Usage of Voice-Enabled Digital Assistants in Financial Services

A voice assistant is an innovation that has changed how we go about our daily lives. It listens to our calls, anticipates our needs, and acts when necessary. This technology was introduced in 1962 at Seattle World’s Fair; IBM introduced a tool called ‘Shoebox’ that could perform mathematical functions and recognize 16 many spoken & 0–9 digits. Since then, this technology has come a long way by introducing voice assistants by leading technology companies – Apple’s Siri in 2011, Google Now in 2012, Microsoft Cortana in 2014, Amazon Alexa in 2014, and Google Assistant in 2016. It is expected that there will be significant growth in the number of voice-enabled assistants – estimated to reach 1.83 billion by 2025.

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Witnessing the rise of popularity in voice-enabled digital assistants, the financial services industry has started incorporated voice functionality in their systems to improve customer experience by developing applications on Alexa, Siri, several, or utilizing in-built voice assistants. Banks have used the voice banking function for account balance inquiries, credit card payments, utility bill payments, and P2P payments. Here are a few players that have incorporated voice technology:

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Due to the significant rise in voice-enabled assistants, a number of players have entered this space, thereby offering niche services such as enabling banks and FIs to build their own applications for providing voice biometrics for security and authentication through voice intelligence. We have mapped this ecosystem with a few of the key players.

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Voice-enabled digital assistants are helping the banks in understanding and building better relationships with their customers. In the future, the majority of the users will move away from clicks and swipes to voice interactions in lieu of a better user experience. If a bank hasn’t deployed voice technology, they probably should right away or risk being industry laggards.

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