Category Archives: IoT

What You Need to Know about Voice Assistants and Fintech

What You Need to Know about Voice Assistants and Fintech

Fintech products succeed when they leverage technology to deliver convenient and accessible financial services. Thus, it’s always important for fintech entrepreneurs to consider how emerging innovations can improve their products.

Voice tech is one such development. As voice recognition technology improves, many experts believe voice will soon become a commonly-used interface.

Fintech business owners should prepare now by considering the ways they can use voice tech, as well as the ways similar businesses already are. The following are just a few ways voice assistants can improve the customer experience.

Providing Adequate Customer Support

Making the right impression on customers is essential to the success of any tech company. That means ensuring customer support staff are able to meet user needs efficiently and effectively.

This can be challenging. On the one hand, if you don’t have enough customer support representatives available to respond to user questions and requests, customers reaching out may wait for a long time before someone is ready to speak with them.

This isn’t a good way to build customer loyalty. On the other hand, when your business is growing, odds are good your budget is tight. Hiring a large number of customer service representatives might not be practical.

Fintech companies (and businesses in almost any industry) can address this problem by using voice assistants to handle customer service calls, along with chatbots to manage online communication. These assistants will always be available, so you don’t have to worry about customers waiting very long to speak with “representatives.” While they may need to connect users with human representatives in some instances, there are plenty of tasks and questions they could handle on their own.

digital assistant

Offering Voice-Activated Services

Home voice assistants, such as Alexa, are becoming more popular. Various brands are taking advantage of this trend by developing apps (technically referred to as “voice skills”) for use with such assistants.

Fintech companies can do the same. After all, while managing one’s finances via a mobile smartphone is already easy, some users find it’s even easier to complete these tasks by speaking to a program. This is particularly compelling for busy professionals who spend a significant amount of their time commuting. Being able to complete banking tasks while on-the-go certainly adds a degree of convenience to their lives.

This is a trend no fintech entrepreneur should ignore. It is unlikely voice tech will render traditional apps obsolete in the near future. However, developing versions of fintech apps that are compatible with voice assistants will become increasingly important.

Some users prefer to navigate apps this way as well. If a fintech product offers a wide range of services and features, users may struggle to find the feature they’re looking for on a smartphone interface. Instead, they would like to verbally ask the app to bring them to the appropriate service. This is another way fintech companies can use voice to make their products more accessible.

Ensuring Interaction with Customers Is Consistent with Branding

Voice assistants can now handle many tasks that used to require a human representative. This gives fintech companies more freedom to manage their brands.

When a customer calls a business and speaks with a representative, it’s impossible to be certain the representative is truly embodying the company’s brand. Maybe your brand is supposed to be casual, but some customer service representatives are overly formal. They may be extremely polite and respectful, but their style of interaction is inconsistent with your desired image.

This isn’t something you have to worry about with voice tech representatives. You can program their “personalities” to always match your branded image. The more time a fintech company spends developing the appropriate voice for their bots, the more they can set their brand apart from the competition.

personal assistant

Explaining Products

Many of the products and services fintech startups offer can be complicated. For instance, insurtech companies provide a wide range of insurance policy options. Customers might not fully understand the details of a policy without someone explaining them clearly first.

Voice assistants can help. When users are browsing the various products a fintech company offers, they could ask questions about them, with a friendly voice assistant clearing up any confusing issues. As always, if the voice assistant’s explanations aren’t thorough enough, they can connect users with human representatives.

This helps fintech businesses sell more products. Customers browsing insurance policy options might be too intimidated to make a purchase if they don’t fully understand what they are signing up for. They may also be reluctant to appear ignorant when speaking to a human representative. If they can ask a voice assistant for clarification, they may be more inclined to complete a transaction.

These are just some of the ways voice is changing fintech. Remember, this technology will only become more popular in the near future. Now is the time to start experimenting with it.

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