Speech recognition and voice technologies have advanced rapidly in the last few years. Most people use voice-recognition on a regular basis, interacting with Siri, Alexa, or Cortana. In fact, 51% of consumers are already using voice-enabled virtual assistants via a smartphone. Here is how voice technology is changing the financial industry.
Voice-enabled devices are to save time, to make things easier, and to be more efficient.
When on the road, for example, consumers need a hands-free option. While consumers are perfectly comfortable asking Alexa to play a new song or for the weather forecast, they are a bit more wary of using voice recognition with banking.
Financial institutions, however, have seen a lot of advancements with AI-powered voice technology.
Many are now pushing internal projects or partnering with fintech in order to offer more robust voice-activation services. And while this industry has the added challenge of consumer trust, this technology is truly taking off in this space.
Customer service is key.
One reason why voice technology has taken off in the banking sector is to improve customer service. Thanks to machine learning,