The digital voice-enabled assistant may not be an alien term for you after all these talks about Data Analytics, Artificial Intelligence and Machine Learning going on in the industry. These voice-based virtual assistants have in fact captured the interest of both businesses and consumers alike.

If we talk about the next battle in the technological world, then it is going to be around voice-driven digital assistants. Thus, the developers are busy building capabilities that deliver contextual, detailed, and highly personalized responses to make the lives of consumers easy. The consumers will increase the usage of voice-based Virtual Assistants in digital banking solutions (for instance, making voice-driven payments).

What are the benefits of voice based Virtual Assistants for BFSI

Using these voice-driven digital assistants in BFSI is extremely beneficial due to the following reasons.

Saves Time

Assigning repeated tasks to virtual voice assistants frees up the human time and resources. They also perform these mundane tasks more efficiently than the humans, which often lead to increased customer satisfaction. With these virtual voice assistants dealing with routine tasks, the human agents can actually spend their time on other calls where human intervention is required. The agents can also utilize that time on selling and thus adding value to BFSI. Organisations normally roll out only a fraction of their customer base to these virtual assistants and once they start to learn and grow the database, more workload is shifted.

Hands-Free Operation

These digital voice-enabled assistants also make the operations hands-free. You don’t need to touch any screen or type in anything, which virtually saves time. Users love to use these assistants for a variety of reasons and efficiency is one of the top reason. People find them to be much more efficient than when such tasks are entrusted to humans.

Ease of Use

The next spot was taken by the ease of use. 50% of those who were surveyed said that it is a better interaction medium and they find it easier than any other method of communication used. There were also 40% people who said that they can utilise that time for completing some other tasks simultaneously.

Consumers love to make voice payments as they find the transactions to be happening faster and easier. It also adds a layer of security as voice recognition is used rather than typing in passwords. Data suggests that voice payments are seeing a Compound Annual Growth Rate (CAGR) of 31% in the US alone. It looks like the voice payment revolution has started and businesses are adopting it because the consumers are trying it in higher-than-expected numbers.

All major financial institutions are introducing conversational interfaces to their customers as they are aware of the fact that the first movers will benefit the most from it. With the host of advantages that virtual assistants offer, it’s not surprising that there’s an increasing demand for this technology. Get a more comprehensive insight into the innumerable benefits that the futuristic virtual assistant technology can offer for the BFSI sector through this white paper. Technology is evolving every other day and with that, benefits of using these voice-based virtual assistants will only increase.

 Recommended read: Virtual Assistants: Changing the Service Dynamics of the BFSI Sector 

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