bankingciooutlook

Advantages of Voice Tech for Banks

Banking CIO Outlook | Wednesday, March 02, 2022

Voice technology refers to technologies that recognize and respond to users' voices. The banking industry has enormous potential for these services.

Fremont, CA: Right now, voice recognition technology is in the midst of a golden period. From home lights to their TV to the phone, one can now manage almost everything with the voice. These technologies in banking are becoming more promising as they improve.

Voice technology refers to technologies that recognize and respond to users' voices. The banking industry has enormous potential for these services. For example, customers may log into their bank, make withdrawals, or seek financial advice using just voice.

The benefits of voice technology for banks are enormous; let's see some of them in detail.

Streamlined Banking

Consider how simple ordinary activities are with voice assistants like Google Assistant And Amazon Alexa. Without lifting a finger, one may check the weather, read messages, and listen to the news. By incorporating voice technology into their apps, banks can provide the same benefits to their customers.

Users might ask their phones to deposit cash or withdrawal for them. People can use mobile banking to complete regular tasks even less than three minutes. Because users wouldn't have to click any buttons, voice technology might cut it down to a few seconds.

Biometric Security

Voice instructions aren't the only way voice technology is helpful in banking. Banks might also use such technology as an additional layer of biometric protection. Because voice assistants can distinguish between different voices, customers can use their voices to confirm their identity.

Biometrics, unlike passwords and PINs, cannot be stolen. Fingerprints and face detection have overtaken passwords regarding security, while voice recognition provides another degree of protection. Banks might offer biometric multi-factor authentication with all these other possibilities.

Increased Accessibility

Mobile apps have made banking more approachable than before, but there is always room for improvement. For example, customers still require full finger functionality to utilize these apps, which might be difficult for certain people. On the other hand, more consumers may benefit from the simplicity of internet banking thanks to voice controls.

Due to 5G, VoIP will see some next-generation enhancements in the following years. However, with voice-to-text technology and quicker networks, more banks may achieve faster, unified communication. In addition, voice technology provides more alternatives for users, making banking services increasingly accessible to both customers and firms.

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