Voice technology and speech recognition are seen to be dominating numerous websites, applications, and software systems today all across the globe. From SMEs to startups and large-scale enterprises to common people, everyone seems to incline towards voice-based technology, seeing its tremendous benefits.
The very core reason for voice technology being popular is the fact that it is time-saving, efficient, and straightforward to use. With simple voice commands to voice assistants, you can get access to any application, website, or other solution in no time. And, this is what makes it smart!
We see today, smart voice assistants are literally prominent in homes and offices around the world, be it Cortana, Siri, Alexa or any other voice assistant. They make daily tasks much easier. In 2020 alone, research states that there were around 4.2 billion digital voice assistants used worldwide in devices. And, it is forecasted that this number will go as high as 8.4 billion digital voice assistant units by 2024. From this, we can conclude that voice technology is here to stay and rule.
Let’s see, how voice technology is changing the face of the financial industry:
What is Voice Technology?
Voice recognition is a powerful solution used today in various applications and websites. But, it is often confused with speech recognition, and both these concepts are different.
How do they differ?
- Voice technology is all about the voice of a user, and not about understanding the words they use. This technology is specifically encoded to authenticate and verify the users by their voice samples. This technology is primarily used to retain the privacy and security of users.
- On the other hand, speech recognition, as the name suggests, is a technology that recognizes the speech or words of users and provides the relevant results that match their query. It is specifically programmed to focus on the words users use, and NOT their voice. This technology is one of the best solutions for physically challenged consumers or anyone who does not get an appropriate word.
How Voice Technology is changing the Finance industry?
Globally, voice technology is being adopted by myriads of businesses, as it is leveraged to build robust and advanced solutions for the finance sector. The finance sector is using voice-based solutions to enhance their customer service, make their daily business operations flexible, and provide their customers with advanced methods of billings, payments, etc. However, it does not end here!
Today, developers are coming up with numerous voice-based applications in the global market. With each passing day, voice technology seems to unlock a new experience for customers.
Here’s how voice technology is changing the face of finance industries:
1. Voice-based Access to Services
We all know the financial industry revolves around relevant resources, a valuable set of information and key insights that are highly beneficial for customers. But it can get really overwhelming for customers to find and access this critical information.
With the advent of voice technology, financial institutions are helping customers get easy access to valuable market information, stock prices, market insights, knowledgeable blogs, news, latest trends, etc. All of this can be done through simple voice commands.
In the near future, it would be safe to say that customers will be able to easily access key information and data in real-time via voice-based applications. Voice technology will continue to deliver a personalized experience and fast information to users. Based on their past behavior and transactions, they might also get smart suggestions as per the trends going on.
2. Advanced security
With voice-based solutions, financial institutions are able to offer advanced security for all their transactions. Top companies in the global finance market are leveraging voice-based services to authenticate user identity or enter a PIN through voice recognition technology.
Likewise, customers around the world also seem to adapt themselves to the changing face of security solutions in businesses. Users are widely embracing the voice-enabled apps and taking advantage of the flexibility and security it has to offer. When it comes to voice-based apps, data connection plays a vital role. With easy access to financial information and your account data, you also get immense help in making well-thought decisions for your personal expenses and spending.
There are many financial institutions that offer voice-based consulting services to users so as to educate them on how to manage their business expenditures, operations, and personal spending effectively.
With time, such voice-based finance services are bound to increase your brand value as a business and customer satisfaction level as well.
3. Personalized Advisory
Not just your account information or market information or insights, but voice-activated applications or solutions also provide excellent personalized suggestions and advice based on your previous transactions. These apps may elucidate invaluable information on where you should invest, which stock to prioritize, etc.
The best example of this is how J.P Morgan has integrated their business services with Alexa to allow their customers easy access to their asset’s price or other information in real-time.
With the advent of voice-activated apps, we will see that financial advisory will get more advanced. As they will be able to provide their audience with seamless experiences at a whole different level. Financial firms are widely leveraging voice technology to help users ask their finance-related queries or search for market trends. Depending on their financial state, financial institutions then provide relevant advice, valuable insights, and market reports, so that customers can make informed investments accordingly.
4. Voice-based Transactions:
Another excellent use case of voice technology is for voice-controlled transactions. The users are able to initiate basic financial transactions via their voice commands. For example, if a user wants to transfer a specific amount to another account, they will be able to initiate the payment simply by commanding the voice-enabled app in a clear and audible voice.
Some of the voice-enabled mobile applications even allow users to look for exchange rates easily and sell or buy foreign currencies.
5. Biometric Security
Biometric security is another important sector where voice technology is actively used today. Security is one of the major concerns in the global market. And voice-based applications are seen to keep critical business and user information secure in the financial industry.
How do they do that?
One great example is Nuance- a powerful voice biometric engine that precisely recognizes the voice of a person, even if they have logged in after ages. This is how it secures and retains the crucial information and data of a user, so no third person can get access to their account. With such apps, even physically challenged users can seamlessly log into their accounts securely. Biometric security is sure to evolve in the coming future.
Wrap Up:
Voice technology has made it efficient to carry out our day-to-day tasks at homes and offices. By the same token, we have seen that it has made a deep impact upon the finance sector for seamless market analysis and daily operations. Today, enterprises are coming up with voice-based solutions to help users with accessing crucial information, news, blogs, trends related to finance via voice commands.
Globally, the finance industry is leveraging smart voice assistants that are curated especially for their business niche. No doubt, voice technology will gain more popularity in the future and provide exceptional experiences to consumers. Be it for paying bills, transactions, biometric security, or getting market insights, financial institutions will surely be able to provide new levels of satisfaction to their audience with this promising voice technology.
Also Read: Benefits Of Voice Technology And How It Is Changing The Future
