AI, or Artifical Intelligence, has been included in banking for quite some time now but with the introduction of voice assistants such as Siri and Alexa, this concept is being taken one step further. Amazon has been in talks with JP Morgan Chase & Co, as well as online banking entities such as Monzo and Capital One, discussing how voice-controlled AI device Alexa can be used for online banking. This would make our accounts more accessible than ever and enhance our customer experience vastly.
As with a lot of modern technology, Alexa works to make the little things in our lives as easy and hassle-free as possible. It is common now for households to be used to hearing ‘Alexa’ or ‘Echo’ being shouted around the household, whether to play a song or to find out about the weather or latest football scores. That said, you probably did not expect to be using it for your banking.
Javelin Strategy based in the USA conducted a survey revealed that 47% of people are likely to use Alexa for checking their account balances, and 39% would use it to make a payment. Moving forward, many are speculating that Amazon will take the step into the financial market. This new direction in banking could ultimately mean one day we could be asking Alexa for a loan directly. Clearing debts may be as simple as asking Alexa to transfer money to one of your payee’s – eradicating the lengthy log-ins to your online banking, inputting endless details and making your way through multiple confirmation pages.
With leaps in technology, the Fintech industry is moving in a scary but very exciting direction. Choice Loans reviews how it’s using the voice assistant to improve their customers’ banking experience.
This is a commissioned post.