There has been a gradual rise in the use of speech recognition and voice technologies across the globe. Voice-based solutions are sought after by everyone, from huge corporations to individuals.
Because speech technology is so simple and effective, it has become a popular method of communication. Another benefit of employing a voice assistant is the ability to quickly visit any website or other service. As a result, the number of people using smart voice assistants has risen dramatically. A growing number of individuals are turning to voice-activated technology to help them with their everyday routines.
3.25 billion digital assistants were available to consumers in 2019, and this figure is predicted to rise by 8.4 billion by 2024, according to research. In other words, speech technology is here to stay. It has been shown to be helpful in both homes and workplaces. Financial markets are among the areas where blockchain technology and Flexcube implementation are making their way into the global economy.
The majority of companies that use speech technology do not need to include fintech, but those who do require a payment gateway should be aware of what fintech is and how it may benefit their company. Now, financial institutions may simplify their business processes and analyze the market using speech technologies. For example, the banking and financial services company Morgan Stanley has built excellent voice-enabled software that enables users to access essential market data. With the use of this voice-activated environment, TD Ameritrade customers may get market and stock price data at any time.
But what does voice technology imply? Where is it employed in the financial sector? And what’s the future of voice technology in the industry? All of this and more will be covered in this post. Therefore, let’s give it a go!
What Is Voice Technology And Speech Recognition?
Speech and voice recognition are two of the most powerful and fastest growing technologies. And, no, they are not interchangeable words. They’re all unique in their own ways. Many individuals have been seen combining these two terms. For the sake of clarity, let’s define these concepts.
Speech Recognition
As the word “voice recognition” implies, this approach tries to identify the user’s speech and provide them with the most relevant results based on their search. The issue of not receiving the correct word is overcome by programming speech recognition technology to concentrate on the user’s words and attempt to offer the most relevant results. Users with disabilities may greatly benefit from this sort of technology.
Voice Technology
When it comes to voice recognition, unlike speech recognition, it is all about the user’s voice. Authentication is done by authenticating the user’s voice using this technique. If your major priority is protecting the privacy and security of the user, voice technology may be a useful tool.
Voice Technology in Banking: Use Cases
In order to have a better understanding of the benefits of speech technology in the financial sector, we need to look at a few instances. In this context, we’ll look at some examples of how speech technology is being used in the financial technology sector.
1. Voice-Based Accounting Services
Many banks throughout the globe employ voice-based accounting services. Customers of banks and other financial institutions may use voice-based software to access their account information and complete numerous accounting procedures using their own voice commands integrated into Flexcube.
2. Voice-Based Transactions
The greatest way to employ voice technology is to conduct business transactions over the phone. There is little doubt that voice-activated banking would be a huge time-saver for many people. Just tell the app in a clear voice that the “n” amount should be transferred into the account “X,” and it will do the rest.
3. Biometric Security
Biometric Security seems to be one of the most promising categories of voice-based applications. Especially in the financial industry, safety will always be paramount in the global marketplace. As a result, new voice-based applications are being developed to guard your private data from a variety of hacks and dangers.
How Voice Assistant Changes The Financial Industry?
There is no doubt that the widespread use of voice technology in the worldwide market has led to some solid and inventive financial solutions. Professionals in this area are making use of it to improve their customer service and provide additional payment and invoicing options for their clients. Moreover, this is just the beginning. With the passage of time, the number of voice-based apps will increase. It’s possible that it might open up a whole new area of the client experience. However, for the time being, we’ll focus on a few areas where voice technology is already making a difference.
1. Information
Customers may benefit greatly from the wealth of information and tools available in the financial sector. There is, however, a time-consuming challenge in getting your hands on all of this useful information and insights. Many financial institutions could not give their consumers useful market information and educational blogs through voice commands if it weren’t for speech recognition technology.
There is no exaggeration in claiming that voice-based applications will be able to provide you with more real-time information in the future. However, as technology advances, so does the possibility of delivering a seamless, individualized financial services experience. This vision is being pushed ahead by all the speedy information. For example, voice-based applications will be able to tell consumers, based on their previous transactions, which trends are likely to affect them in the future.
2. Banking
This technique is also commonly employed in the banking industry, where it has shown encouraging outcomes for some time now. Users may strengthen their financial transactions and security by using voice-based banking services. Voice banking services have been introduced by a number of high-profile firms, and they’ve quickly become popular with their clients. When it comes to using voice-enabled apps, it doesn’t matter whether you’re inputting a PIN or validating your own identity using voice recognition technology.
When it comes to using voice-enabled applications, one of the most critical components is a strong internet connection. As a result, you’ll be able to make better judgments about your spending and spending habits, as well as access your account and financial information.
To help their clients better manage their company, personal expenditures, and expenses, certain banks are using voice banking. Consequently, if voice-activated applications continue to evolve and rise to the worldwide market, we can confidently state that they can help consumers on their financial security journeys. Increasing the popularity of voice and mobile banking services, as well as the brand value of enterprises that use them, is expected as a result.
3. Advisory
Voice-activated banking has evolved far enough beyond giving just basic account information to warrant its own category. It may also provide outstanding investment advice and individualized recommendations on where to invest and which stock to choose.
To disrupt the financial sector and to force services to operate at different levels, speech recognition technology has evolved.
Financiers that are employing this technology are now making their consumers enquire about financial and market developments. Investment advice is provided to clients by a wide range of financial institutions, including financial advisors at investment banks and brokers at brokerage houses.
Conclusion:
Technologies that allow mobile banking customers to conduct transactions via the use of voice commands have seen steady and fast growth since their beginnings. There will be many additional facets of accounting and finance that may be accessed as the voice-based service improves in capabilities. Fintech organizations may use this technology and Oracle Flexcube universal banking to better service their customers and improve the customer experience. This also gives banking consumers a leg up on their competition. From bill payments to market research, banks and other financial institutions are making remarkable strides in customer service and overall happiness. Overall, speech technology has a promising future, but if you don’t get on board fast, you may be left behind.
