Whoa now, fellow commentards
If Barclays have been testing this for several years before deciding to roll it out, then give them a little credit for having cause to believe it will work. An authentication session that takes two minutes might well require the customer to repeat random phrases, so DVR recordings of subject being spoofed would be useless.
As for voiceprint corruption from VOIP losses, etc: Even if this does turn out to be a problem, the effect will be a false negative, and worst case you'll have to authenticate some less convenient way.
I for one am quite interested in hearing of alternatives to passwords. If this does actually work, we'll probably see a lot more of it.