Top 6 processes you can automate with a virtual assistant in the financial industry

Chatbots and voice assistants provide customers with high-quality and personalized services, interact with them in real-time and give them the necessary information. Virtual assistants are especially useful in the financial industry. If you are planning to develop a fintech product with the support of a virtual assistant, then this company https://aleph1.io/financial-product-development/ is for you. In this article, we’ll take a look at what benefits voice assistants can bring to the financial industry.

How is a chatbot different from a voice assistant?

Voice-activated virtual assistants are a form of AI-enabled customer service technology sometimes referred to as “chatbots”. In fact, there are several key differences between these two AI-based technologies.

Chatbots are a text-based form of customer service. They can both answer informational questions and make payment transactions at the request of the user.

Voice assistants can support a conversation with the user on the phone using speech recognition and synthesis. They answer simple questions using the company’s knowledge base and, in case of complex queries, transfer the conversation to the operator. They also know how to handle specific, personalized requests, such as sending money or making payments.

Voice-enabled virtual assistants represent the next evolution in AI-powered digital banking and customer service.

Why do customers need AI voice assistants?

Many customers remain wary of sharing their sensitive data via text chat, even if they are logged in and their connection is secure. And some people, especially the old generation, may not use online banking at all. This leaves them with two options – either call or visit the branch in person. This is where a virtual voice assistant comes in – a text to speech voice recognition system improves banking and helps customers complete transactions, pay for services, check out new products, check transaction history, learn more about the plan, and much more.

Benefits of using voice assistants in banking

Voice assistants have a huge potential in solving customer queries and managing banking transactions due to the use of machine learning technologies, cloud computing, natural language processing, and optimized algorithms.

1. Personalized solution.

Voice chatbots for digital banking read the actions of customers and process them to provide the fastest and most personalized solution from the company. After analyzing the consumer’s request, behavior, and operations, the virtual assistant will answer questions on its own or redirect the client to the right operator, saving the client time.

2. Process optimization.

Interactive voice banking streamlines back-office processes simplifies customer interactions and enhances user security when working with banking service providers.

3. Execution of banking operations.

If a customer wants to know basic information about their bank account without calling customer service or browsing the website, virtual assistants can provide all the information they need instantly. For example, they help you check card balances, pay bills or transfer money, block or unblock credit or debit cards, and perform other day-to-day banking tasks from the bank’s mobile app.

4. Save customer time.

Some bank virtual assistants are voice-activated. These virtual assistants are suitable for people who prefer to speak rather than send text messages, or who for some reason cannot do so: old customers or people with visual impairment.

Virtual voice assistants save customers time on day-to-day banking transactions and complete transactions without navigating through multiple menus and screens in an app. They can be accessed both in the bank’s mobile application and in online banking, by phone, or via chatbots in instant messengers.

Top 6 processes you can automate with a voice bot

Let’s take a look at the processes that can be automated with an AI-based digital voice assistant.

Client authentication

Digital banking is now the preferred way to conduct financial transactions. This made client authentication even more important. To confirm the identity of a person contacting the bank, the support service usually asks for a code word or customer’s passport data, which will help identify his identity.

This process can be easily delegated to a digital voice assistant. A voice bot can ask a series of questions to quickly verify a customer’s identity, while support service can focus on more important activities that can’t be automated.

Request classification

Effective categorization of requests is critical to maintaining a high level of customer satisfaction. Transferring a client to an employee who cannot solve his problem significantly reduces the level of loyalty. The digital voice assistant does a great job with this process – it uses natural language processing techniques to figure out what the client is trying to achieve.

The most advanced voice bots quickly learn new words, which not only makes communication with the client smooth but also very effective. By understanding user intent, voice bots categorize consumer queries and quickly translate them to the correct support agents.

Bank account management

With the AI-powered voice assistant, you can easily handle most of the queries related to the customer’s bank account. For example, it will be possible to teach him the following actions:

• send payments to a specific recipient. The bot can either get its details from the account history or “record” the details using voice dictation;
• check the balance of the account;
• conduct scoring and, based on a regular income, spending structure, and credit history, evaluate how relevant it is to issue a loan or mortgage to a consumer.

Card blocking

How quickly a bank responds to an emergency, such as theft or loss of a card, is critical to the reputation of a financial institution.

Since digital voice assistants are triggered as soon as a customer dials a number, they respond to urgent situations within seconds. A conversational voice bot in a chat can be taught to block cards without the help of a live agent.

Outgoing calls

In addition to customer support, a digital voice assistant can be used to automate marketing and sales calls. It will help to tell about the new service to as many customers as possible. With a voice assistant, you can reach a scale of consumers that is unattainable for the staff of support service.

Target recognition

Customer service automation can help you discover and recognize the purpose of a customer. As with call classification, the voice assistant can use intelligent natural speech recognition and machine learning to figure out what the user is trying to achieve.

Final thoughts

If you are thinking about introducing voice assistants to your business and need to prepare for this process, then Aleph One will help you complete all the necessary steps. Virtual voice assistants help banks and other financial institutions interact with customers, collect and analyze data, inform consumers, identify their needs and provide immediate feedback.