The Exponential Growth Curve of Voice Banking

Brief Summary of Episode #210

When’s the last time you used a touch-tone phone for personal use?

I asked my kids what a touch-tone phone was; it will probably come as no surprise that they had no idea.

Yet, many banks and credit unions still model their voice banking off this old analog tech.

Smart speaker technology like Amazon’s Alexa and Google’s Assistant is a mainstay in more than HALF of American homes, and similar features are making their way into smart cars.

FIs have an opportunity to expand voice banking and bring it into the present.

In this episode of our Inside Digital Growth series, I answer several questions about voice banking from you - the dear listener.

I predict that voice banking in the future will be conversational, using AI to adapt to the customer’s needs.

Of course, as with smart speaker technology, some security and invasiveness concerns may arise with voice banking.

And how do KYC regulations come into play?

I address these issues and more as I dive into the digital mailbag to answer your questions about voice banking!
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Key Insights and Takeaways

• What voice banking means for FIs and how it can help them grow (1:25)
• Concerns you should think about centered around voice banking (9:02)
• How voice banking aligns with KYC (‘Know Your Customer’) (13:42)