The State of Voice in the Finance Industry

A deep-dive report

Steff Preyer

Business Director

Last Updated : 04/10/19

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Introduction to voice in the finance industry

By 2021, smart speaker sales are expected to overtake tablet sales, with 55% of householdsowning one by the following year. The rise in usage of voice assistants, such as Amazon Alexa and the Google Assistant, could completely change the way consumers search for and engage with financial information. In many cases, voice provides a much faster way to complete tasks than by typing and, within the finance and banking industry, there is increasing focus on using voice assistants to improve customer servicing and account management, from companies such as Capital One, PayPal, Experian and others.

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A number of brands have already created voice apps in the space.

Some actions and skills have been created by banks, to allow you to service your account in some way, ranging from simple balance enquiries to transferring money and making loan payments. The scope of the use case tends to depend on policy restrictions in the supported country for that voice app.

Some voice apps have been created by other financial companies, while others still have chosen to create their own custom assistants or go in the direction of chatbots.

Overall more brands have released on the Alexa platform over the Google Assistant.  No brands have launched on both platforms with the same execution.

Steff Preyer

Business Director

Previously an Account Director at ROAST, Steff joined Rabbit & Pork to help brands understand the potential for Voice Search and defines use cases to drive maximum impact for awareness, retention and revenue.

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