as reported in a research study by Global Market Insights Inc. The market growth can be attributed to the emergence of fintech technology and innovations in banking processes along with digitization.

The cloud-based voice recognition market is expanding owing to its several benefits such as high speed, scalability, IT security, and 24/7 services. These solutions can be remotely customized to transcribe domain-specific terms and rare words by providing hints and boost the transcription accuracy in different languages. The cloud-based deployment model enables the users to access APIs for different use cases such as dictation, short commands, captioning, and subtitles. The market players are undertaking strategic mergers & acquisitions to offer high-quality solutions to the customers. For instance, in April 2021, Microsoft Corporation acquired Nuance Communications, Inc., an AI-based voice recognition solutions provider to boost cloud healthcare business. This allows to offer better patient-physician interactions in person or in the telemedicine appointments.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/1572

The in-flight voice recognition technology helps aircraft pilots to decrease their workload by automating various device operations based on commands. It provides flight crews with access to frequent commands; this enables them to efficiently manage various operations. Continuous technological advancements in the aerospace industry coupled with the focus on improving flight safety provide impetus to the voice recognition market. The voice recognition system allows pilots to save time while obtaining Air Traffic Control (ATC) commands, thereby allowing them to concentrate completely on flying efficiently & safely. Voice recognition systems provide improved situational awareness by identifying, capturing, and presenting ATC communications relevant to the aircraft’s operation for review or replay.

The developing consumer electronics industry in North America is augmenting the voice recognition market growth. Increasing disposable incomes of consumers in North America are boosting the sale of consumer electronic devices. According to Statistics Canada, disposable incomes of the lowest-income households grew to 3.0% and 3.3%, respectively, in the first two quarters of 2021 while that of the highest-income households decreased by 6.4% and then increased by 3.9% over the same period. Growth in disposable incomes indicates the additional spending power of the consumer in the country. Individuals are increasingly spending on advanced smartphones and tablets equipped with voice recognition technology to enable convenient user authentications. Voice recognition solutions help to identify a person, thereby providing enhanced security to sensitive data.

Some of the major findings of the voice recognition market report are:

  • Stringent government polices to improve data security will positively impact the voice recognition market growth. For instance, the General Data Protection Regulation (GDPR) enhances data management across every sector including healthcare and BFSI to improve the data protection & privacy of individuals across Europe. Voice recognition is a safe authentication technology that identifies a person while protecting sensitive data.
  • Technological advancements, such as Artificial intelligence (AI) and Natural Language Processing (NLP), are prompting various sectors to replace their existing authentication systems with voice-based biometrics to enhance user identity verifications. In response to the increased demand from various end-use verticals, numerous market players are integrating this innovative technology into their voice recognition systems. For instance, Aculab PLC employs Artificial Neural Networks (ANNs) and analytical signal processing technologies to offer real-time frictionless & universal authentications.
  • The increasing introduction of consumer electronic devices that uses voice recognition to protect data stored in device and various applications supports the market growth. Global population is increasing the use of voice interactions with digital assistants such as Siri & Alexa, smartphones, and smart home devices to streamline various tasks.
  • The growing demand for voice recognition solutions in healthcare sectors is providing impetus to the market. Medical voice recognition software minimizes typing errors and automates spellcheck in real time. It decreases the cost of transcription, offers end-to-end security, and imports records directly into an electronic health record (EHR).

Request for customization of this research report at https://www.gminsights.com/roc/1572

Partial chapters of report table of contents (TOC):

Chapter 2 Executive Summary

2.1  Voice recognition industry 360º synopsis, 2018 – 2028

2.1.1  Business trends

2.1.2  Regional trends

2.1.3  Deployment model trends

2.1.4  Technology trends

2.1.5  End-use trends

Chapter 3 Voice Recognition Industry Insights

3.1  Introduction

3.2  Impact of COVID-19 outbreak

3.3  Industry ecosystem analysis

3.4  Technology & innovation landscape

3.5  Patent analysis

3.6  Regulatory landscape

3.7  Industry impact forces

3.7.1  Growth drivers

3.7.1.1  Rise in adoption of voice biometrics for enhancing identity and security among various industry verticals

3.7.1.2  Increasing adoption of the AI-based voice recognition systems

3.7.1.3  Stringent government regulations drive the need for secure authentication technologies in healthcare sector

3.7.1.4  Need to prevent unauthorized access to IT facilities and other security-sensitive areas

3.7.1.5  Growing popularity of mobile payments using voice recognition software

3.7.1.6  Proliferation of smart consumer electronics devices in Asia Pacific

3.7.1.7  Development of voice-enabled in-car infotainment systems in Europe and the U

3.7.2  Industry pitfalls & challenges

3.7.2.1  Data security & privacy concerns

3.7.2.2  High cost of implementation

3.8  Growth potential analysis

3.9  Porter’s analysis

3.10  PESTEL analysis

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Suspected Digital Fraud Originating from Canada Soars in 2023; Canada with Third Highest Increase in Fraud Rates Among 19 Countries Analyzed by TransUnion

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Key Findings:

  • 39% growth in the rate of suspected digital fraud attempts year-over-year (YoY) for transactions originating from Canada in 2023.
  • 60% of Canadians surveyed said they were recently targeted with fraud, of which 10% fell victim.
  • 93% said having confidence their personal data will not be compromised is important when choosing who to transact with online.
  • 42% said they abandon their online shopping carts due to fraud and/or security concerns.
  • 8.4% of e-commerce transactions in 2023 were targeted by suspected fraud attempts originating from Canada.
  • 202% increase in the volume of suspected digital fraud attempts from Canada between 2019-2023.
  • 258% increase in the rate of suspected digital fraud attempts originating from Canada within telecommunications sector from 2022-2023.

Canada experienced a significant increase in suspected digital fraud attempts in 2023, with more than 5% of all transactions where the consumer was located in Canada being targeted by suspected fraud, revealed a new data analysis from TransUnion (NYSE: TRU). While the rate of suspected digital fraud grew YoY globally by 8% from 2022-2023, Canadian-based fraud significantly outpaced the global rate with a 39% increase in 2023 from 3.6% in 2022. Canada had the fifth highest rate of suspected digital fraud and the third highest rate increase from 2022-2023 out of the 19 countries analyzed.

The pivot to increasingly digital transactions since the beginning of the pandemic means Canadians face a new norm when it comes to the elevated severity and volume of attempted digital fraud rates. At the same time, the number of digital transactions has markedly risen in the last few years, further fuelling the volume of potentially fraudulent activity with a 202% increase in suspected digital fraud attempts originating from Canada from 2019-2023. The rate of suspected fraudulent digital transactions also increased during this same period by 105%.

“Digital fraud attempts from Canada grew dramatically over the past year across most industries. As the world accelerated digital engagement, fuelled by the pandemic, Canadian consumers and businesses face a new norm with significantly elevated fraud risks,” said Patrick Boudreau, head of identity management and fraud solutions at TransUnion Canada. “Canadian businesses and consumers are challenged to remain one step ahead of these increasingly sophisticated and ever evolving fraudsters. Fraudsters continue to prey on organizations that have direct access to money, products or services with easily transferable monetary value. There is no doubt that fraud remediation will continue to be a key priority for organization and businesses.”

Top Industries Targeted by Suspected Digital Fraud from Canada Include Retail, Communities, Video gaming, Gambling and Financial Services.

In 2023, the retail sector experienced the highest rate of suspected digital fraud, with just over 8 in every 100 transactions (8.4%) where the consumer was located in Canada being suspected fraudulent. The rate of suspected digital fraud in 2023 (the number of fraudulent transactions divided by all transactions in that industry) originating from Canada for all industries analyzed were:

  • Retail: 8.4%
  • Communities (online dating, forums, etc.): 6.2%
  • Video gaming: 4.6%
  • Gambling: 4.0%
  • Financial services: 3.1%
  • Telecommunications: 2.7%
  • Insurance: 2.5%
  • Travel and leisure: 0.6%
  • Logistics: 0.4%

Significant Increase in Rate of Suspected Digital Fraud Across Multiple Sectors.

Increased suspected digital fraud rates originating from Canada spanned every industry except one analyzed. The telecommunications industry saw the most significant increase with a 258% jump from 2022-2023; followed by communities at 129%; and financial services at 75%. The only industry without an increase was logistics, which experienced a decline of 34%.

Suspected Digital Fraud Attempts Shift to New Industries Globally vs. Canada

Industry Canada Rate Change from 2022-2023 Global Rate Change from 2022-2023
Telecommunications +258% +111%
Communities (online dating, forums, etc.) +129% +17%
Financial services +75% +3%
Insurance +43% -8%
Gaming +27% +41%
Travel & Leisure +8% +8%
Public sector +9% -1%
Retail +4% +21%
Gambling +4% -30%
Logistics -34% -30%

Fraud Concerns have Strong Influence over Who Canadians Choose to do Business with and make Purchases from.

TransUnion survey data from December 2023 shows that Canadians’ fraud risk and security concerns have significant influence over who they choose to do business with. This includes:

  • 42% of Canadians abandon their online shopping carts due to fraud and/or security concerns.
  • 71% will not return to a website if they have fraud concerns.
  • 93% of Canadians said having confidence their personal data will not be compromised is important when choosing who to transact with online.
  • 34% of Canadians have switched their online transactions to another website due to fraud or security concerns.
  • 46% of Canadians said that security of their personal data was the number one consideration when deciding what online company to do business with.

Canadians Report Being Targeted by a Diverse Mix of Fraudulent Schemes.

In the same December 2023 survey, 60% of Canadians surveyed said they were targeted with online, email, phone call or text messaging fraud in the last three months, of which 10% fell victim. Of those who said they were targeted, Canadians reported a diverse mix of fraudulent schemes including:

  • Phishing (fraudulent emails, websites, social posts, QR codes, etc., to steal data): 50%
  • Smishing (fraudulent text messages intended to trick the victim into revealing data): 43%
  • Vishing (fraudulent phone calls intended to trick the victim into revealing data): 38%
  • Third-party seller scams on legitimate online retail websites: 22%
  • Identity theft (personal information like name, address, phone number or security number was stolen in a company’s data breach): 14%
  • Social engineering scam (solicited to transfer or move illegally acquired money on behalf of someone else): 18%
  • Stolen credit card or fraudulent charges: 14%
  • Money mule scam (solicited transfer or move illegally acquired money on behalf of someone else): 12%
  • Account takeover (online account used without permission): 11%
  • Unemployment fraud: 6%

The Most Suspected Digital Fraud Occurs at Account Creation.

In reviewing the different points in a consumer journey, the data analysis reveals that the highest percentage of digital fraud occurs at account creation.

Globally, the analysis found that 13.9% of all digital account creation activity involved suspected fraud in 2023. For digital transactions where the consumer was in Canada, the suspected fraud rate at account creation was 4.9% last year. In comparison, the rate of suspected digital fraud at account login in Canada was 3.9% in 2023 (2% globally). When money is being exchanged in the transaction for instance for purchases, transfers, deposits and withdrawals, 2.3% of those types of transactions from Canada were suspected fraudulent (3.6% globally).

The post Suspected Digital Fraud Originating from Canada Soars in 2023; Canada with Third Highest Increase in Fraud Rates Among 19 Countries Analyzed by TransUnion appeared first on HIPTHER Alerts.

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Top US Bank, Commerce goes live with loan origination on Temenos banking platform

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Temenos (SIX: TEMN), today announced that Commerce Bank, a top US bank, has gone live with Temenos’ (Infinity) loan origination solution, increasing operational efficiency and delivering a frictionless, hyper-personalized customer experience.

The latest go-live follows the successful modernization of the bank’s core banking system, moving from legacy systems for deposits to Temenos’ modern, agile and open platform tailored for the US market. In 2022, the bank migrated over 2.5 million customers and 6.9 million accounts to the Temenos platform.

Named among America’s Best Banks by Forbes, Commerce operates using a “super community bank” model that brings together sophisticated banking products with high-touch, high-tech delivery to create and build deep relationships.

Temenos (Infinity) Loan Origination offers powerful decisioning, highly customizable applications, dynamic features, and extensive third-party integrations. The solution has been deployed to create a fast, omni-channel origination experience for securities-based loans and lines of credit provided though Commerce Trust – Commerce’s Private Bank.

Commerce previously relied on manual calculations, documentation and collateral gathering to process applications, which was complex to configure and set up. With Temenos (Infinity) Loan Origination, Commerce has been able to automate the process with increased digitization to eliminate paper processes, improve reliability and drive end-to-end product origination process down to 5 minutes or less.

John Handy, President and Chief Executive Officer for Commerce Trust, commented: “Commerce helps high-net-worth individuals simplify their complex financial lives. The Temenos’ loan solution will help us keep ahead of the competition, to take the lending experience to the next level, increasing staff efficiency and customer satisfaction.”

Philip Barnett, President – Americas, Temenos, said: “We are delighted to build on our close relationship with Commerce to modernize its loan origination capability. This latest go live proves the strength of our banking platform, which is tailored for the needs of US banks – from large regional incumbents, and global disruptors to challenger banks. Private banking is an increasingly competitive segment in the US and with Temenos, Commerce can continue to differentiate and meet the rising expectations for personalized, fast and easy banking interactions.”

Temenos was recently named a Leader in IDC MarketScape: North America Lending Decisioning Platforms and is ranked as the #1 best-selling banking software for Digital Banking and Channels by IBS Intelligence.

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Nigerian digital bank FairMoney in talks to buy Umba in $20M all-stock deal, sources say

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FairMoney, a digital bank based in Lagos and headquartered in Paris, is in discussions to acquire Umba, a credit-led digital bank providing payroll and financial services to customers in Nigeria and Kenya, in a $20 million all-stock deal, sources tell TechCrunch.

The move signals FairMoney’s interest in growing its customer base by expanding into more countries, specifically Kenya. But it also underscores the challenges facing fintechs in Africa amid a challenging market for startups globally: a $20 million all-share deal would be roughly equivalent to the amount Umba raised from outside investors.

Acquisition negotiations are still in their early stages, according to the sources, who requested anonymity due to the confidential nature of the details. FairMoney and Umba did not respond to requests for comment ahead of publication.

Umba, founded by Tiernan Kennedy and Barry O’Mahony in San Francisco in 2018, was launched as a credit-led digital bank targeting emerging markets. It provides banking services such as loans, current accounts, savings accounts, fixed deposit accounts and bill payments to customers in Nigeria and Kenya.

To date, the digital bank has secured around $20 million in funding, per PitchBook data. Its investors include Costanoa Ventures, Monzo co-founder Tom Blomfield, Lachy Groom, ACT Ventures, Lux Capital, Palm Drive Capital, Banana Capital and Streamlined Ventures.

Meanwhile, FairMoney has been backed by the likes of Tiger Global, DST, Speedinvest and others and has raised just over $57 million, according to PitchBook. It was last valued at between $400 million and $500 million following a bridge round last year.

FairMoney, best known for its lending services in Nigeria, has been looking for more avenues for expansion. In 2020, FairMoney ambitiously entered India as its second market, but beyond a momentum update in 2021, it has not made any more recent disclosures about how that business is doing.

FairMoney has also been expanding its product. The startup’s eponymous app originally launched as a digital lender in Nigeria six years ago. Since then, it has added other financial services, such as debit cards, transfers and payments. It says that it has over six million retail customers.

FairMoney’s previous acquisitions have included PayForce, a sub-brand of YC-backed Nigerian merchant payment service CrowdForce, which it picked up in a cash-and-stock deal worth $15-20 million.

“We see ourselves as a retail bank, but the line between merchants and retail is often blurry,” FairMoney CEO Laurin Hainy told TechCrunch in an interview last year around the PayForce acquisition. “We’ve thought about the merchant space more and more, and we see a lot of potential synergies between what PayForce and we have built independently.”

Umba also started as a retail-focused digital bank in Nigeria before diversifying its offerings to include merchant financing and business banking products in the West African country as well as Kenya. Google Play indicates over 1 million installs of its app, but the number of registered and active users is not disclosed.

FairMoney’s potential acquisition of Umba may not solely hinge on user numbers or product offerings. For one, Umba launched merchant and business-facing products within the last four months, so it’s improbable to have garnered significant traction and volumes in that time frame. FairMoney could likely be more interested in Umba’s microfinance license, obtained in 2022 through acquiring a majority shareholding in Daraja Microfinance Bank. This license allows Umba to offer banking services in Kenya.

Obtaining a microfinance bank license in Kenya can be challenging. Unlike Nigeria, which has over 600 microfinance bank licenses, Kenya has only 14 such licenses. For the Tiger-backed FairMoney, acquiring Umba could streamline entry into Kenya, bypassing the lengthy licensing process that took Umba three years. As such, an acquisition could see FairMoney leverage Umba’s existing infrastructure or combine both fintech capabilities to launch its services in Kenya.

Sources tell us while Umba wasn’t actively seeking a sale, it may find FairMoney’s offer enticing, particularly given its current financial status. Between January and June 2023, the fintech generated $335,000 in revenue while incurring $1.54 million in expenses, as outlined in an investor pitch deck obtained by TechCrunch.

Additionally, after securing a $15 million Series A funding round at a $60 million valuation in February 2022, Umba sought further funding last December. Ultimately, it raised a $1.55 million bridge round at a valuation of just $25 million which is in line with FairMoney’s offer. The fintech may be considering other options, the sources say.

Amid the fintech boom, digital banks and challenger banks in Africa attracted tens of millions of dollars in venture capital investments, spurring numerous players’ emergence with plans to challenge traditional incumbents.

Now the story is different. VC funding continues to tighten, and many of the big bets are not playing out as forecast, with companies missing growth targets and facing challenging unit economics. That has led to more M&A conversations. Just this month, Nigerian neobank Carbon acquired Vella Finance, an SME-focused banking service provider. And FairMoney’s potential acquisition of Umba, if successful, would mark its second deal in two years.

Source: Techcrunch.com

The post Nigerian digital bank FairMoney in talks to buy Umba in $20M all-stock deal, sources say appeared first on HIPTHER Alerts.

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