“The value of voice banking is becoming well known enough for an ongoing flurry of related releases either by banks or in partnerships with tech developers. Wells Fargo recently launched a virtual assistant but is playing catch up to other American banks. For instance, U.S. Bank launched a voice assistant for its mobile app last year to allow users to carry out their banking requests using conversational language. And Bank of America saw its existing virtual assistant, Erica, become increasingly popular, tripling interactions over the last year to 104.6 million total. Credit unions are experimenting with AI too. Wisconsin’s Landmark Credit Union began working with conversational AI platform Clinc to create a virtual assistant, and Minnesota’s Wings Financial Credit Union started to work with Nuance to add voice AI and vocal biometric security to its customers.”
- “U.S. Bank is launching a voice assistant for its mobile app on Wednesday, joining a growing constellation of financial institutions creating or expanding their use of voice AI.
- ‘The goal was to create a voice-first experience,’ Ankit Bhatt, senior vice president and chief digital officer for consumer at U.S. Bank, told Voicebot in an interview. “I believe voice is a more effective medium than touch. It’s certainly faster. People can type 40 words per minute, but they can speak at about 130 words per minute.“
- “One of the largest private banks in India has launched voice apps for Amazon Alexa and Google Assistant. ICICI Bank’s new voice apps expand the company’s iPal AI from a pure text chatbot, allowing customers to carry out banking tasks through either voice assistant.
- After the setup, users can ask their voice assistant for account balances or details about their credit card balance and recent transactions. As a voice speaking financial information aloud is not very secure; the answer is sent in a text message to the customer’s phone.”
- “Of all the award categories in the Banking Innovation Awards run jointly by Accenture and Efma, the prize for “Best Use of Analytics and Artificial Intelligence” is one of the most coveted.
- The winner was CaixaBank of Spain with its chatbot Neo – a personal customer service assistant developed using AI, and now providing support 24×7 across various business processes in Spanish, Catalan and English.
- Neo’s cognitive system accepts more than 60,000 inputs
- Between its launch in February 2018 and the awards in October 2019, more than 2.5 million customers had conducted 23 million conversations with Neo,
- 85% of queries settled without further engagement and a 20% reduction in calls to the contact centre.”
- “The first stage, voice AI, was fully implemented for consumers for retail banking and tech service desk queries in 2018 and thus far has improved customer support efficiency by over 50%
- ‘When we launched VoiceSafe we started learning more from some of our initial calls,’ he continues. ‘We found there were gaps in our dialog design. So we started making updates almost nightly, in order to make sure we captured some of the low-hanging fruit and addressed other gaps right out of the gate.’
- “Business banking conversations are often very consultative in nature, and they tend to be particularly ‘context heavy’,” says Varanasi. At this time Comerica is not using voice AI on the business side.”