Page 36 - Banking Finance May 2024

ARTICLE

This is known as a part of push-based marketing skills
to be introduced in the future.
5. Multi-Factor Authentication: Users may be required to
provide additional authentication factors, such as PINs
or security questions, to access sensitive information or
conduct transactions. Like Union Bank of India's UVA has
introduced voice PIN to access the services, and this PIN
needs to be inputted every 3 minutes to keep the
session active. Apart from this, as a part of multi-factor
authentication, OTP validation is mandatory.

6. 24/7 Availability: Voice Banking systems are available
round the clock, allowing users to access their accounts
customer support services, allowing users to resolve at any time.
issues and seek assistance using natural language.
7. Quick Responses: Users can obtain information and
complete transactions swiftly through voice commands,
Benefits of Voice Banking eliminating the need for lengthy phone calls or website
The adoption of Voice Banking can bring multiple navigation.
advantages for both customers and financial institutions,
shaping the future of Banking in profound ways. B. Banking Institutions' Advantages
A. Customer-Centric Benefits 1. Customer Retention: Banks that offer Voice Banking
1. Convenience: Voice Banking offers unparalleled services can attract and retain tech-savvy customers
convenience, enabling users to manage their finances seeking a more convenient and seamless Banking
with a simple voice command. This hands-free approach experience.
is particularly useful for multitasking or when physical 2. Positive Publicity: Any new technological advancement
access to devices is limited. It gives users the in any Bank gives positive publicity to that Bank.
convenience of accessing Banking services from the
comfort of their homes 24/7/365. 3. Cost Savings: By automating routine tasks and
providing self-service options, banks can reduce
2. Accessibility: Voice-activated Banking enhances operational costs associated with customer service
accessibility for individuals with disabilities, including centers and support staff. By diverting customers to
those with visual impairments or mobility challenges. It such digital platforms, Banks can save a lot of cost, time,
promotes financial inclusion by making Banking services and effort, which can further be utilized in marketing
more widely available. It is one of the widely accepted and recovery by branch staff.
modes of Banking service channels, especially for people
with visual impairments and physical impairments. 4. Competitive Edge: Financial institutions that embrace
Voice Banking gain a competitive edge by positioning
3. Efficiency: Users can complete Banking tasks quickly and themselves as innovators in the industry. It is evident from
efficiently, reducing the need for manual input or history that customers tend to be inclined towards the
navigating complex user interfaces. This has made it one Bank which is technologically advanced in nature.
of the widely accepted Banking channels, especially
among tech-savvy and the new generation of users. C. Financial Ecosystem Impact
4. Personalization: Voice Banking systems can provide 1. Reduced ATM/Branch Network Dependency: Voice
personalized recommendations and insights based on a Banking reduces the reliance on physical ATMs/
user's transaction history and preferences, enhancing Branches, allowing customers to access Banking
the overall Banking experience. This is the future of services from the comfort of their homes, ultimately
Banking, which will be introduced by the Banks in India. reducing the load on physical Banking infrastructure.

32 | 2024 | MAY | BANKING FINANCE