Innovation in Banking Sector with Voice Banking and Speech Technology

  • 8th Apr'21
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Voice recognition and Banking 

The financial services sector is being interrupted by numerous technology trends these days. Voice and speech recognition is one of the banking sector innovations. Voice and speech recognition systems have already evolved enough to permit businesses to make relationships with customers in new ways. Increasing the quality of banks and monetary establishments use voice and speech technologies to allow their audiences to use financial products easily. Researchers estimate that over 50% of mobile searches are done by voice.

To know more on Voice and Speech Recognition in Banking, refer to:

Voice Technology in Banking: 

To know how banks can leverage Speech Recognition Technology, Click here

How Voice Technology is Changing the Financial Industry: 

Here are the ways that voice technology is transforming the financial industry - Click here

 

Must Read: Do you know about neo banking?

 

What is Voice Banking 

Voice banking — recording one's voice while it is still functional — allows people with ALS and other conditions that affect the ability to speak to transform those recordings into personal synthesized voices that sound like themselves. International banks are among the leading monetary establishments experimenting with voice recognition code to extend security experience for his or her customers. Some banks use voice recognition to use an individual's voice for identity verification through their smartphone.

To know more, refer to:

Voice Banking

Read about the Next Generation of Banking, Voice banking - Click here

Voice technology and banking: 

Here are the various reasons why voice technology will change the banking scenario - Click here

 


The First Bank to Implement Voice and Speech Recognition

In February 2019, HSBC became the primary bank to use voice recognition in services discharged to its customers. This marked a leap toward a replacement direction in identity verification for the monetary services sector. In line with the bank, mobile banking customers now not got to keep in mind their secret and different knowledge to access their accounts.

International banks are currently exploring voice technology to extend security measures for his or her customers. Maybe, an Interactive Voice Response (IVR) tool will facilitate banks improve client engagement once they use their monetary services. Artificial Intelligence technology vendors like Nuance are aiding banks in establishing speech and voice services.

It doesn’t matter however banks will develop their voice-enabled solutions; one issue is evident.

Artificial Intelligence can become essential for banks to deliver higher experiences and gain a competitive advantage in the future of banking sector innovation.

 

Also Read: Can Fintech ever replace banks?

 

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About the Author: Sudeshna Dutta

Sudeshna is an engineer in making. She is a writer at OpenGrowth. Apart from dealing with circuits and chips, she is passionate about being a keyboardist and pianist and wants to attain professionalism in it with her talent coupled with hard work.

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About the author:

Akanksha Singh (Editor) , OpenGrowth Content Team

The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups.


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