Opportunities for Financial Services

Increase Customer Engagement

Digital-savvy financial services leaders should consider how voice assistants can engage customers by allowing them to check balances, make transfers, and pay bills.

Enable Convenient Banking Services

With the help of voice technology, consumers can easily ask for account balances, request an analysis of their financial health, and inquire about their investment portfolio.

Leverage Customer Insights

With the fintech industry leveraging AI, machine learning and natural language processing, voice applications can gather key customer insights to personalize and improve offerings.

Boost Loyalty Through Digital Channels

Financial service providers can increase customer loyalty through voice applications that help to improve both short-term and long-term financial wellness.

How Voice Assistants Can Improve Financial Services

Personal Finance Use Cases

Banks and financial institutions can use voice technology to provide individuals with customized, personalized banking experiences to improve their financial health and better manage their personal finances.

Users can: 

  • Ask for bank account balances, pending payments, or deposits
  • Request analysis of current financial health and leverage transaction data for predictive insights to increase savings
  • Ask about transaction history and how to reallocate extra budget
  • Obtain information on category-focused spending and expenses

Wealth Management Use Cases

Empower consumers with easily accessible insights into their investments with data-driven personalization.

Users can: 

  • Inquire about their investment portfolio and how to optimize returns
  • Ask for stock updates and receive email or text alerts when a stock reaches a certain price
  • Receive updates on their 401(k) and find out how to rollover assets 
  • Obtain market and stock performance data

Payments Use Cases

Voice applications for payments offer an opportunity for financial service providers to differentiate and deliver personalized banking services.

Users can: 

  • Schedule and make payments to providers and credit cards
  • Transfer money between accounts or deposit money
  • Send money to friends or family using payment applications like Zelle, PayPal, or Venmo
  • Ask about transaction history dashboard with information on future or outstanding bills 
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Lending Use Cases

Offering services through Alexa Skills or Google Assistant Actions can open new doors for lenders and help to streamline the process. 

Users can: 

  • Ask about the latest interest rates on mortgage loans and explore refinancing options
  • Obtain information on small business loans and how to get access to working capital
  • Ask about personal loans for major expenses or debt consolidation


Voice in the Future of Financial Services

Conversational banking is a new way to access digital banking services through voice or text-based interfaces powered by artificial intelligence, and it’s an increasingly popular customer interaction paradigm. With the rising adoption and convenience of virtual assistants, it's only natural that the financial technology world should expand its strategy from mobile banking to voice-enabled digital customer engagement.

Financial services companies need to continuously differentiate and deliver personalized and predictive digital banking services, which requires them to move beyond web and mobile interactions to engage consumers through voice-activated devices, whether through a smart speaker at home or mobile devices on the go.

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