Voice Technology: New Silver Bullet for Banks to Amend Customer Engagement

Banking CIO Outlook | Tuesday, August 06, 2019

With the host of advantages offered by voice technology, it is not surprising that there is an increasing demand for conversational bots among modern banks. 

FREMONT, CA: Banks and other financial institutions now have a unique opportunity to use conversational technology to create a tailored approach to customer engagement for the delicate and sensitive nature of finance. Of the many innovative technology tools and innovations that have an impact on how people live, the most significant is voice technology. Fortunately, consumers are becoming accustomed to these voice devices in terms of asking the voice assistant to make a call or play a song.

Customer engagement is one of the significant challenges faced by the banking industry today. The digital trends demand banks to optimize the customer experience as the single most exciting opportunity. To achieve this, firms are revolutionizing the way banking is conducted. Developments in natural language processing and artificial intelligence have enabled a new set of channels for customers to get relevant information in seconds; voice banking plays a notable role. Leading players have already set foot in this and are using it to engage and support their customers.

While joining the race to stay competitive in the evolving digital environment, embracing voice-based technologies offer convenience to customers who want quick and real-time solutions to their problems. It also benefits banks by reducing costs, generating revenues, improving customer engagement, and making sense of the massive volume of data that they have at their disposal. This technology can solve basic queries of customers. Besides, banks can supplement their customer service executives with round the clock voice-enabled services.

Assigning repeated tasks conversational assistants frees up the human time and resources. They perform tasks more efficiently, leading to increased customer satisfaction. With these voice assistants dealing with regular tasks, the human agents can spend their time on other demanding tasks, adding value to the organization. Banks usually assign only a fraction of their customer base to these virtual assistants, but once they start to grow the database, more workload is shifted. The artificial intelligence-powered conversational interface can learn from every customer interaction and offer relevant advice. These digital conversational assistants also make the operations hands-free. Banks do not need to touch or type in anything, which virtually saves a lot of time. Usually, customers love to use these assistants for different reasons, and efficiency is top among that. Customers find them to be more efficient than when such tasks.

Along with the host of opportunities offered by voice technology, banks must understand how they can use it as a channel to engage customers. This planning requires a deep comprehension of the customer journey and technology alike. It is also essential to treat voice-first technology as a way to fuel higher customer engagement, but not just as an addition to another communication channel. It should be able to enhance the customer experience by offering a genuine bond and making interactions easier. Banks should also identify areas where a customer might want to get quick information without having to log-in to their online account generally available from an internet banking portal. Most importantly, banks need to make sure that voice applications are likable, trustworthy, and empathetic to their customer needs.

The future of banks is about engaging with customers in the digital ways they expect and offering the services they demand. Given that, the voice technology has an increasingly prominent part to play, and experts opine that voice-based searches and interactions with mobile and electronic devices are set to increase in coming years.

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