Voice will connect the connected economy and banking

To better understand how connected we are becoming in everyday life, where technology merges and synthesizes a range of activities into one uninterrupted flow… just listen.

Literally.

The human voice is the glue that could bind the connected economy – a 21st century operating system that transcends iOS and Android, and is pretty much universal.

Recent data highlights how the voice can become a means and a mechanism for accessing and controlling the most important aspects of our lives.

Take financial services, for example, and in particular banking.

In The Money Mobility Playbook: Delivering Money-Out Mobility At Scale, a collaboration between PYMNTS and Ingo Money, data shows that 64% of gateway millennials would be “more” loyal to providers who offered voice commands to control their financial accounts, compared to 37% a year ago. In fact, all generations except baby boomers and seniors have shown strong interest in being able to use voice to use money how they want and where they want – and would also reward these companies for forward-thinking financial services of their loyalty.

graphic, interest in voice technology

So the numbers show growing recognition of a wide range of use cases where speech makes everything a little, well, easier. And the data also shows growing confidence in voice as an on-ramp to the connected economy itself.

During the pandemic, after all, PYMNTS found that in a nationwide sample of 10,000 US consumers, the use of voice-activated speakers increased and individuals became more comfortable with using them. of this connectivity to order groceries and food.

This familiarity now extends to finance and, along the way, can and will transform banking into an always-on omnichannel experience. Other research from PYMNTS shows that 18% of consumers would use a great financial app to manage their finances. Voice would be part of this feature, we note, and brings banking into a 24/7/365 e-commerce-like experience/

Imagine, then, the ability to give a voice command to your voice assistant to deposit funds into your checking account, and then later that day “arrange” a transaction to be ready for you at the ATM, again. voice-powered, where cash is withdrawn without entering numbers on the screen.

For the banks themselves, there is an inherent advantage in automation, in serving the customer quickly and in real time. Security also improves, as the sensitive information being accessed is not “stored” on the devices themselves, and each person’s voice is unique (and analyzing who you literally say you are offers yet another level of security).

As reported late last month, an additional 19 million consumers here in the United States have gone online to do everything from shopping to banking to paying bills. We are heading towards a tipping point that sees a more hands-free approach to physical life lived digitally, in a sense. And all this will be underpinned by the word.

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NEW PYMNTS DATA: THE CUSTOM PURCHASING EXPERIENCE STUDY – MAY 2022

About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are succeeding and where they need to up their game to deliver a personalized shopping experience.

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