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What are Voice-enabled financial services?

Vrinda Mathur
Oct 08, 2024

Speech recognition is an artificial intelligence technology that enables software programmes to recognise and convert spoken words to text. Voice recognition is a subset of speech recognition. Speech recognition is an AI-enabled feature that allows a software algorithm to match a customer's identification to their speech.

According to some studies, by 2020, voice-based search may account for more than half of all online searches. Banks are developing security measures utilizing AI-based voice recognition to automatically validate a customer's identification when they phone customer care.

What is Voice Activated Financial Services?

Voice recognition is a type of artificial intelligence technology that enables software programmes to recognise speech automatically.

It is an artificial intelligence tool that uses a software algorithm to match a customer's identification to their voice. Banks are currently exploring security measures with AI-powered automatic speech recognition.

Voice payment is the process of speaking to an artificial intelligence-powered device, such as a speaker or smartphone, and asking it to make a payment. As a result, the gadget will recognise the verbal request, process it, and provide a confirmation.

Voice payment technology is the result of breakthroughs in artificial intelligence (AI) and machine learning. Artificial intelligence refers to the ability of machines to perform tasks that would normally need human intelligence. Machine learning is an area of artificial intelligence that allows machines to learn from data without being explicitly programmed.

This voice technology can readily confirm a customer's identification when they call into a customer service center.

Using this strategy, bank customers can simply ask aloud for the service they require. Examples include transferring money, making payments, reporting stolen or lost ATMs, and so on.

Use cases of Voice Technology in Financial Services

To some individuals, voice search and assistants like Siri and Alexa may appear to be gimmicks—helpful to a point, but not a huge role in financial services CX. Even the most modest estimates indicate that 30% of adults actively use speech technology. On the opposite end of the scale, the most widely referenced statistic for speech technology predicts that by 2025, voice searches would account for 50% of total searches.

The four voice technology use cases listed below are already changing the way customers interact with financial services. As backend technologies like artificial intelligence and natural language processing (NLP) grow, these and other use cases will evolve to enable ever more complex experiences.

Personal banking

The most fundamental application of voice technology in financial services is to meet transactional personal finance requirements. Enabling customers to check account balances, transfer money, make credit card payments, manage bills, etc., with voice technology might not seem like a major innovation. However, simply providing a new channel for clients to communicate with your services boosts engagement and meets the needs of more connected consumers.

Collections

Robocalling is a cost-effective method for improving collections processes. However, traditional robocalls lack the empathy and engagement required to connect with customers. Incorporating contemporary speech technology into credit and collections software can result in a more conversational experience that uses data analytics to adapt calls to a debtor's specific situation

Lending

In the lending sector, voice assistants can help automate loan applications, loan payments, application status checks, interest rate queries, refinancing start, and other tasks. Instead of using conventional decision trees, speech technology makes the experience more conversational, resulting in more clients moving through your funnel.

Omnichannel Financial Assistants

Self-service is becoming increasingly common in the financial services industry. Consumers will take full advantage of the ability to navigate a brand contact without having to call an agent. However, the majority of financial services funnels cannot be fully automated. This could alter as voice technology advances. Create an omnichannel financial assistant with voice technologies to give contextual advice and services at any point of the financial buyer's journey.

Also Read | Five New Payments Solutions Announced at G20 Summit

Future of Voice Payments

Furthermore, voice pay makes use of natural language processing (NLP), a form of artificial intelligence that enables computers to learn, comprehend, reply to, and generate content in human languages. This technology interacts closely with voice recognition engines. For example, voice assistants like Amazon's Alexa and Apple's Siri use AI-enhanced voice recognition technology to transform human speech from analogue to digital format. The machine then receives, interprets, comprehends, and executes the spoken commands. As a result, NLP is a critical component in enabling voice payments.

Millennials are drawn to convenience-based technology, such as voice payments. It is only a matter of time before the market shifts in response to client expectations. Furthermore, the use of AI in our daily lives is changing the trend towards speech applications, such as Internet of Things (IoT) speakers and voice assistants. However, voice assistants must improve their ability to recognise different accents over time.

It is vital to highlight that voice-enabled gadgets will complement, rather than replace, existing technology. For example, Google's "Hands-Free" software will allow users to make payments without using their phone or wallet. The programme is intended to interact with Google's payment service, "Android Pay." According to Google, more than a million locations currently accept Android Pay. When checking out, the Android user states, "I'll pay using Google."

The payment information will then be sent to the merchant's point-of-sale system via Bluetooth, Wi-Fi, phone sensors, and store cameras. The cashier is also shown the pre-loaded photo of the account holder. Once the user's identification is verified, the payment can be authorized.

Wrapping up

These are just a handful of the ways in which voice technology can transform financial services. Voice technology has the potential to be a critical component of modern customer experiences, from call centers to mobile apps, desktop websites, internal systems, and third-party platforms.

Voice payment technology is revolutionizing the FinTech sector. Traditional payment methods will soon become obsolete. It is only a matter of time before voice technology transforms how we engage with financial institutions, and those who are uncertain risk slipping behind. The promise of a convenient and hands-free payment method is too appealing to pass up, especially given the potential for greater income and customer experience.

Also Read | What is Multi-experience all about?

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What are Voice-enabled financial services?

What is Voice Activated Financial Services?

Use cases of Voice Technology in Financial Services

Personal banking

Collections

Lending

Omnichannel Financial Assistants

Future of Voice Payments

Wrapping up

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