We are currently living in the digital era—a time when consumers actively want to conduct their business online. Banking is no exception. However, this poses some challenges for this particular industry. How do you ensure that only authorized users (clients) access your services? What can you do to make them more accessible? One of the answers is automatic speech recognition, a solution we will take a closer look at in this article. We invite you to read on!
Table of Contents
- What is automatic speech recognition?
- How Does Automatic Speech Recognition Empower Banking and Finance?
- The takeaway
What Is Automatic Speech Recognition?
Automatic speech recognition (ASR) is an IT solution capable of recognizing unique clients’ voices and translating them into text. This technology is based on machine learning and AI. While its accuracy left much to be desired in the past, it is currently highly developed and achieves satisfactory precision levels.
This technology is well known among your clients, as we see instances of it in everyday life. A great example of this may be observed in all sorts of video content, where automatic speech recognition software is used to generate subtitles, making the videos more accessible to those with eye-related disabilities and non-native speakers.
How Does Automatic Speech Recognition Empower Banking and Finance?
Knowing what speech recognition is, you probably expect it to have a plethora of applications in banking and finance – you are right! This technology empowers various areas, especially in digital finance – let’s look at some examples.
Automated Notes During Video Calls
Video banking is a popular option, especially for mobile-only and digital-only customers. The idea is simple: you use video calls to communicate with your clients. What is more, you can add functions like co-browsing to further improve your customer experience.
What is the role of automated speech recognition here? You can use it to create notes from each meeting—either available for both your employees and clients or just for the former. This way:
- it is less likely that clients will need to contact you once again because they forgot crucial pieces of information,
- your employees will spend less time noting down and inputting vital information from each interaction with the clients.
Authentication Speed and Convenience
Imagine your client loses their credit card and wants to disable it. Time is of the essence for them; they are extremely stressed… but instead of doing the job right away, they need to complete a lengthy interview that confirms that they are, indeed, who they claim to be. What if we made all of this simpler?
Automatic voice recognition software may solve this problem. With this technology, you can easily authenticate your clients via phone, reducing the time they waste and the stress they feel in such situations. This will let you deliver much more positive customer experiences.
Enhancing Accessibility
Finally, voice recognition features increase your services’ accessibility. Without them, your clients with vision impairment must contact your teams in physical branches or via phone. But with such technology, this is no longer a problem.
You can easily authenticate your client via voice recognition (as mentioned in the previous section). They can access chatbots via speech recording programs and solve simple queries themselves. By giving your clients with vision impairment more options, you will reach a wider audience.
If you need automatic voice recognition software, contact us at Ailleron. We can develop a customized solution tailored to your needs as a part of our AI/ML services!
The Takeaway
Automatic speech recognition is a technology highly beneficial to banks and financial organizations. Thus, you should try it out and slowly implement it alongside other digital solutions—it will help you boost your customer experience!
You might also read: Revolutionising Banking through Digital Transformation.
