Page 37 - Banking Finance May 2024

ARTICLE

2. Financial Inclusion: Voice Banking has the potential to marketing, promotions in TV Advertising, etc. Branches
bridge the financial inclusion gap by providing access to should make branch customers aware of the use of such
Banking services for underserved populations, features.
particularly in remote or underserved areas. Not only 2. Technical Support: Banks should provide adequate
that, but financial inclusion of specially-abled people like customer support and resources to assist users with
people with visual impairments and physically issues or questions related to Voice Banking. Banks
challenged. should have a dedicated helpdesk/customer service
desk to resolve any customer concerns/issues.
Challenges and Considerations 3. User Learning Curve: Some users may find it challenging
Despite its many advantages, voice Banking also presents to adapt to voice Banking, especially if they are not
challenges and considerations that need to be addressed. familiar with voice assistants. This is a very critical
A. Security Concerns challenge, especially for a country like India where the
1. Voice Spoofing: There is a risk of voice spoofing or population in rural areas and literacy levels are major
impersonation, where attackers attempt to mimic a concerns. The government and Banks should take
user's voice to gain unauthorized access. In order to deal proactive steps to spread awareness about such
with this security aspect, Bank's are using multi-factor products to overcome this issue.
authentication methodologies like OTP along with Voice 4. Trust: Building trust in voice Banking systems is
Pin. essential. Users need to have confidence that their
2. Privacy: Storing and processing voice data raise privacy financial information is secure, and transactions are
concerns. Banks must implement stringent data accurate. Banks have to play a crucial role in
protection measures to safeguard user information. overcoming this issue by advertising the convenience
Apart from the basic security measures or inbuilt and security features of this technology.
features of Alexa or Google, Banks are maintaining their
security standards as per the Bank's internal norms. D. Regulatory Compliance
1. Data Protection: Banks must adhere to data protection
B. Technical Compatibility regulations to safeguard customer information and
1. Device Dependence: Users must have Voice-enabled maintain trust. Banks have to abide by the regulatory
devices, such as Amazon Echo, and a secure internet guidelines issued by the government and the Central
connection to access Voice Banking services. This facility Bank, i.e., the Reserve Bank of India for India.
can be used on smartphones having voice-enabled
2. Authentication Standards: Compliance with
applications like Amazon's Alexa application or Google authentication standards and regulations is essential to
assistant.
ensure secure transactions and data privacy.
2. Interoperability: Banks and financial institutions must
collaborate to ensure seamless access and transaction
execution across various Voice-enabled devices. For
India, NPCI should come into the picture to provide
interoperability features as it does in the case of ATM
transactions with the help of the National Financial
Switch (NFS).

C. User Education
1. Familiarity: Customers need to understand how Voice
Banking works and how to use it safely and securely. In
order to educate customers, Banks are using all
available resources like training sessions, social media

BANKING FINANCE | MAY | 2024 | 33