Voice Search Integration will shape the future of Fintech

Speech recognition and search is an AI-powered technology that lets software programs recognize spoken language and convert it to text. Studies claim that by the end of 2020, over 50% of online search queries might be done through voice-based search. It is only a matter of time before voice technologies become part of the experiences provided by banks to their customers.

Voice and speech recognition systems have evolved and allowed the business to build relationships with consumers in new ways. It is predicted that a large number of banks and other financial institutions will be using voice and speech technologies to enable their audiences to use financial products easily.

Why are banks investing in voice search technologies?

Voice search technology is the most sought-after and natural means of communication, which can lead to personalized interactions resulting in business growth. Another important aspect is that voice makes banking more inclusive, especially for the visually impaired, thereby offering them a sense of independence in a day to day banking.

What’s more is that voice interaction can provide valuable insights into customer needs and behaviors, allowing fintech companies a platform to offer personalized services with a unique brand touch. In the near future, customers will feel comfortable with making more expensive and complicated purchases by voice.

The potential of voice technologies in Fintech

Voice search is taking the financial industry by storm, and institutes are competing to offer more advanced, robust, and secure solutions.

1. Improved security

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Security is of severe concern when it comes to voice payments. Keeping information private while going through authentication procedures is a challenge for voice banking. And combining other biometric markers like fingerprints, irises and voice will be a great solution.

Similarly, the most common phishing attacks happen through email that had claimed to be undelivered. Once the recipient clicks on ‘send again,’ he would be redirected to a phished web page. Shelling out such data in the hands of attackers would lead to losing the only copy of your data. Therefore, you should have an Office 365 backup.

2. Integration of visual interface

Google has been showcasing dozens of devices powered by its Google Assistant, from speakers with touch displays to smartwatches. This allows users to start interacting with a virtual assistant by voice and carry on their communication on-screen. They have also introduced a voice-controlled Google Assistant in all cars that have Android Auto.

3. Voice detection and contextual understanding

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NLP or Neuro-Linguistic Programming and voice recognition techniques have seen major advancements because of which conversation with virtual assistants will moderately become less mechanical and closer to natural human communication. The next stages of voice technology will include understanding the context of questions, recognizing accents, and differentiating between voices.

Additionally, a third-party Office 365 backup solution can provide cross user restoration for easy retrieval. Another important aspect to consider is that if an ex-employee is the sole owner of a file, that data could be lost forever. 

4. Digital concierge experiences

The evolution of voice search assistants will also let people make payments using voice technology. You’ll also be able to communicate with financial institutions and handle more complex tasks like issuing the invoice, tax payments, getting loans, and renewing insurance. All of these will be voice-enabled from your smartphone, smartwatches, connected devices, and other home systems.

5. Voice-based account services

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This is one of the most interesting aspects of voice search technologies in the banking industry, mainly because customers can use their voice to perform a number of actions, like checking their account details, transaction history, and other personal details.

The future ahead

Banking customers, especially millennials, are increasingly tech-savvy when it comes to digital banking. These new-age customers are looking for convenient, speedy, and functional banking channels that can anticipate their needs and offer personalized digital services.

There is no denying that voice technologies are on their way to becoming a significant presence in the future of banking. With voice banking services, these initial interactions can now skip the tedious verification steps and move up to directly resolving customer issues as soon as possible, thereby improving customer satisfaction levels. Additionally, since retailers have already embraced a variety of voice-enabled offers, it is only a matter of time before banks turn to this option as well.

Want to know how voice technologies will become omnipresent in financial offerings? Let us know in the comments below.

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