AI: Voice Assistant for Easy Banking

AI technology drives the development of voice banking. Already now bank customers can easily accomplish simple tasks using a voice assistant. Banks are thus moving closer to their customers, while data safety and IT security have the highest priority.

According to Statista, smart speaker adoption continues to climb. In the U.S., one in five Wi-Fi-equipped households has at least one smart speaker. While this is still far from the majority, the adoption rate has more than doubled in little more than half a year. 

Being close to customers

Banking today is expected to be as easy as shopping or music listening. In order to stay competitive, banks are forced to adjust to customers’ lifestyle.

Voice assistant technology provides bank customers with a new and convenient way of interaction. Users are enabled to ask simple questions and complete basic tasks quickly and easily by just using their voice.

For that reason, the demand for Siri and further voice assistants will continue to increase. And banking area is not an exception.

Voice assistants will turn banks into smart omnipresent financial assistants. Customers will be given more freedom, while banks will get a chance to provide customer-oriented products and services.

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An easier way to bank

Last year, the Detroit headquartered Ally Bank launched Ally Skill.

Ally Skill is the new feature on Amazon’s voice-activated devices. It enables bank’s customers to check account balances, track recent transactions and deposits, transfer money and access deposit product interest rates by simply saying what he/she wants to do.

Other banks have also recognized the potential of natural language processing technology and its role in reshaping the way clients communicate with financial service providers.

That’s why banks are increasingly testing voice banking to enable customers to manage a task without even having to type a word.

Data protection is a top priority

In today’s world, bank customers are wishing an easier and personalized way to manage banking tasks.

AI is developing rapidly and becoming more ubiquitous. However, personal data safety represents the most significant concern for customers.

For instance, last year, a BBC Click reporter fooled the HSBC voice recognition security system. In fact, the bank let the reporter’s non-identical twin to access the account after seven attempts to mimic his brother’s voiceprint.

It means voice ID authentication still requires serious safety improvements before it can be used flawlessly.

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