Familiarity with AI-enhanced devices that predominantly use conversational voice technology such as Siri, Bixby, and Google Assistant has made us comfortable with using voice options in so many ways. Powered by artificial intelligence and natural language processing, voice technology is becoming mainstream and transforming the future of several industries.
Forecasts suggest that by 2024, the number of digital voice assistants will reach 8.4 billion units – a number higher than the world’s population. Thinking of how to implement voice technology for your business, here is the significant technology behind its creation.
Leverage voice technology to thrive in your business.
-Voice search – There are more than 1 billion voice searches every month. For example, approximately 58% of consumers search for a business/product using voice technology. Implement voice technology as a fast, efficient, and remote way for customers to locate your services boosting your business revenue and visibility.
-Voice commands – Become a customer-centric business by quickly responding and providing the needed services using voice commands. This can be answering common customer requests, questions, problems, and issues. Moreso, helping customers with product recommendations and usage.
-Voice translation – Translate spoken words from one language to another. Your business can go global and acquire more clients by programming your voice assistant to understand and process information in multiple languages.
Digital transformation and voice technology
- Artificial intelligence - AI programming uses its algorithms to receive and interpret voice directives. Through speech recognition, AI breaks down users’ words into groups, separates the message from noise with the help of a neural network, and processes it.
- Natural language processing – a branch of AI that deals with the interaction between computers and humans through combining computational linguistics with statistical, machine learning, and deep learning models in real-time.
- Machine learning – this is a type of technology that allows computers to learn without being explicitly programmed and function in a similar way to how humans do. It uses computational methods to explore data and identify patterns.
- Deep learning – a subset of machine learning. It uses artificial neural networks to improve automation, performing analytical and physical tasks without human intervention.
Now, how has voice technology impacted other financial sectors so far?
Banking Industry
With voice technology, customers can simply proceed to do financial transactions, check account balances, and transaction history. The AI-based technology can recognize the voice, receive, and understand spoken instructions, and carry out these commands. It’s also a boon for customer support, account management, user authentication, and more.
Wealth Management
With voice communication, customers can receive tailored financial advice anytime, anywhere. Wealth management firms can easily pair voice interfaces with their investment portfolio management software so that users can ask questions and get information.
Account Servicing
Customers can use voice technology to check their account balance, transaction history, account activity, card services, request for chequebook, etc. The voice technology provides a seamless onboarding experience to a new customer with electronic Know Your Customer (eKYC).
Loan Disbursal
Voice tech can even help determine the customer’s eligibility for a loan. This fast track the otherwise slow process that can be frustrating for customers. It can also educate the customer on the different loan schemes available and provide real-time updates on any changes.
E-Commerce
Customers are going digital so should businesses. The global voice-based payment is expected to reach USD 13.62 billion by 2030. Additionally, according to a PWC report, global cashless payments are all set to increase by 80 percent between 2020 and 2025, and will almost triple by the end of 2030.
Voice Technology for Diversity and Inclusion
Organizations are hiring and supporting people of determination to build an inclusive society. Voice technology is helpful to individuals with special needs and disabilities such as eyesight loss, speech impairment, and the handicapped. Therefore, creating an inclusive culture in the business world.
Our systems can be programmed with characteristics that are relevant to the business decisions at hand. Intelligent machines could help organizations recognize all worthy job candidates. What if software programs can conduct interviews and be able to verify and process individuals as per their credentials?
Language is constantly evolving and new words and speech text are being built. As a result, voice assistants and IVR models are evolving as well. People can now communicate in different languages, dialects, and accents. This enables business people in various parts of the world to use technology for easy communication.
Conclusion
The implementation of such innovation in the global market has indeed paved the way for some robust solutions in various sectors. Voice technology fuels productivity, creativity, and innovation in business. As voice technology continues to advance, it will be interesting to see how it evolves businesses and customer experiences in the future.
Eager to learn more about how voice technology is transforming the financial industry? Read more about the latest enterprise technology, innovation, and sustainable industry practices at CXO Connect ME.
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Reference Links
https://straitsresearch.com/report/voice-based-payments-market
https://offers.deepgram.com/hubfs/Opus-Deepgram-State-of-Voice%20Tech-Report-2022.pdf?hsLang=en
https://www.demandsage.com/voice-search-statistics/
Image Sources:
Photo by Utsman Media on Unsplash
Photo by Rodion Kutsaiev on Unsplash
Photo by Rodion Kutsaiev on Unsplash
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