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The rise of "Voice Banking" technology

Voice banking is poised to make a future impact in their own business. Fintech giants, information technology, incumbent banks, challenging banks or startups are all vying for market share and keeping customers in their ecosystems, especially in their ecosystems. eco "voice support".

Whether a giant or a tiny person, if he or she wins the latest financial deal, it will be the one who takes voice payment technology to a new level, fully leveraging technology into finance.

Voice banking is growing

One of the first banks to introduce voice banking behavior control for its applications was ING. In 2014, ING used Nuance's voice recognition software to launch Inge assistant. Customers can pay for their services at the nearest branch. This has prompted many banks to follow. Some of them have built-in proprietary digital assistants and chatbox. Others integrate with Siri, Google and Alexa into their services.

 

Voice payments adoption in the USA. Source: Business Insider – The Voice Payments Report 2017

Bank of America launched their digital assistant Erica in 2016 to bring the convenience of voice payments to customers. Only after 1.5 years in the market, this platform has been trusted by 10 million customers and processed over 100 million transactions from them. Erica was developed to process payment transactions, transfers, list and provide written instructions, voice commands, and gestures analyzing consumer habits.

Erica became the hero by helping Bank of America understand customers' wishes from her voice banking assistant. They also collect vast amounts of data from voice requests, helping BoA go faster in personalizing its digital services, and the customer experience rapidly increases.

Similar to the other giants, Capital One has used Alexa to launch a voice interaction service. Their users can from there easily check their account balances, pay with credit cards and quickly see their spending habits with the app. Instead, Barclays chose Siri to connect. Their customers can pay for others, payees or use their phone book directly without opening Banking applications or entering passwords, helping to speed up payment for transactions. simple.

Big names like PayPal, Venmo, Square Cash have also expanded services to support voice payments.

A new study by Strategy shows, voice banking technology can be applied to both internal and external back-offices to reduce the number of online branch employees, reducing the number of calls coming from. switchboard and reduce arising activities. By solving these problems, many banks will be able to handle between 15% and 35% of their operations and be more efficient than the human foundation.

Voice banking can be very effective

Voice banking is transforming the FinTech industry and only technologies that are synchronized with modern technology will appear on the market. The convenience, security and reach of voice banking have opened great doors for many banks. They build better core values ​​when it comes to understanding customer needs and...

More convenient

Linking voice assistants with banking, debit or credit card services usher in a whole new era of convenience. A running athlete, a driver behind the wheel or a busy woman with all her hands can easily make payments, transfer money, register, buy. , pre-order and complete them quickly, wherever you are. With a voice banking assistant, whether it's booking reservations or extracting bills, it's quick, frictionless, and always available 24/7.

More secure authentication

In order for voice banking to be put into operation, all actions need to be verified and confidentially secured. Fortunately, more than 100 physical features are specified, and individual behaviors such as fingerprints enable biometric authentication to all handle in real-time. This causes old, outdated security structures such as PINs, CVC codes and passwords to gradually lose market share.

Lower system risk

Every day, 6.85 million accounts are attacked and data collected. In which, 81% of hacks were exploited from accounts using weak passwords. This difficulty has created an opportunity for "voice authentication" to develop and expand market share to systematically improve customer security, reduce the risk of money laundering and financial fraud.

 

Broader reach

A new opportunity opens up when voice authentication can reach a segment of customers with visual impairments. The risk of vision loss affects 2.2 billion people worldwide, accounting for 28% of the world's population. This voice banking utility will help them. It not only allows them to solve travel problems or difficulties with access to touch technology but also allows them to independently manage their own finances.

Smarter communication

Voice banking uses live translation to remove language barriers, increasing the number of customers a bank or financial institution can service at the same time. In the United States alone, 67 million people speak a language other than English. With voice banking, many financial institutions, fintech companies can expand their corridors across borders and attract millions of new customers.

In most cases, the main barrier to deploying powerful new voice features lies in the outdated core banking platform that cannot facilitate new features. Smart assistants are increasingly becoming a distinct feature that helps challengers gain a foothold in the marketplace.