Conversational Banking Is So Much More than “What’s My Account Balance?”

From calling the ride to your exact location to same-day delivery to your doorstep, the primary goal of technology today is convenience. Innovators come for your keyboard.

In the near future, voice control will replace tap, tap and swipe. Instead of just asking a question and hearing an answer, digital assistants will roll up their virtual sleeves and go to work for their users, from payment to paper payment. In the context of personal banking, this conversational engagement will enable bank customers and credit union members to reap more value from their relationships with their financial institutions.

Opportunity with Conversational Banking cannot ask, “What is my account balance?” While sitting around the dinner table or “Where’s the nearest branch location?” From your smartphone equipped with navigation. It’s able to instruct your virtual personal assistant to compile a report of your last 10 transactions and send it to you via SMS text message, to determine if you received your child tax credit payment in advance in November, to schedule a bill payment due as you walk into the airport, or to transfer $100 to Calculate your college kid while driving to dinner. In fact, recent research has found that more than 41 percent of consumers will be more likely to do business with a company that allows them to use voice commands to manage money or payments.

American consumers are ready to make the leap to voice banking. In 2020, NPR and Edison Research reported that 63% of adults in the United States use voice-activated personal assistants. They talk to their Apple TV to watch The Blacklist and on Amazon Alexa devices to order groceries that cater to their nutritional needs. These evolving consumer habits in the non-financial aspects of daily life are paving the way for voice technology to solidify personal finances.

The beauty of banking conversation is not black and white; It’s a rainbow of customized results that meet the unique needs of the user. From a money perspective, this ranges from personalized recommendations for financial products to personal financial management (PFM) tools that enable a customer or member to analyze their spending and savings behaviors and patterns from multiple different angles, without the need for a spreadsheet.

In February 2021, Bank of America reported that there were 17 million users of its Erica virtual assistant, an increase of 67% since 2019. There is clearly demand, and the good news is that voice banking for AI-based conversations is now within reach of financial institutions of all ages. their sizes.

The banks and credit unions that offer conversational banking now ensure that they are not left behind in the near future. Silicon Valley giants are laying the foundation for our everyday reality to be voice-guided by creating voice-controlled cloud computing software in nearly every new tool, vehicle, and building. Technology will soon go beyond interacting with your financial accounts on a one-to-one basis. Your personal virtual assistant will enable you to easily pay, sign up, purchase, book and more – to complete any transaction that requires your payment information.

While smart speaker adoption now exceeds 90 million users at 35% of the US adult population, according to Voicebot’s 2021 Smart Consumer Adoption Report, the story with conversational banking isn’t that devices are becoming more popular than ever. gone. The real story is with the software platform behind these interfaces. AI enables an unprecedented level of customization and convenience, you guessed it.

It’s time for financial institutions of all sizes to rethink the value of customers and members who can bank with the help of Siri on their smartphones or Alexa in their living rooms. Voice chat banking not only allows users to operate the keyboard but can also open up a whole new world of possibilities. “What is my account balance?” It is only the beginning.

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