Gone are the days when we had to wait for hours in a queue at a bank to get aware of simple information.
Well, we have entered into the world of miracles, where technology is now the most vital part of our daily life.
To make banking efficient to the core, virtual voice assistants are here for a seamless and effective solution.
From logging in and activating cards to making transfers of money and paying utility bills, voice assistants have been a great companion.
It has the potentiality to penetrate financial services in more ways than just convenience and accessibility only.
In today’s world, many people are getting habituated to using voice-activated devices like Siri, Alexa, Google assistant etc to perform their everyday tasks.
Since these voice assistants are becoming more effective and accurate, many people are looking forward to availing personal banking services by just talking on their smartphones.
And this is where Bangladeshi banks must set up their game by making this procedure smooth.
Emergence of voice assistants
The voice assistants are booming and it is pretty much expected to become the next big platform for consumers and businesses to engage with each other.
According to the experts, the Covid-19 pandemic has accelerated the adoption of voice assistants even more.
The consumer behavior is shifting rapidly day by day and voice assistants are being the favorite choices for the smartphone users.
The majority of people rely on voice assistants for seeking information and playing music.
Voice payments are also boosting the payment gateways of the financial services industry.
Making Transactions Simple
The whole dynamics of the transaction has been changing rapidly.
The main barrier of voice payment lies in the obsolete banking platforms that can not engage any key features.
But since the era of modern banking has arrived, voice payment technology has been the key differentiating factor.
Voice Assistant solutions are thoroughly increasing the payment acceptance rate as it offers huge convenience and safety for the customers.
Globally, many software providers allow voice banking solutions through their integration with Siri, Alexa, Cortana and other existing voice assistants.
Bangladesh has a huge market opportunity in terms of banking services and fintech.
Consumer satisfaction in global banking
One research has shown that, roughly 28% of the consumers have already used voice payments, 44% indifferent customers had shown keen interest in using voice assistants for routine bank operations.
It's quite visible now how people are showering interest towards voice banking day by day.
For example, Erica is a great success story of a VFA which has been developed by Bank of America.
KAI is another VFA platform by Kasisto, a New York based AI start-up. Juniper Research shows that over 4.2 billion digital voice assistants are being used worldwide- which might double within 2024.
This ever increasing market is a perfect opportunity for banks and financial institutions, especially in a country like Bangladesh.
How HIA- the voice based AI Driven virtual financial assistant will bring revolution in banking industry in Bangladesh
Voice assistant is already proven to be a great asset for any industry; regardless small to large local or multinational corporations.
Introducing HIA - Intelsense.AI’s Deep Learning Based Virtual Financial Assistant that is determined to bring wonders in the industry.
From minimizing financial costs to increasing customer satisfaction, HIA has been a stepping stone.
Most importantly, generation z are being greatly benefited around the world and this leads to opening new accounts.
HIA can provide all in one banking solutions besides customer care; for example automated KYC & bank account opening.
This can also amplify real machine learning brains to continuously learn and develop better performance.
According to the recent data, there are 61 registered banks in Bangladesh.
The voice assistant will also be the game changer in retail banking, account creation, general information, loan related information, vehicle loan, home loan, credit card services, credit card summary and international gateway status.
Besides, HIA helps in ensuring credit scoring, data security, credit tracking and optimization, reminder suite, useful notifications, online banking.
To summarize, the possibilities are endless for conversational Ai in banking services in Bangladesh.
About Intelsense.Ai
Intelsense.Ai is relentlessly working to make the world a better place.
Among its existing AI driven innovative technologies; HIA, the voice based virtual financial assistant is the first technology that can understand and assess information in both Bangla and English at the same time.
It is continuously redefining the user experience with the revolutionary conversational banking solution.
With the brand slogan “sense the beyond” Intelsense.ai is bringing insurgence in the field of technology, and it's now on board to be the next big thing in the banking industry in Bangladesh.
To learn more about existing features and offerings, have a visit at https://intelsense.ai/.
The author is co-founder and CEO of Intelsense AI
