Smart. Handsfree. Always Connected – The Next Generation of Banking.
Voice Banking Overview
Just under three years ago, a new generation of the digital device was born – the smartspeaker – starting with the introduction of the Amazon Echo. This new category of digital devices is not just always on and always connected, it is hands-free with far-field microphones. Plus, starting at less than $50, these devices are already in millions of households. According to Gartner, 75% of households will have smartspeakers by 2020, a mere six years after introduction – twice the rate of adoption of smartphones and more than four times the rate of adoption of personal computers.
While digital devices may not replace the need for branches and face-to-face interactions, these devices have made it easier for institutions to compete more effectively with big businesses. Smartspeaker skills, as compared to smartphone apps, will make this even more so, by enabling customers to have a personal teller from your institution to be in their living rooms with 24/7 availability. Voice authentication will make voice banking not just convenient but also secure. In this new world, an omnichannel approach to digital banking will allow you to do a transaction using a smartspeaker while making coffee in the morning or when you pick up your smartphone later, while commuting to work.
With nearly 40 million of these devices already sold, are you ready for voice banking?
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Voice Banking Features
Tyfone’s Voice Banking for Banks and Credit Unions offers
Frictionless omni channel security and account linking.
Marketing opportunities for the institution.
New features update automatically with no download.
Low budget implementation options.
“Alexa, open banking with my secret phrase.”
“Alexa, how much money do I have?”
“Alexa, move sixty three dollars from savings to checking.”
“Alexa, how much did I spend at Whole Foods last month?”
“Alexa, pay mortgage from my checking account.”
Voice interaction is the next major paradigm shift to the way people interact with their devices.
Technology is changing. Faster. How fast are you following?
In only two short years, over 75% of the households will have smart speakers and voice AI assistants.
In just one year, awareness about Alexa has increased more than two-fold from 33% in 2016 to 77% in 2017.
- There will be over 90 million + smartspeaker devices by 2020 in the US alone.
- 30 percent of interactions with smart machines in 2018 will occur by voice.