Voice-enabled assistants such as Alexa, Siri and Google Assistant are increasingly becoming an integral part of many people’s daily life. Several banks, financial institutions, and new FinTech players have already taken the lead in utilizing voice for banking operations, allowing their customers to check balances, make transfers and pay bills using Alexa’s/Siri’s voice-first capability. At the same time, other banks have created their own voice-enabled digital assistants.
Although the technology still has some issues to be worked out (e.g. security concerns and accidental authorization), the near future will include more devices, greater accuracy, more applications and a wider adoption of voice technologies. Moreover, the scope of voice payments will begin to evolve through the better use of tremendously rich and raw voice data, eventually transforming voice-assistants into context-aware digital concierge services. This will help increase confidence and comfort as well as allow financial institutions to better reflect their brand and cater to individual customers’ profiles, delivering enhanced customer experience and establishing greater brand loyalty.