Product

Voice banking is no longer the future – it is here now

Voice is the most natural form of human interaction. From the moment children learn to speak, voice helps to get the information across quickly and efficiently.

  • Provide your clients with next-generation customer experience
  • Expand the use of your banking products
  • Let people with visual impairments use your banking
  • Add wow-features to increase the customer lifetime value

Words per minute: 150 vs. 36

An average person speaks 150 words per minute but types only 36 on a smartphone. For 40-50 year-olds, the number drops to 27.

Voice assistants are becoming more popular for that very reason – it’s easier and faster to get information across usingvoice.

Voice Payments Technology in banking Demo

Build your Voice Banking solution with SDK.finance

SDK.finance offers a Voice Banking solution – a process that allows a person to log in and manage banking operations using natural voice commands instead of endless taps and clicks. Customers can speak to the authentication system that can recognize unique markers and almost instantly confirm and authenticate their identity.

Google Assistant, Siri, Alexa, and Cortana Voice Payments

Implement Google Assistant, Siri, Alexa, and Cortana Voice Payments into the existing banking software. As with most AI projects, creating a successful voice banking product from scratch to make banking seamless for customers is harder than it looks.

This is the main reason that banks are working with companies like SDK.finance to add voice banking based on the architecture of existing voice assistants, which is far easier and relatively simpler to build.

Business benefits

1. Provide your clients with next-generation customer experience

Communicate with your client most naturally. 75% of iPhone owners have used Siri, and 63% of Android owners have communicated with the Google Assistant on their smartphone.

28% of users have used a voice assistant to make a payment or send money. 44% have expressed an interest in using voice assistants for bank transactions – demonstrating new unmet needs of modern banking consumers.

2. Allow people with visual impairments use banking products

Blindness and vision impairment affect at least 2.2 billion people worldwide (28% of the world’s population). In some countries, up to 5,7% of the population suffered from blindness or moderate to severe visual impairment.

3. Expand the use of your banking products on the go

Make it possible to use banking products where it was previously impossible. A driver behind the wheel*, an athlete on a run, or a mother with her hands full can all benefit from voice banking.

*51% of users use a voice assistant in the car. In the US alone, 135 million people spend 51 minutes in their vehicles. European workers spent 90 minutes or more of their time on their way to and from work.

The natural accessibility of voice commands makes them popular beyond assistants. 16% of daily messages on WeChat are voice messages, and 22% are sent by people above 54.

4. Offer wow-features to increase the customer lifetime value

Increase customer lifetime value by offering first-class banking products that rely on the latest technology and trends.

5. Improve KYC

Get more context from your clients. They will tell you more with voice commands.

6. Minimize fraud risks

Voice banking is not only more comfortable but more secure. Voice authorization is a method of biometric authentication that is much more trustworthy than a password.

  • 6.85 million accounts are hacked and exploited every day
  • 23 million accounts were breached using the password 123456
  • 81% of hacked accounts leveraged stolen and weak passwords  

Voice banking Features & Functionality

Real-time biometric voice authentication

Hundreds of speech characteristics are analyzed – from the accent, speed, intonation, and the timbre of voice to vocal cords’ physical characteristics.

Liveness detection

The system analyzes whether a person is speaking, it is a previously recorded message, or a synthetically generated speech. Voice authentication liveness detection allows to minimize fraud risks as a high-level security method of verification.

Voice management for all every-day banking operations

Use natural voice commands for all banking operations:

  • bank account log in/ log out
  • check the balance
  • review previous transactions
  • exchange money
  • make money transfers
  • confirm purchases.

Voice banking Technology

Voice banking is based on Artificial Intelligence and Machine Learning technologies. 

Voice banking is GDPR compliant, PCI DSS compliant.

Follow banking trends

Venmo, Square Cash, and PayPal already offer voice payments to their customers.

Banks are less active in introducing voice payments. Banking as a product is based on core banking, and in most cases, this component is the main barrier for implementing the new WOW-features that customers love.

Nevertheless, there are well-known voice banking examples. American Express, CaixaBank, Nationwide, Royal Bank of Canada, United Services Automobile Association, Barclays, National Australia Bank, HDFC Bank, Banco Bilbao Vizcaya Argentaria, and Oversea-Chinese Banking Corporation have been integrating Siri, Alexa, Google Assistant, and other voice-enabled home devices into their banking ecosystems so that customers can use their apps via voice commands and make different financial transactions.

Early adopters of Voice payments technology could gain a significant competitive advantage in the financial services market.

SDK.finance makes the implementation of voice payments affordable into the existing core banking infrastructure.

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