Voice and Speech Recognition Technologies in Banking

Modern-day consumers are habituated to completing actions by talking to their smartphones. To be in the position to effectively cater to these customers, voice technologies are becoming a key part of the experiences provided by banks. In addition to Voice-based OTP Services, even voice and speech recognition technologies are emerging to be pretty prominent in the banking sector. These technologies help customers to buy and use financial products with improved ease.

While voice and speech recognition are used interchangeably at times, it is imperative to understand that they are not the same. Speech recognition is focused on understanding the words being spoken to the device. These words are processed by the software to carry out commands, complete actions or offer a response. Voice recognition, however, puts more emphasis on recognizing the person speaking the words rather than the words themselves. It is used to confirm the identity of the speaker. Alongside Voice Messaging Service in India, both of these technologies are used by several banks across the nation.

Speech recognition technologies are used by banks to build apps that allow customers to perform a variety of actions, such as checking their account balance or transaction history, by using their voice. Customers may even complete financial transactions with the help of voice-activated features available in certain apps.

Conversely, voice recognition technology is majorly used for security purposes. Today voice technologies are now considered to be at the forefront of cyber-security trends in the banking industry, and can be used effectively for biometric authentication. Using voice technologies for biometric authentication can make banking much simpler for mobile customers, as they no longer have to remember their passwords and other data to access their accounts. Interactive Voice Response (IVR) tools are also used by many banks to improve customer engagement.

More details on the ways Voice API in India can help banks can be found on the web.