Voice Strategy for Banking & Financial Services

Voice strategy for BFSI

Is your business voice search ready? A recent study shows that 51% of mobile users rely on a voice assistant for their needs. With so many users relying on voice searches the impact can also be felt in the banking and finance industry. 

In the year 2020 more than ⅓ of houses in the USA were using voice assistant speakers at home. The number is only set to grow around the globe. 

So, did you find this article without typing? Voice searches give a whole new literal meaning to ‘asking’ a search engine.

Statistics reveal just how many users are using voice searches. Google estimates that there are over a billion voice searches made every month. A majority of these searches are more likely to be done by mobile devices or intelligent voice-activated assistance speakers.

Banking and Finance is not far behind with strategies for voice assistance users

BSFI organizations are rushing to make their business more voice search accessible by offering hands-free services for their customers. Banking and financial companies are relying on fintech to create smoother applications for customers to access their services and bank accounts, using their voice. 

Putting customer service at the forefront

Voice-activated features are backed by artificial intelligence and machine learning that understands the language, accents, moods, and intonation of users. This can be adopted to offer hands-free customer service, that relies on voice cues to securely ask customers questions about their bank details, grievances or to forward the call to the right department.

Voice searches may not be able to replace human employees but they can be used to streamline customer service in the banking and finance sector. 

Voice strategy is booming in the payment sector

The latest technology allows voice users to check their balance, make payments, complete transfers, seek credit, and pay bills using voice. Voice service has made a huge impact in the banking sector by allowing people to make transfers and do e-commerce while using voice-activated artificial intelligence. 

The future of voice payments

The adoption of voice-activated assistance seems to be the direction that the banking and finance industry is taking. The BSFI industry is moving away from the use of recorded canned responses and towards the use of active listening and responding by voice assistance tools.

With the swift growth of voice assistance, the banking sector has to accommodate voice-activated features to adapt to the consumer’s changing lifestyle. Banking and finance service providers that understand the user’s needs will be the first choice of customers. Incorporating this technology will score points for those users who are banking at home, in their car, or when away from their mobile devices.

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