Page 34 - Banking Finance May 2024

ARTICLE

THE FUTURE

OF BANKING:

VOICE

BANKING

Introduction recognition, has come a long way since its inception. It had
humble beginnings in the mid-20th century, with early
The Banking industry has undergone a series of
attempts to automate speech-to-text conversion. Over the
transformative changes over the years, driven by
technological advancements. One of the most exciting and decades, advancements in computing power and machine
learning algorithms propelled voice recognition technology
disruptive innovations in the financial sector is voice Banking.
to new heights.
Voice Banking leverages the power of voice recognition
technology to provide customers with a seamless and
convenient way to access their accounts, make transactions, The earliest voice recognition systems were rudimentary,
with limited vocabulary and accuracy. They found
and manage their finances. Let us delve deep into the world
applications in fields like military communication and
of voice Banking, exploring its origins, mechanics, benefits,
challenges, real-world applications, and the profound impact healthcare documentation. With the advent of artificial
intelligence (AI) and neural networks, voice recognition
it has on modern Banking.
technology made significant strides in accuracy and natural
language understanding. Companies like IBM and AT&T
The Emergence of Voice Banking were pioneers in this field. Voice recognition technology
Voice recognition technology, also known as speech became accessible to consumers with the introduction of
products like Dragon NaturallySpeaking in the 1990s.
However, widespread adoption was still limited by hardware
constraints and processing power.

The turning point for voice recognition came with the
introduction of voice-activated virtual assistants. These AI-
driven digital companions, such as Apple's Siri, Amazon's

30 | 2024 | MAY | BANKING FINANCE