Page 35 - Banking Finance May 2024

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Alexa, Google Assistant, and Microsoft's Cortana, brought 1. Speech Input: Voice Banking begins with the customer
voice recognition technology into the mainstream. providing voice commands or queries to a voice-
activated system, such as a mobile app or a smart
The Birth of Voice Assistants speaker.

1. Siri: Apple's Siri, introduced in 2011, marked a pivotal 2. Voice Processing: The system records the user's voice
moment in the adoption of voice-activated virtual and processes it through advanced speech recognition
assistants. Siri allowed users to interact with their algorithms. These algorithms analyze the audio
smartphones using natural language commands, from waveform, extract linguistic features, and convert the
setting reminders, answering questions to calling saved spoken words into text.
numbers. 3. Natural Language Understanding (NLU): NLU

2. Smart Speakers: The emergence of smart speakers like algorithms interpret the text data, discerning the user's
Amazon Echo and Google Home further popularized intent and context. This step is crucial for accurately
voice assistants. These devices transformed voice responding to user queries. Further research and
recognition technology into a household utility, enabling development are ongoing to fine-tune the algorithms
tasks like setting reminders, answering questions, and for error-free communications.
controlling smart home devices. 4. Authentication: To ensure security, the system may
prompt the user for authentication, which can include
As voice recognition technology continued to advance and voice biometrics, PINs, or other multi-factor
become increasingly integrated into everyday life, it became authentication methods.
a natural progression for banks to explore the possibilities
of voice-activated Banking services. The convergence of AI, Voice Banking offers a wide range of services and
natural language processing (NLP), and secure interactions that customers can perform using their voice.
authentication protocols laid the foundation for what we These include:
now know as Voice Banking. 1. Account Access: Users can inquire about their account
balances, recent transactions, and account history.
Mechanics of Voice Banking Users can also request a mini statement; a few Banks

Voice Banking combines voice recognition technology with have also extended the feature for a full account
Banking services to provide customers with a seamless and statement.
efficient means of managing their finances. Understanding 2. Fund Transfers: It is possible to transfer funds between
how it works is essential to grasp the full scope of its accounts or to external accounts by voice commands.
capabilities. This functionality is active in the USA, UK, etc., and is
yet to be activated in Banks operated in India as non-
financial transactions are only available to customers.
3. Bill Payments: Customers can pay bills, schedule
recurring payments, and check payment statuses. This
functionality is active in foreign countries like the USA,
UK, etc., and is yet to be activated in Banks operated
in India as non-financial transactions are only available
to customers.
4. Loan Information: Information about loans, including
balances, interest rates, and repayment schedules, can
be accessed through voice commands. This can be a
future feature to be added by Indian Banks.

5. Customer Support: Voice Banking often includes

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