Page 38 - Banking Finance May 2024

ARTICLE

Banking by allowing customers to access their account
balances, recent transactions, and make credit card
payments through Voice-enabled devices. The service has
received positive feedback for its convenience and user-
friendliness.
Bank of America introduced Erica, an AI-driven virtual
financial assistant that offers voice Banking capabilities.
Customers can use Erica to check balances, transfer funds,
and more.
Wells Fargo allows customers to access account information,
pay bills, and make transfers using voice commands through
its mobile app.

B. United Kingdom: Barclays
International standards of security like ISO, Payment
Barclays, a leading UK bank, offers customers the option to
Card Industry Data Security Standards (PCI-DSS), etc.
check their account balances and recent transactions using
need to be followed by the Banks to ensure security
voice commands through Amazon's Voice. This initiative
standards.
represents a step towards enhancing the Banking experience
and convenience for customers.
E. Infrastructure Investment
1. Integration: Banks may need to invest in integrating C. India: HDFC Bank & Union Bank of India
Voice or any other supporting applications to provide HDFC Bank, one of India's largest private sector banks, has
Banking functionalities into their existing systems and integrated Voice Banking features into its mobile app.
infrastructure. Customers can check account balances, view recent
2. Security Measures: Implementing robust security transactions, and even request bank statements using voice
measures, such as voice biometrics and encryption, commands.
requires financial investment. Union Bank of India, one of India's largest public sector banks,
has integrated Voice Banking under the label Union Voice
F. Accuracy and Reliability Assistant (UVA) through Alexa. Customers can check account
1. Speech Recognition Accuracy: Achieving high accuracy balance, mini statement, check status, request a cheque
in speech recognition, especially with diverse accents book, block/unblock a debit card, and inquire about locker
and dialects, remains a challenge. rent using voice commands.
2. Misinterpretation: Misinterpretation of user commands Apart from the above-mentioned two Banks, AXIS Bank, ICICI
or queries can lead to errors in transactions or Bank, IndusInd Bank, etc., have also introduced voice
responses. Banking through Alexa to their customers. ICICI Bank is the
only Bank in India that has also introduced this facility with
Real-World Applications of Voice Google Assistant, whereas other Banks are using only
Amazon's Alexa Application.
Banking
In our quest to gain valuable insights into the real-world D. Canada: TD Bank
applications and achievements of Voice Banking, let's TD Bank in Canada provides Voice Banking services that
embark on an exploration of a variety of compelling case allow users to inquire about account balances, track
studies spanning different geographical locations. spending, and access financial insights. The service aligns
A. United States: Capital One with the bank's commitment to technological innovation and

Capital One, a prominent U.S. bank, has embraced Voice customer-centric solutions.

34 | 2024 | MAY | BANKING FINANCE