Voice-based banking is gaining momentum.As consumers increasingly use voice-activated devices to search the web and control their appliances, a growing number see promise in hands-free banking.According to a 2019 survey from Fiserv, 51 percent of U.S. consumers saw potential benefits to voice-based banking—a ten percent jump from 41 percent in 2017.But despite the growing optimism around voice-based banking, awareness and adoption have remained low compared to other categories: In another consumer survey, Fiserv found that only 9 percent of people who used voice-activated devices performed banking functions in the last 30 days.The disconnect may seem concerning on the surface, but the most innovative players in the financial space know better.With big brands like Bank of America and Capital One already offering voice-based banking, this is one trend that banking institutions can’t afford to ignore.
The ripple effect of voice-activated device growth
There’s no denying the growth of voice technology. From Amazon’s Alexa to Apple’s Siri, some of the biggest names in tech have doubled down on their investments in the voice space.It’s not hard to see why. People opt for voice commands because they’re easier to execute, they usually save time, and they’re achievable with your hands tied. By 2023, Juniper Research expects 8 billion digital voice assistants will be in use, with the fastest growth occurring in the Smart TVs, Smart speakers, and Wearables categories.But as consumers acclimate to using voice to do things like play music, make phone calls, and request directions, they’ll eventually embrace it to assist with other aspects of their lives—most notably, shopping.According to Juniper Research, voice commerce—which includes money transfers and online/offline purchases—will grow to over $80 billion annually by 2023.Amid pandemic concerns, the shift to voice commerce already underway: In June 2020, Google partnered with Carrefour to launch in France, with plans to expand to other countries where the food retailer operates. With voice technology extending into commerce, the financial sector will inevitably deepen its investments.
