Artificial intelligence and voice assistants are being used by people in their everyday lives. It’s very easy to use a voice assistant and get a good deal of information from a wide range of topics. Voice technology assistants like Alexa, Google Assistant, and Siri are providing data within seconds of asking a question. Using it has helped consumers to get any kind of financial information much faster than typing. And searching the same through various web pages. It has also helped companies in account management. And in improving customer services as it helps to complete tasks faster.
Voice recognition technology makes use of speech recognition and it provides various benefits to the finance industry. While speech recognition focuses on recognizing the speech of a particular user and uses a program to understand the words of the user and match the query to give the desired result. It focuses on the voice of the user and not the words and hence it is of great use in the finance industry, where the safety and security of information are of prime importance.
The financial industry is now moving towards using voice technology as a new channel for customer interactions. Let us look at some areas of finance where it could be of brilliant use:
1. Transaction processing:
Using voice technology, companies can handle regular and repetitive transactions with utmost ease and convenience. It can provide details of old transactions that are in the company database as and when needed, reducing the labor time and energy of going through various files. Companies can activate receipt of money from clients and regular payments to vendors with the use of voice technology, which would save time for processing payments and receipts on the due date. Companies can use it for regularising statutory and recurring payments by providing regular reminders of due dates. It would also help in making timely loan payments and do away with fines and penalties.
2. Business-related information:
It can provide details about bank balances, current interest rates, loan payment due dates, loan balance, credit card balances, share related information, etc. Using voice technology, it is now easy to get bank statements, find out insurance claim status, and information about various policies. Customers seek information and, using voice technology to their advantage. Companies can set up voice assistants to connect with customers through either a phone call or through the internet and provide relevant information. This helps companies to save a lot of money. Which they would otherwise pay off to employees who would have to be assigned to customer services.
Related Read: Technology and Future of Accounting Industry
3. General information:
It is a great promotional tool that companies can use in order to promote their products/ services or to introduce new offers. Customers can also use it to find out basic details. Like the company’s working hours and days, contact information, company location details, specific product-related information, etc. Companies can use voice technology to give details about their products/ services compared to other products/ services available in the market. Such information is of great use to customers and can also help to increase the customer base.
4. Advisory Services:
Voice technology is now being used widely by banking services and various financial institutions. Companies can use voice technology to provide investment advisory and recommendations on investments and savings. It also provides updated and real-time data about the currency movements and helps in making buy/ sell currencies decisions accurately. Companies can use voice technology for tracking their spending and expenses. Which helps them keep a close watch on their financial position.
5. Data security and authentication:
Companies can easily use voice technology to authenticate the voice of users. This is of great use when only specific users need particular information. A great tool for the banking industry, where customers regularly need information regarding their bank balances, loan payment details, etc. The authentication facility helps in identifying and locating various devices. They are used to make calls and internet queries to identify potential clients and to detect fraudulent activities.
6. Customer services :
Many companies have already started using voice-based 24 x 7 customer service support to help customers who have regular and urgent queries that need to be addressed quickly. Companies can use voice-based technology to help their employees who need data and information related to their salaries, reimbursements, provident fund balances, advance settlements, and other HR-related queries. Voice-based technology can cater to a large group of customers. Ranging from kids to senior citizens who are more comfortable using voice technology over typing.
It is now at its nascent stage of advancement. Yet because of its popularity, it is being widely used by the banking sector in its banking technology and to enhance its customer service. Companies should review their operations and processes in order to find out the areas where one can incorporate voice technology. So, that they can gain the maximum advantage of this booming technology.
At your service:
For those companies who are looking out to make the best use of voice technology by looking out for professional help, Diligen is one such financial service provider with updated knowledge on the use of voice technology. Diligen has a highly qualified team of information technology and finance professionals who have hands-on knowledge about Artificial Intelligence (AI), its algorithms, and its involvement in the development of voice technology.
The team at Diligen provides support services to its clients who want to use voice technology to provide better customer service. Diligen’s team of experts provides training and constant support to its clients who want to use voice technology in their processes and operations. At Diligen, we constantly monitor the use of voice technology used by our clients in their processes and ensure that there are no security breaches. Diligen regularly monitors and provides clients with any follow-ups on the latest updates and developments so that they can stay ahead of the competition and always have an edge in the market they serve.