An Insight into Voice-Led Future of Banking

Banking CIO Outlook | Wednesday, July 17, 2019

Voice technology has already reached a level of maturity and comfort that will transform the way business-consumer relationships are built.

FREMONT, CA: The future of banking is about engaging with customers digitally in ways they expect. Voice-activated banking will have a significant role in that as customers use voice assistants at home, work, and on mobile devices. Conversational banking will soon become a component that will be ingraining in daily routines.  

The scenario may seem futuristic, but voice technology has already been moving towards fruition and is changing the way relationships with consumers are being built. Big banks and financial service companies have started leveraging intelligent virtual agents. It allows customers to check their balances, pay bills, and soon could be possible to send money instantly with voice commands.

Financial services institutions encounter customer pain points that can be resolved with the help of conversational technology. It can provide a level of convenience and because it is more human-like than a self-service online experience. Instead of having to search or worry about an outstanding payment, consumers can quickly get personalized information by simply asking their voice-assistant and have all of that information on-hand.

Also, voice interaction effectively converts human input into standardized data, that can be used in different ways to achieve cost savings and efficiencies. It can use intelligent process automation to suggest the right account or product, to send forms to the consumer to list a few. The bank could then find opportunities by tailoring personalized recommendations, with the help of data collected, and combined with back-end data, such as purchase transaction history.

Banking firms can begin to align their business strategy around conversational banking. Those who make the most of these voice applications and come out of a narrow, product-centric approach to customer service and acquisition will undoubtedly have a competitive advantage.

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