How Voice Payment Will Change the Game for Banks

Javier Gutierrez, Director- AI Platform, ServiceNow

Making giant strides in the industrial world, voice recognition technology is most used with the emergence of Alexa, Siri, or Cortana. According to a report, 51 percent of people are already using voice-enabled virtual assistants through smartphones. Realizing its goodness, bankers are now leveraging this technology vigilantly. As a result, voice-enabled virtual assistants are gaining popularity in the finance sphere. With an ever-increasing number of customers using smartphones for banking services, it is imperative to use voice payments in the modern banking industry.

When it comes to voice payment, personalization will be the key driver. Personalized voice interactions can offer valuable insights into customer behavior and needs. Such insights will enable fintech firms and banks to provide personalized services with unique brand touch. Although voice payments are limited to the minor eCommerce sector, the combination of machine learning algorithms with voice technology is enhancing. We are not far from the day when customers would become comfortable enough to make expensive purchases over voice-based transaction systems. With advancements and proliferation of IoT devices, it will be imperative for the voice technologies to interact with such devices. This capability is already allowing the customers to interact with their mobile and wearables.

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With the advancements of neuro-linguistic programming (NLP), speech-based virtual assistants will become more automated and closer to natural human understanding, strengthening their prospects in the payment space. Voice-enabled payment will also influence the customer experience and enable banks to attract new customers while retaining the existing ones.

The growth of voice recognition technology will disrupt the current payment means in favor of voice-enabled payment methods.