The Future of Voice Assistants and Payment Systems

“Alexa, order me…”

“Okay, Google…”

“Hey Siri…”

Voice assistants for smartphones and other devices are changing the way we live our lives. What started as something of a novelty to schedule reminders and ask questions, has turned into something much more useful. Now, users can do everything from wire their homes to pay bills to purchase goods just by talking to their devices.

Twenty percent of U.S. consumers own a voice-activated device, and 10 percent say they have used voice-payment options at least once, according to a survey from Voicebot.ai. As the technology becomes more widely available, cost-effective and diverse; adoption will continue to rise and with it will come a host of opportunities for FinTech innovation.

Voice-Enabled Assistants Are the New FinTech Frontier

FinTech innovators see infinite possibilities in the voice-enabled device space for customer service, transactional banking and payment services. A person’s voice is unique to them and can provide insights into what’s going on around them. We can identify friends, co-workers and associates just by the sound of their voices. We can tell if someone is happy or sad by the tone of their voice. This uniqueness provides opportunities to offer rich, context-level engagement to deliver enhanced customer experience for finance applications and payment systems.

Major financial institutions are partnering with voice-activated assistants like Siri, Alexa, Google and Cortana to deliver services ranging from checking balances to making fund transfers to paying bills using simple voice commands. PayPal is also getting into the game, offering customers the ability to send money through Alexa and Siri. Some banks like Bank of America, Liberty Mutual and Ally Bank are taking that technology one step further, installing it directly into their own apps.

Addressing Security for Voice-Activated Payments

As with every other financial service and payment system program, fraud is a major concern for voice-activated features. In 2017, a major security gap was uncovered in AI-based voice assistant devices including Amazon Echo and Google Home. The vulnerability has since been closed, but the hacking of devices is always a concern, as are the accidental activation of a device that can allow access to payment capabilities.

The most common security features currently in use for voice-activated financial and payment transactions are biometric authentications like a fingerprint and security PINs that can be said out loud.  Security features are critical, but multifactor authentication stymies the promise of seamless transactions with voice activation. Currently, innovators are exploring ways to enhance voice biometrics (creating a voice “fingerprint”), enhanced voice data encryption and more.

Despite security concerns, consumers want faster, more convenient ways to pay their bills and purchase items. That means we will see more capabilities in technology, more accuracy, better security and ultimately, more consumers leveraging the technology.

Are You Ready to Innovate Voice Assistant AI for FinTech?

Leveraging growth opportunities by staying ahead of trends is critical for success. If your payment systems company is looking for talented professionals who can help you maximize this technology, contact the expert recruiters at MoneyTech Search today. www.MoneyTechSearch.com. Contact: info@moneytechsearch.com. (772) 871-1100