Technology has revolutionized banking making it more accessible and more customer-friendly feels Bahaa Abdul Hussein. Voice banking is a new technology that is becoming popular and promising major benefits for customers. As and when this technology becomes popular, it will have a significant impact on retail banking.
What is voice banking?
In simple terms, voice banking is the use of voice assistants to carry out banking operations. People are familiar with voice assistants like Siri and Alexa. They are tool that receive commands through spoken words (voice), process and understand the words, and carry out tasks. Voice banking allows you to use voice commands for banking transactions and to use your bank account.
ING is the pioneer in this field and used a voice assistant as early as in 2014. Since then many other banks have started integrating their services through popular voice assistants like Alexa and Siri. 10 million customers of Bank of America are using the voice banking assistant Erica. More than 100 million transactions have been carried out through this voice assistant.
Benefits of voice banking
There is no doubt that voice banking has the potential to revolutionize the retail banking sector. It is a customer-friendly technology that makes banking convenient and easy. The benefits listed below will help you understand the impact it can make:
- A person who is busy doing other tasks like driving a car or jogging can give voice instructions and carry out a bank transfer. It makes the process of banking easy and convenient.
- Customers get to enjoy a great experience with voice banking. They no longer need to spend time logging in to the bank app or website and then carrying out operations. A voice command is enough to get things done.
- Authentication is important in banking and users need to enter passwords, PINs, or CVC. Voice authentication can replace other authentication methods and is convenient for customers.
- The use of voice banking helps in streamlining banking operations. It can help them reduce costs on creating complex apps and using multiple authentication methods.
- The reach of banking increases with more people being able to use banking thanks to voice banking. People who are traveling will find it more convenient to use voice banking.
The future potential
Voice banking is already used by many banks. As technological innovations continue, voice banking will become more robust and more secure. It won’t be long before it is adopted by all banks and becomes a norm.
The blog has been authored by Bahaa Abdul Hussein and has been published by the editorial board of Fintek Diary. For more information, please visit www.fintekdiary.com
