Voice Assistants-A Boon for the Financial Industry

Jane Dove: “Hey Alan, transfer $250 to Mark Smith?”

With this simple voice command, Mark’s bank account gets credited with money.

If you are surprised, here’s a warm welcome to the world of voice assistant technology in banking. Artificial Intelligence Voice Assistants provide a much faster way to complete tasks in financial institutions and is a boon for customer support, account management, user authentication, and more.

The simple reason why voice tech is changing the business world of finance is that it is simple to use, and highly efficient. The number of digital voice assistants in the world will be 8.4 billions- that’s more than the world’s population!

Neobanking or pure-play digital banks is an emerging trend and the struggle is to bring the friendly, personal service of physical retail bank offices to digital fronts — websites and mobile apps. Traditional banks have to reduce their operating costs to compete in the neobanking sectors. In-App Voice Assistants will be a tremendous asset here.

Voice Assistant Technology in the Banking industry:

Many mobile banking apps have 100s of features exposed to their customers via app screens. One voice button will give them access to all the features and set the stage for infinite functionality with voice. That’s reason enough for them to bank on voice assistants.

Wealth Management

A voice assistant can interact with the portfolio customers in a humanized fashion about the latest options available to them, offer personalized research on markets, and even perform tasks like booking a meeting with their portfolio manager. Banks can easily pair voice assistants with its investment portfolio management software so that users can ask questions and get informed, intelligent responses.

Account Servicing

Customers can use voice commands to check their account balance, transaction history, account activity, card services, request for cheque book, etc. The voice assistant technology provides a seamless onboarding experience to a new customer with electronic Know Your Customer (eKYC). The context-based query resolution capability of the voice technology provides a superior customer experience.

Loan Disbursal

A voice assistant can even help determine the customer’s eligibility for a loan and enable a smooth disbursal- this fast tracks the otherwise slow process that can be frustrating for the customers.

A voice assistant can also educate the customer on the different loan schemes available and provide real-time updates on any changes.

Collections

One of the most interesting use cases of voice assistant tech in the financial industry is in the collections department. The collections department has a loathsome reputation, but the voice assistant does a great job as it has the ability to handle such interactions with the right mix of empathy and assertiveness.

In conclusion, every bank has to improve it’s Customer Experience on the digital fronts as their world is embracing self-service, customer centric banking.

If you are looking for a voice-based solution for your fintech application that will work with your app’s existing UI and can be deployed in a matter of days, the Alan Platform is the right solution for you.

The team at Alan AI will be more than happy to assist you. Just email us at sales@alan.app

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