How voice technology is changing the financial industry?

The reason why voice technology is being widely used is that it is very efficient and straightforward. Also if you are using a voice assistant then you may get easy access to any website or any other solution right at your command. People love that and that’s why the use of smart voice assistants has increased exponentially.  Whether at the home or in the office, people are actively using voice assistants like Siri, Cortona, Alexa, and more to simplify their daily tasks.

According to a report, there were 3.25 billion digital voice assistants at the service of people in the year 2019 alone which was expected to grow to 8.4 billion by the year 2024. So, voice technology is here to stay. It has not only proved to be effective in homes but at offices too. And it is penetrating its way to further prominent sectors in the global market including finance.

Most of the businesses who leverage voice technology might not imbibe fintech into their application but for the ones which need a payment gateway, they must know what fintech is and how it can work for your organization. The magic of voice technology now streamlines the business operations and conducts market analysis for financial institutions. For example, Morgan Stanley, a banking and financial services giant has developed an effective voice-enabled app that allows users to obtain critical market insights. TD Ameritrade has also built a voice environment for their users that enables them to get information related to market and stock price at their command.

The finance companies are benefiting from the voice assistants but what does it mean by voice technology, where is it used in the finance sector and what’s its future? We will be discussing all these things in this article. So, let’s give it a go then.

What is voice technology and speech recognition?

Speech recognition and voice recognition technology are some of the emerging and most powerful technologies. And yes, both the terms do not have the same meaning. They are different from each other. Many people are seen to use these words together. So, to clear the confusion let us understand what these terms mean.

a. Speech Recognition

As the term, speech recognition itself suggests that in this concept, the technology aims to recognize the speech of the user and show them the perfect results that match their query. Speech recognition technology is programmed to focus on the words spoken by the user and try to bring the best relevant results so the problem of not getting the right word is solved. This type of technology can prove to be very helpful to physically challenged users.

b. Voice Technology

Contradictory to Speech recognition, voice recognition technology focuses on the voice of a particular user and not their words. This technology is specially encoded to authenticate the users by verifying their voice. Voice technology can come in quite handy if your primary concern is the security and privacy of the user.

Voice Technology in Banking: Use Cases

We can speak all about how advantageous voice technology is for the finance industry but can’t take a closer look without considering some examples. Hence, we are going to discuss some use cases of voice technology in fintech.

1. Voice-based accounting services

Voice-based accounting services are widely used by many banks around the world. Banks and financial institutions allow their customers to use a voice-based app through which they can access their account details and perform various accounting operations at their voice command.

One of the popular examples is Westpac Banking Corporation in Australia as they have started using a voice-based assistant to help their customers. It’s like they have integrated Alexa with their users’ day-to-day operations. Yes, that’s true. The digital marketing team of Westpac bank did integrate all of their accounting services with Alexa. This enables the customers to access their bank accounts at their voice commands.

Moreover, Alexa also helps the users to stay informed with all the trending financial news. And what’s more to say? The bank is already working very hard to integrate its services with Google Assistant and Apple Siri so that their mobile apps can become more effective.

2. Voice-based transactions

Voice-based transactions are another best use case of voice technology. Wouldn’t it be great if you can carry out all of your basic financial transactions at your voice commands? For example, if you want to transfer any amount, you just need to tell the app in a clear tone to transfer the “n” amount to the “X” account.

If you are looking for an example then there is a company called Garanti in Turkey. It is a part of the global brand SSVA and has launched a mobile app called Mobile Interactive Assistant. The user can get financial services like money transactions at their voice commands using this voice assistant. And that’s not all. It also allows the users to buy and sell foreign currency and find out the latest exchange rates effortlessly.

3. Biometric security

Among all the use cases of voice-based applications, Biometric Security looks like one of the most promising segments. Security will always remain the most important aspect of any global business market, especially in the finance sector. So, developers have started using the latest voice-based apps to protect your sensitive information from various types of threats and cyberattacks.

For example, Nuance is a robust biometric engine that can recognize a person’s voice very precisely even if a person is logging into the app after a very long time. This way, the app is aimed to restrict any third party to get access to the user account details and other critical information. Biometrics has already become an innovative way of security in recent years.

How Voice Assistant changes the financial industry?

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