How Voice Recognition Technology Influence the Way We Bank?

The technology advancement is acting as a catalyst to integrate the voice recognition technology with the banking industry. Voice recognition technology reads the voice pattern of each human and uses it to differentiate the identity of a human. In fact, Malaysians did not use voice recognition technology widely, particularly in the banking or finance industry. The tech-savvy consumers are spreading a wild thought between each others. The consumers believe that voice recognition technology may revolutionize the way we bank.

Biometric security becomes prominent

Devices that are integrated with biometric security measure the unique characteristics of human being and use it to unlock the devices. The most common biometric security is fingerprint scan, and the others include face pattern, voice pattern and retina pattern of the eye. The high accuracy of identification drives the biometric security to become mainstream.  A study was done by using the voice sample of celebrities to test the accuracy of biometric security engine at banking-grade security settings. The experiment utilized two voice samples of Mr. Schwarzenegger. The first sample was recorded from an interview with Mr. Schwarzenegger in 2015 and the second sample was recorded from a movie that was starred by Mr. Schwarzenegger in 1977. Despite the 38 years of difference between 2 samples, the biometric security engine had no trouble to recognize the identity of the person.

Branded virtual assistant

The virtual assistant is an application which is able to understand voice commands and accomplish tasks requested by users. Smartphone brands and tech firms started to integrate virtual assistant widely. In recent years, foreign financial firms have started to implement a virtual assistant as well. One of the main drivers of the integration of virtual assistant with financial applications is consumer behavior. When it comes to mobile banking, consumers are seeking convenience, simplicity, functionality and personalized services. Virtual assistants in financial firms enable users to transfer funds, pay bills and retrieve information from their respective accounts. Moreover, the more advanced virtual assistant can even help the users to research financial products and open new accounts.

Replacing the Online Portals

Previously, mobile banking sets a new standard in terms of customer convenience. As compared to now, the voice recognition technology and virtual assistant set a higher standard of customer convenience which unable to reach by mobile banking. A study by The Financial Brand was done and found that common banking tasks, such as balance checking, drive 85% of traffic to banking websites and mobile applications. Virtual assistant is able to accomplish the common banking tasks within few seconds by simply giving a voice command. Hence, virtual assistant is able to change the way consumers to perform common banking tasks. Mark Ryan, Chief Analytics Officer at Fintech design firm Extractable, mentioned that, “In the next 5 to 10 years, the traffic to banking websites and mobile applications are expected to decrease for 50%, as voice recognition technology and virtual assistant will become mature and enable the consumers to perform common banking tasks.”

Despite the high accuracy and efficiency provided by voice recognition technology, consumers have not gained enough familiarity and trust in it. From the perspective of consumers, voice recognition technology is obscure and still a new technology.  

 

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