Not many years ago, banks introduced home banking to give their customers the opportunity to make transactions from their computers.
Then came the time of mobile applications to manage their bank accounts even more easily.
Now it’s time for voice banking.
Voice banking from an Indian bank
Recently, ICICI bank, one of India’s largest private banks, entered the world of voice.
The bank had already focused on other technology initiatives, such as the development of chatbots on WhatsApp or with APIs for digital banking to be exploited with other platforms.
Now it has gone one step further by integrating its multi-channel AI-based chatbot with the voice world. He has launched voice applications for the 2 main platforms of the moment: Amazon Alexa and Google Assistant.
The purpose of voice applications is to allow its customers to enjoy a range of banking services with a simple voice command.
Obviously, they have security measures in place to access their account.
In fact, users can connect the voice app to their account with 2-factor authentication.
But that’s not all.
Giving information about a person’s finances out loud would not be very wise or safe, so the app will send the data requested by the customer as an SMS directly to the number registered with the bank.
What data are we talking about?
You can ask for example, a list of your last 5 transactions, your balance, your card details.
Users may also have information about other services and products offered by the bank and in that case the smart speaker will read them directly, as the content will not concern sensitive personal data.
Getting an answer will be very simple, just a simple command like “Alexa, what is my account balance?”.
A big step forward for users in terms of ease of access and experience.
Even home banking and apps had already eliminated the great inconvenience and time-consuming time spent in a branch.
Now access to the most important information is even more immediate and always available.
Imagine you are driving to an electronics store to buy a new TV.
You cannot remember how much money you have in your account and you need to know how much you can spend.
Just ask your voice assistant and read the message he sent you as soon as you park.
It’s different than taking the risk of using your mobile phone while driving to access your bank application, remember your login credentials and search for the data.
ICICI is not the only bank that is already using voice technologies to improve the service offered to its customers.
For example, Capital One has even integrated the possibility of making payments through its Alexa skill, which is also available directly in the mobile app.
Bank of America is creating its financial assistant based on voice technology: Erica.
TD Ameritrade allows stock transactions directly with voice and FIVE allows you to transfer funds and pay loans directly through Amazon Alexa and Google Assistant.
In short, even a rather formal world committed to ensuring a consistently high level of security is investing in the voice market.
By thinking about what can make your service better and how to take advantage of this new channel to connect your customers to the brand, any industry can create the right voice app.
If you have doubts about what your voice app should do to be effective and make your customers fall in love with you, I’ve written a guide in which I explain the method to find the right voice app.
If you’re thinking of entering the voice market, I’m sure that guide will come in handy.
I’ll see you soon,
CEO and Founder of IPERVOX