Frequent Malfunctions, Unclear Voice, 2-Week Reissuance... Voice OTP Frustrations to Be Completely Overhauled

Current 1-2 Week Reissue Period Reduced to 1-2 Days
Improvements in Volume Control, Durability, etc.
Expansion of Smartphone Digital OTP Promotion

[Asia Economy Reporter Kim Hyo-jin] Financial authorities have decided to undertake a major improvement of the voice OTP for the visually impaired, which has been criticized for frequent malfunctions and delays in reissuance.

The Financial Services Commission and the Financial Supervisory Service announced on the 23rd that they will promote measures to enhance the convenience of voice OTPs.

Banks and other financial companies provide voice OTPs (One Time Passwords) free of charge, which inform visually impaired users of passwords generated during financial transactions such as telebanking, internet banking, and certificate issuance via voice.

After inspecting the actual use of voice OTPs by the visually impaired through on-site visits, the financial authorities found that reissuance applications mostly require the user to visit the branch in person, and it takes 1 to 2 weeks for reissuance, causing significant inconvenience.

The financial authorities also explained that voice OTPs frequently malfunction or break down, and compared to general OTPs, their battery consumption is higher, resulting in shorter replacement cycles.

Financial Services Commission and Financial Supervisory Service

They added that the lack of functional considerations for the disabled, such as unclear voice, inability to adjust volume, and inability to check battery level, is also a problem.

The financial authorities plan to shorten the delivery time of voice OTPs to about 1 to 2 days by simplifying work procedures between headquarters and branches, allow users to pick up the OTP at a nearby branch if they apply in advance by phone, and enable issuance through a proxy.

They also plan to improve the voice recognition of OTPs, add functions such as volume control to enhance convenience, and strengthen durability so that the device is not easily damaged if dropped.

Furthermore, the financial authorities decided to expand the adoption of digital OTPs currently implemented by some banks. This involves automatically inputting the authentication number generated by a smartphone digital OTP application (app) during telebanking, internet banking, and smart banking processes.

This content was produced with the assistance of AI translation services.