A report by Capgemini shows that consumer preferences in the field of financial services will change significantly between now and 2022. The report states that we will see a marked shift towards voice in the next three years (see Fig.1).
In this blog post, we first take a look at how AI-driven speech solutions enhance such domains as Deposit & Lending, Personal Finance and Digital Banking. And secondly, we identify some of the ways in which ReadSpeaker Custom Branded Voices can help Financial Technology (FinTech) players and financial services institutions enhance customer experiences across the board.
Fintech: The Background
The financial service industry saw the advent of credit cards in the 50s and ATMs in the 60s. Electronic stock trading followed in the 70s. Bank mainframe computers and increasingly evolving data systems established themselves in the 80s. After that, the 90s were a time in which the Internet boomed, and e-commerce business models took off. And then, online stock brokerage websites for retail investors arrived, replacing telephony-based stock brokering. This evolutionary path has also involved a constantly developing infrastructure. There is of course also a vast behind-the-scenes systems and services industry, which has grown over the decades. We choose to focus this post on use cases that influence the customer experience.
“Entering 2020, the discussion is no longer about how FinTech startups will find mass adoption and scale, but when.”FinTech in 2020: Five Global Trends to Watch, CB Insights in partnership with Mastercard Start Path.
Interestingly, Fintech involves a diverse business community of startups, tech companies, and legacy providers. Artificial Intelligence (AI) is increasingly influencing today’s way of life on a global scale: how we interact with each other, how we work, save, shop, and travel the world. All sectors are involved.
Fintech is pushing the boundaries of financial services, bringing innovative use cases both to the financial sector and to the world of brands . Along with our physical health, our financial status is one of the most delicate aspects of our lives. In these contexts, establishing relationships with consumers is everything. Custom branded voices can help Fintech providers create applications that establish more powerful bonds with consumers.
Banking and Insurance Companies Leading the Way in AI-driven customer experience
How do consumers perceive your Deposit & Lending services, or the Insurance products they buy from you, when they interact with your brand? How can you ensure you provide services seamlessly, in a way that promotes your brand values consistently? What should our virtual banking assistant sound like? Is a standard voice good enough? How can deploying custom branded voice help?
“Developing a seamless digital experience that resolves a customer’s need the first time around, without forcing them to resort to a phone call or branch visit, is key for any bank looking to stop leakage and retain customers.”Customer Loyalty in Banking Report by Bain & Company
Today, conversational AI applications, interactive voice response services, and AI-powered chatbots are becoming increasingly popular across a number of industries. These include Fintech’s Personal Finance and Digital Banking domains. They enable service providers to ensure that consumers receive the high-standard, personalized customer care required to keep them loyal. AI-driven technologies such as speech recognition and natural language processing have reached maturity. Not only do these solutions significantly cut costs, they also serve customers instantly, using the most natural means of interaction. The result? Happier customers.
Digital financial advisor/money coach
In Personal Finance for instance, voice-enabled digital assistants are able to clearly explain financial plans, savings, and spending, with a combination of voice and graphic information. By coaching consumers on how to manage their cash flow and investments, the former are more engaged, and have a better overall experience with the financial service. Digital assistants are also great for other aspects, including dividend management, term life renewal, and much more.
For example, US-based financial services organization, TIAA, uses voice interfaces to offer customers tax statements, get stock market quotes, and find their nearest insurance advisor. Future plans include providing personalized financial information, daily market briefing and information about their products.
“We understand that individuals are looking to check in on their financial lives while they’re ‘on the go’ and at moments that are most convenient to them,” said Scott Blandford, TIAA’s chief digital officer. “By extending our reach through new technologies and new customer service features, we’re looking to integrate their financial lives into their daily lives by meeting individuals on the devices that they’re already using regularly.”
Voice-enabled bots are a popular solution for handling all sorts of queries, including balance inquiries, general account information, and more. For example, Bank of America’s Erica is an AI-powered digital financial assistant adopted by a million users in just three months. Erica offers user-friendly transaction search, allowing customers to search for any transaction. The digital assistant also gives BoA customers information about their cash flow.
BBVA in Spain offers voice assistants that enable customers to send money, find their nearest ATM, and learn about the available banking products.
When a problem arises (e.g. sickness for health insurance, traffic accident for car insurance, water damage for house insurance), insurance customers need to file a claim in order to activate their coverage. It can be a lengthy process involving several phone calls and emails. Conversational AI bots walk customers through the process step by step, making it quick and efficient. These advanced bots are able to detect fraud and predict pay out. They make the customer journey smoother and quicker, while helping to cut overall costs. Moreover, AI-driven claim automation gives rise to fewer errors. A win win for the insurance company and customers alike.
Custom branded voices as a key differentiator in a crowded marketplace
Banking has always been about technology. The ascent of fintech is a tremendous opportunity for exciting evolution in incumbent financial service institutions. Moreover, innovative partnerships between fintech companies and traditional financial service companies are taking shape. And with numerous players rolling out innovative solutions, distinguishing your solution from the crowd is key. This is true in terms of how a service works, what it looks like, and how it sounds. Bespoke branded voices are the key auditory differentiator and are ready to help financial service providers delight their customers.
ReadSpeaker is here to help
In conclusion, the cases mentioned above are just a few of a whole host of use cases in which a custom branded voice is preferable to standard digital voices. If you’re interested, get in touch to discuss how we could extend the benefits to your business . We know that branded voices are set to play an increasingly important role in financial services, boosting customer satisfaction and retainment in the fintech-powered world. For insights into how custom branded voices can enhance how consumers experience brands, please check out our free eBook.
So, if you’d like to start a conversation about a voice-enabled project, please contact us today.