Conversational Technology is Here to Stay in Financial Services

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Many banks can feel daunted by the idea of deploying a voice strategy. After all, name another vertical with as much red tape and extreme risk to a brand if things go awry. After all, you're dealing with people's finances. But the digital transformation is leaving no market untouched. Competing in digital business today means Alexa is your new best friend.

We only say this because Alexa skills seem to be the choice for other organizations in the banking and financial industry. But in reality, Google home apps stand to be just as effective. The fact of the matter is with voice, you don’t have to boil the ocean. You can start small, and take incremental steps to getting where you need to go. Every time you unveil a new voice feature or service, there's a reason to reach out to your consumers and showcase your innovation, reminding them that they should choose your conversational technology over a competitor.

Voice has Allies in AI and Machine Learning

Given the sensitive nature of the financial services world, building consumer trust is crucial. Some wonder how voice technology will do that, but remember, there was a time when people were skeptical about ATM’s and now who can imagine a bank without them? Thankfully, voice has two tricks up its sleeve when it comes to consumer engagement: artificial intelligence, and machine learning.

Within banking and financial services, those two advancements come in handy. To start, what builds trust better than familiarity? Both AI and machine learning aid in a business being able to draw upon a great amount of customer data to drive each interaction. It can also absorb insight to make each interaction better and more effective for both the customer and the institution.

For example, customers could start by just using voice to get quick and easy information on account balances or bill payments that are due. Through interaction, the intelligence behind the voice app could start to paint a picture of a customer's financial patterns and needs. From there, it could offer up straight forward information on investments or account changes that could better serve the customer. Inquiries about TFSA and RRSP accounts could be handled with ease. Not only accessing this data, but having it explained without the need of a bank rep or financial advisor.

Conversational banking, by nature, also allows financial institutions to further personalize their interactions. Banking is a repeat business. Not to mention an essential business. Nearly everyone in the world needs a bank and as they age, their needs change but their bank of choice doesn't have to. This combined with the proliferation of voice technology in people's homes and in their pockets, creates a powerful opportunity.

So much so, well-known banking brands like TD are going as far as acquiring AI startups and partnering with conversational technology platforms to make sure they develop and deploy leading edge AI technologies within their voice strategy.

We’re also seeing Barclays, the household name in financial services in the UK, enabling voice payments via Siri. Authenticated with a fingerprint, it’s “combining maximum security with consumer convenience.”

Once you see technology take hold in markets that can be hard to see tech adoption in, or when incumbent brands are making moves as big as TD to get on board, the writing is on the wall. It will become essential in the future of business. Whether you want to start small or jump in head-first with a complex voice technology for your financial services business, let our team at Silver help you lead the way. Get in touch with us now!

Rahul BhatiaComment