The Growth of Voice-Based Technology in The Banking Industry

Updated On : March 2022

What is voice technology?

Voice technology is an artificial intelligence-based technology. It has the ability of a digital device to recognize, receive, and understand spoken commands, carry out these commands using sound input as an interface.

Banks can leverage this speech recognition technology.

As per the recent study conducted by Cognizant “The future of voice”, the banking and financial professionals were surveyed in India. According to the survey, 94% of them believed that the shift towards voice will accelerate in the future and 72% of them said voice is important for the bank’s future success.

Following are different ways, where banks can leverage voice technology:

• Voice-based Account Servicing:
  Banks allow customers to use speech to check account balance, transaction history, etc. Some of the supporting devices like Alexa, Google assistants, Siri.
• Voice Activated Transactions:
  Banks have added voice-activated features that help customers to proceed with financial transactions by talking to voice-enabled devices.

Advantages of using voice technology in banking:

• Streamlined Banking:
  Voice-based technology will help customers of the banks to make deposits or withdrawals, by just asking the phones to do so.
• Biometric Security:
  Voice-based technology can be used by the banks for adding another layer of security of biometric security. As voice assistants can differentiate between voices, they can use voice for verification of the customers' identity.
• Increased Accessibility:
  Voice-based technology will help the banks in faster and unified communication. This will help the banks to provide better services, by helping customers to use the banking services 24x7.

Voice-driven technology will help the banks to provide satisfying customer service. As the technology can understand the conversational accents, dialects, intonation, linguistics this will help the banks to ensure that customer queries are handled quickly and effectively. Banks can implement this technology in the front and back end to reduce customer service costs, free branch staff and utilize them for other important work.

This is the time for banks to leverage voice-based technology for high-yielding future benefits.

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