HELLO BANK! Voice Assistant at Banks – Is it the Future?

Today, a bank is not just an institute that gets visited by its customers on a need basis, banks have become a part of the lifestyle of their customers because of their various services and offerings. Customers like to interact with banks the way they interact with their other social connections; voice-based connect having personalization element to connect better. As per Google, 27% of the global population has started using various voice-based options for their various search & other requests through the mobile interface.

The digital landscape is changing the dynamics of consumer behaviour, making the banking sector modify their business strategies to follow customers’ trends. For banks to succeed in today’s fast-paced environment, they need a forward-thinking and smart strategy.

The introduction of mobile banking, for example, due to the growing use of smartphones, has provided customers with a convenient way to keep up with their finances. It allows users to have a hands-free communication experience with 24×7 accessibility. On the other side, it allows banks to understand their customers with their behaviour patterns and model their offerings further with focused customer segmentations.

Voice recognition system can lead to a whole new voice-first banking. It is helping the bank enhance customer experience through innovative solutions. Many leading banks have introduced voice capabilities through integration with Amazon Alexa, Siri or Google Assistant.

The below points delve into how voice recognition technology is assisting banks to improvise and enabling them to engage consumers in a completely new way.

ZERO TOUCH
Voice assistants allow banks to offer their users natural voice and zero-touch experiences, along with optimizing workflows, systems, and processes

ONE FOR ALL
Voice interfaces for banking enhance technological availability for people with disabilities (visually & physically challenged) and older people. It creates a single service for all its customer which delivers delight across.

CUSTOMER CONNECT
User experience backed by Artificial Intelligence (AI) makes sure to have customer centricity & stickiness with relevant communication established through voice-based virtual connectivity.

SECURE ACROSS CHANNELS
Voice-enabled technology can confirm the identity of customers as soon as they contact customer care centres and deliver accurate responses, leading to customer delight.

COST-EFFECTIVE TAT
By leveraging AI & RPA underneath of seamless user experience; banks can improve their operational efficiency with shrinking in TAT (Turn Around Time) for customer interaction for their service requests.

BUDDY ROLE
Sending email/SMS in an offline mode for the payments due would turn out to be orthodox ways for a bank to engage with their customers. The voice assistants allow customers to find out when bills are due and even make payment of bills post appropriate authentications.

FUTURE READY
The next stage of customer interactions over voice would enable them to carry out financial transactions by simply talking to a voice-enabled device.

HYPER SPECIALISATION
There are also opportunities for banks to gain real competitive advantage by taking voice data and integrating it with Machine Learning (ML). This gives them compelling insights and enables them to serve customers in a hyper-personalised way. It also allows banks to deal with more complex queries and transactions by customers.

Wrapping it up

Voice is expected to be a big driver of where the future of banking is leading to. Operating in a primary customer-centric industry, banking vertical can’t afford to not implement this innovative technology to their front-line services. Voice-first banking will change from being a futuristic thing to a common way of handling banking transactions.

Banking leaders have understood that this technology has great potential in the upcoming time. It meets the one-click, on-demand expectations of today’s customers. They believe that the “Voice First” approach will be a part of their business strategy within the next three to five years.

Now it’s time for you to shape an exciting future for your customers! Looking forward to leveraging voice technology to turbocharge your banking processes? We can help you reap its benefits with our kiya.ai solution.

So, ask for a demo to get started!

Business & technology leader with the views of future trends in BFSI. Enabler of engaged & high-performing teams. Range of management experiences in global enterprises, start-ups and turnaround situations. Managed partners, alliances, and strong OEM relationships.