Natural language interactions provide a simple and intuitive way of banking
According to Mary Meeker, partner at KPCB, “Voice recognition accuracy has rapidly surpassed 90% and is approaching the 99% threshold for accuracy.” This level of precision, combined with consumers’ desire for convenience, gives voice activated digital the potential to resonate with a wide variety of consumers. Javelin Strategy & Research reports that more than half of all mobile bankers express interest in using voice commands. This is not just for millennials; a majority of seniors reported that they would find it faster than navigating multiple menus in a mobile banking app.
“Voice assistants may be a novelty, but voice recognition technology is becoming increasingly advanced, and artificial intelligence will play an integral role in banking’s user experience,” said Mark Vipond, CEO of D3 Banking. “By offering voice activated banking for our consumer and small business solutions, we are breaking down the barriers of friction and need for special knowledge from end users. The customers and prospects we discussed this feature with have been enthusiastic about its potential. There is a promising future for voice banking through AI, and we look forward to continuing to identify and deliver new ways for financial institutions to better serve their members and customers.”
D3 Banking’s products are designed with an open and flexible infrastructure, free from the constraints of legacy providers. This agile, API-driven architecture enables credit unions and banks to address innovative features such as intelligent voice banking quickly and with less expense. This voice interface will enable members and customers to check account balances, move money, listen to messages and manage financial goals by simple voice commands. Using the data D3 Banking collects and analyzes from these interactions, institutions may personalize responses with strategic marketing and calls to action, such as an offer to open a savings account based on consistently high checking balances.
There are also many future implications of this new avenue. Adding voice calling features, which is reported to be an upcoming development to the technology, would enable a direct connection between a consumer and bank representative. In addition, increasingly sophisticated voice recognition software is likely to be introduced as an added security measure. Initially, this D3 Banking feature will integrate with Amazon’s Alexa. In the future, other virtual assistants will be added to the list, such as Google Home.
For a demo, please visit D3 Banking at the CUNA Governmental Affairs Conference, booth 644.
D3 Banking replaces aging online and mobile banking solutions with a single digital platform that reduces complexity, lowers cost and speeds innovation. It enables banks and credit unions to provide a consistent, personalized user experience to consumers and small businesses. Features such as advanced financial management and money management add value to customers while providing financial institutions with the data and ability to anticipate needs and personalize interactions. The highly configurable technology allows financial institutions to respond to customer demand and market changes quickly, securing a competitive advantage in the digital future.