According to a recent article in Credit Union Journal, Amazon has said that more than 100 million Alexa devices were sold within the first three years of availability. Also, a 2019 Smart Audio report found that 69% of consumers use their voice devices daily.
Consumers are interested in any product that adds convenience to their lives and enables them to multi-task. It is common to see people dictating text messages or emails into their cell phone. Most consumers complete everyday tasks by using online/mobile, such as transfers, account balance inquiries, and loan payments. Clearly, any process that expedites getting to one’s information will help consumers meet the goal of becoming more efficient.
In the mobile banking application, a feature such as Quick Access enables consumers to get to the information or task that they seek to accomplish by bypassing the traditional login screen. Quick Access saves the mobile users time, making their financial interactions more efficient.
Voice banking takes that efficiency quotient to the next level because consumers can be completing other tasks, such as working in the kitchen, while achieving their financial inquiry or transaction at the same time. What is the proof that voice banking is becoming a significant channel for consumers? Business Insider estimates that voice payments will increase from 18.4 million in 2017 to 77.9 million in 2022. That is an impressive adoption rate!
Consumers are always looking for ways to make their lives more efficient (multi-tasking mayhem). Voice assistant technology has primarily been used to replace search engine inquiries. Consumers expect the information they request to be easily accessible through the devices of their choice. The move to mobile banking was largely due to the fact that consumers have begun using their phones as the primary device for their access to information. It was, and is, a device readily available to them to perform calls, make specific inquiries, and process transactions.
But what about the times when consumers need to perform the same processes, but they do not have the ability to hold their device (homework with the kids, cooking, etc.)? That is the convenience of voice assisted technology. If the history of cell phone usage functionality is an indicator of convenience-oriented technology, then the ability of voice assistant technology to enable the digital users to perform these tasks without being tethered to their mobile device is the next phase of digital convenience. Just ask your voice assistant!