February 11, 2019

Usage of Voice-Enabled Digital Assistants in Financial Services

A voice assistant is an innovation that has changed how we go about our daily lives. It listens to our calls, anticipates our needs, and acts when necessary. This revolutionary technology was introduced at Seattle World’s Fair in 1962 where IBM introduced a tool called ‘Shoebox’ which could perform mathematical functions, recognize 16 spoken & 0–9 digits. Since then, this technology has come a long way through the introduction of voice assistants by leading technology companies – Apple’s Siri in 2011, Google Now in 2012, Microsoft Cortana in 2014, Amazon Alexa in 2014, and Google Assistant in 2016. It is expected that there will be significant growth in the number of voice-enabled assistants – it is estimated to reach 1.83 billion by 2025. Witnessing the rise of popularity in voice-enabled digital assistants, the financial services industry has started incorporated voice functionality in their systems to improve customer experience by developing…

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