- Voice Payment: The next big thing in the Payment Industry
- Understanding the concept of voice payment
- Understanding the working of voice payments
- Understand the difference between voice payments and auto payments
- Use cases of voice payments in the banking sector
- Top pros of voice payments for banks and fintech organizations
The rise of AIOps and Digital transformation has facilitated the banks to launch new-age banking solutions. A few decades ago, transferring money online would seem far-fetched. Today, we can easily transfer funds to anyone with a Fintech application. Banks are launching more innovative services. Customers are the ones who will benefit from the advancements in the banking industry. With advanced digital solutions, customers can access banking services at their fingertips. One of the latest trends in the banking industry is the use of voice payment solutions. Read on to understand the concept of voice payment and its benefits.
Understanding the concept of voice payment
Voice payment is referred to as paying or transferring money with a simple voice command. As you know, people use voice assistants on their smartphones to make calls and set alarms. Similarly, a voice payment option allows individuals to make payments anywhere within seconds. With the help of AI-based devices, voice payments are initiated. Since voice payment solutions run on AI, they don’t need manual interference. With voice payment solutions, banks are redefining their services. Customer satisfaction increases when they can make payments with a simple voice command. Since voice assistants are already in use, the customer will not feel awkward using voice payment solutions.
Understanding the working of voice payments
Like regular payments, voice payments are made via a Fintech application or an online wallet. To set up voice payment, one must enable the application to listen to voice commands. An AI-backed device offers an easy setup for voice payments. Once the voice payment is set, the user does not have to press any buttons. The user can simply ask the AI-backed application to make a payment to a particular person. Once the voice command is detected, the financial application for making a transfer will automatically open. The user will state the amount to be made to another person with a voice command.
Before making the payment, the financial application will need a final confirmation. Some voice-based applications are highly developed and can understand the password as speech. The application can also ask the user to confirm their fingerprint for moving forward with the transaction. Once the payment is authorized, the receiver will get a confirmation message for the fund transfer. Customers have become more demanding due to the rise of digital transformation services and solutions. Voice payments will help customers who are demanding and want instant online transfers.
Understand the difference between voice payments and auto payments
Many individuals confuse auto payments with voice payments. As discussed above, voice payments are activated only after a voice command from the user. Auto payments are set by users before the payment deadline. Also, auto payments do not require any manual interference, not even a voice command. However, one can set up auto-payment only for known bills like subscriptions and EMI installments. When a new payment is made to someone, the auto-pay feature will not be helpful.
Use cases of voice payments in the banking sector
The demand for cognitive process automation tools for business is now more than ever in the banking industry. For the same reason, there are several use cases of voice payments. Some popular use cases of voice payments in the banking sector are as follows:
- Online payment platforms like Venmo and PayPal are offering voice payment options to users. With a simple voice command, peer-to-peer transfers can be made via online payment platforms.
- Many fintech applications allow users to pay for online shopping via voice command. After selecting the product, customers can initiate a voice command to make the online payment.
- Several online shopping platforms support the repetition of any previous order with any particular merchant. When the customer selects to reorder, the payment can be initiated with a voice command.
- Many credit cards and debit cards can now be linked with a fintech application or payment channel. After connecting the credit/debit card with a payment channel, frequent payments can be made with voice commands. Some top fintech applications now allow credit and debit card payments with voice commands.
Top pros of voice payments for banks and fintech organizations
Some benefits of voice payments for banks and financial institutions are as follows:
- With voice payment solutions, banks can boost customer satisfaction rates. For making payments, customers often have to type lengthy card numbers, account numbers, and beneficiary names. With voice payment, customers can escape from writing lengthy info. All payments can be completed within seconds with a voice command, and customers will prefer their existing bank.
- Voice payments are considered to be the next step in mobile banking. Since customers can carry out transactions online, mobile banking already exists. With voice payments, customers can now make payments even while driving, eating, studying, or at any time when both hands aren’t free. Not to forget that voice payment will make banking more accessible for visually impaired customers. Thus, voice payment technology helps the banking industry to achieve business reliability.
- Since there is room for improvement, banks can develop more secure voice payment solutions. Similar to a fingerprint, a voice is also unique to an individual. With the help of new-age technologies, unique traits of a voice, like a timbre and pitch, can be recognized. By recognizing the unique voice of the user, unauthorized payments can be prevented. However, this is a far-fetched benefit of voice payments, and engineers are still working on it.
- Customers always get excited when a new banking service is launched. Similarly, voice payment solutions are attracting more banking customers. As a result, many banks are cashing on the trend and developing high-end voice payment solutions for their customers.
The banking solutions powered by AIOps and Digital transformation benefit the provider as well as the customer. For example, with voice payment, customers can complete transactions with a short voice command. At the same time, banks increase customer satisfaction rates and stay competitive. Speech recognition, AI, ML, and many other technologies are bundled to develop voice payment systems. Launch voice payment solutions for your banking customers in 2022 and improve the customer experience!