Banking on Voice: 5 Ways Banks are Using Voice Technology

Nowadays, convenience is no longer just found at your fingertips. 

Instead of tapping, typing or clicking, you can just say the word, let your device recognize your voice, and from there, the action begins. Yes, we’re talking about Alexa, Siri, and Google Assistant. And no, we don’t just mean getting directions to a restaurant, playing music or videos, or placing a call. 

Digital assistants with voice features are now also able to help us stay on top of our finances, as more and more banks now use voice recognition as their first line of interaction with customers. This has been true in Europe and the United States and is gradually spreading around the world at present. 

Here’s a list of voice capabilities used by banking organizations today:  

  1. Account inquiries

“What’s my bank balance?”

One of the most basic use-cases for voice-based banking is to allow customers to use voice to check account balances, transaction history, and other account details. Voice digital assistants have been trained to understand simple requests such as providing its customers with basic account-related information that they need. 

2. Payment follow-ups

Voice technology also makes it easy for customers to sit on top of their payment due dates and payables, eliminating the need to pick up their phones or logging on to their online banking account. Through these reliable follow-ups care of the banks, users are reminded of what to settle, ensuring their credit scores are left uncompromised. 

3. Bank transfers and bill payments

“I need to make a transfer.”

Voice-activated transactions, such as bank transfers and third-party bill payments are now made possible. By just speaking a command to a digital assistant, customers can pay their credit card bills and mortgage payments in the most efficient time possible. 

4. Report ATM or credit card loss

“I want to cancel my card.” 

In the event that you lose your credit card, you no longer have to; call customer service, and identify yourself with a ton of details you rarely have on hand. A voice-enabled digital assistant allows you to skip the first and third steps because it already takes care of those for you. 

5. Financial news and bank updates

“What’s the news?”

Another common use-case for voice-based banking is to let bank users listen to daily financial news that a bank publishes on its website. Likewise, customers can get the latest bank updates through this feature.

 

As voice technology continues to be on the rise, Globe Labs has also been riding the waves and has launched its own voice solution called IVES. It’s an interactive voice engagement solution with an analytics platform that allows you to automate calls and customize voice messages.

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