From the tweety whistles of R2-D2 in Star Wars to Samantha\u2019s deep voice in Her, science fiction movies have significantly impacted our expectations of the capabilities of real-world voice assistants. And then, Siri debuted. Although it could hardly handle something more complex than playing a song or showing the weather forecast when it debuted, it brought speech recognition into consumers\u2019 everyday lives. <\/p>\n
As artificial intelligence (AI) and natural language processing (NLP) technologies progressed at breakneck speed, they enabled new capabilities for Siri and paved the way for new voice assistants such as Alexa and Cortana. Smartphones and cars answering our spoken questions are no longer science fiction. <\/p>\n
Voice technology has already reached a maturity and comfort level sufficient to change how business\u2013consumer relationships are built. We can ask a computer to order a pair of sneakers, book a hotel, or schedule a romantic dinner with our spouse. Voice-enabled virtual assistants are gaining more recognition every year, and the financial sector can benefit from applying voice technology in three use cases: <\/p>\n
Customer service is an area financial institutions usually overlook. Automated response systems made customers so frustrated they desperately pressed zero to talk with a human after a long wait. Chatbots seemed to crack the code by enabling 24\/7 instant replies. But the thing is that people speak three times faster than they type. So customers often use chatbots just to get connected with a live assistant. But instead of getting connected, they get stuck in a loop of the chatbot\u2019s answers.<\/p>\n
Discover key elements of an exceptional customer experience that can boost customer retention, loyalty, and profitability in the financial sector.<\/p>\n
When leading brands pamper consumers with exceptional digital experiences, financial services providers can\u2019t afford irritating their customers. Luckily, voice technology has evolved enough to bring value to banks and financial services. <\/p>\n
Modern AI-powered voice chatbots<\/a> can accurately mimic human intonation, understand speech patterns, and make data-driven decisions<\/a> in real time to create silky smooth and highly personalized customer experiences while coping with the complexities of financial services. Instead of searching for a routing number or outstanding payment due date, consumers can quickly get relevant information simply by asking out loud. <\/p>\n Voice interactions can be a precious customer data set conveying valuable information. Voice technology can identify customer sentiment based on tone of voice or word choice. When an NLP-powered chatbot recognizes annoyance in a customer\u2019s voice, it can immediately direct them to an assistant. <\/p>\n However, to gain a stellar competitive advantage, financial institutions should expand voice technology beyond transactional activities and reimagine the customer journey across various channels, products, and services with end-to-end integration. Voice-driven customer service can provide convenience in the account opening process<\/a>, proactively find the next best offer, or deliver tailored financial advice rather than relying on the customer to visit a branch or call a personal assistant. <\/p>\n\n\t\t\t\t