Voicebot in banking: why will we talk about finance with voice assistants?

Voicebot in banking

Mobile applications, phone payments, almost 24-hour customer service in social media, chatbots more and more precisely answering users’ questions: banks do not hesitate to use the latest technologies and communication channels. In order to make life easier for their customers, they reach for new solutions. Which technologies will soon become the most common standard? There are many indications that voicebots will be popular, which could revolutionize the customer service process.

Even better assistant – why is the voice so important?

Over the last 20 years, we got so used to our phones that they have become absolutely essential. We organize many tasks not only by e-mail, but also with the use of fast phone calls. A two-way conversation speeds up the exchange of ideas: We do not waste time on text input or on waiting for feedback. These habits are confirmed by studies and experts’ forecasts. The Futurologist Amy Webb in her Future Tech 2019 report argues that by 2021 half of the people in the developed world will be able to control their machines with their voice. Changes will also concern the interaction of people with institutions and companies. According to Capgemini’s Conversational Commerce: “Why Consumers Are Embracing Voice Assistants in Their Lives”, consumers are looking more and more favorably at the participation of bots, especially voice bots, in their interactions with companies. Capgemini predicts that within three years the percentage of bots in conversations with customers may increase to 40%.

From an automatic secretary to a perfect conversation

What is the reason for such a favor from consumers? A conversation with a robot in a bank is a completely different level of communication than a short monologue of an answering machine or an IVR message from a call center which is not very favored by consumers. Voicebots are precisely well-trodden paths of two-way communication with the recipient, supported by intelligent algorithms. Behind such an efficient “machine” lies the technology of recognition of voice commands of users. Voicebots, however, not only “listen” to human speech correctly, but also put it in a proper context.

Good Listener words on a name tag sticker to show you are sympathetic, empathetic and understanding

A voice assistant is therefore a ‘good listener’: it will understand what the customer is asking and will also find the most appropriate answers. It will quickly find information from the available systems and will also provide voice answers. Voicebot in banking will find a wide range of uses for itself.

Voice assistants in banks: what can they do for us today?

Voice assistants are best suited where people ask similar questions that require clear answers: both those identified in advance and those only found in the internal system to which the assistant has access.

Examples of applications of voicebots in banking include:

  • identification of a user and the service concerned,
  • customer authorization,
  • checking the status of the application,
  • information about the funds in the accounts,
  • customer satisfaction surveys,
  • sales of services and products,
  • activation and deactivation of services,
  • recovery of outstanding debts,
  • confirmation that the payment has been credited to the account,
  • arranging appointments.

Voicebot in banking, however, is not a schematic solution, but rather a broad spectrum of ideas that each bank or financial institution can individually adjust to their needs.

Are voice assistants the future? This is the present! Successful implementations in banking only confirm their effectiveness and good consumer response.

How voice assistants work in practice: foreign examples

Voicebot at the DBS Singapore bank: virtual assistant 24/7

Digibank DBS is the only digital bank in Asia. It offers its customers 24h virtual support through a dedicated mobile application. The services can be accessed both in text and voice. The bot knows the answers to at least 10,000 typical questions, and if it cannot solve them directly, it connects the user with the bank agent.

Voicebot at Santander UK: voice based payments

Santander UK has enabled customers to make payments using voice biometrics. The Bank introduced voice recognition technology – an extension of the existing voice banking technology within the SmartBank application. The bot not only provides answers to frequently asked questions, but can also help customers make payments, report problems, check their account balances and spending patterns.

Voicebot in banking: an assistant for several tasks

Where can we find voicebots in banking? The banking industry can integrate bots with various platforms and technical services: websites, mobile applications, social channels, hotlines. Communication channels that can become a “workplace” for voice assistants are almost all “contact points” with the customer. Artificial intelligence helps bank employees in their daily work, while relieving them of the burden so that they have more time for the more creative work that a person should do.

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