*This is a collaborative guest post
Although AI (Artificial Intelligence) has been an inclusion to modern banking for quite some time now, the introduction of voice assistants such as Siri and Alexa look to further progress this notion. Amazon and JP Morgan and Chase have been in talks, along with online banking entities Monzo and Capital One, discussing the prospect of Alexa being used for online banking. Not only would this enhance our customer experience dramatically but would also make our accounts more accessible than ever.
In accordance with the majority of modern-day technology, Alexa’s role is to make the little things in our lives easier and as hassle-free as possible. In households today, it is common for the words ‘Alexa’ or ‘Echo’ to be shouted around asking questions about the latest football scores, weather updates or asking for a song to be played. With that in mind, it is highly unlikely you ever thought you could use this technology for your banking. Am I right?
A survey conducted in the USA by Javelin Strategy found that 47% of individuals are likely to use Alexa in order to check their account balances, with 39% stating they would use it to make a payment. Moving forward, it is highly speculated that Amazon will take a step into the financial market. By taking this new direction in banking could ultimately mean one day we could be asking for a loan directly from Alexa itself. Paying bills or clearing debts could become as simple as asking Alexa to transfer money from your account to one of your payee’s – with this eradicating the lengthy log-ins to your online banking, making your way through multiple confirmation pages and inputting endless details.
A USA based study conducted by Javelin Strategy discovered that 47% of people would be likely to use Alexa as a means of checking their account balances, while 39% said they would even use it to make a payment. It is speculated that Amazon will take a step into the financial market in the not so distant future. This new direction in banking could ultimately mean one day a loan request would come from asking Alexa directly. Clearing debts or paying bills could one day become as simple as asking Alexa to transfer money to your payee’s account from yours. This would subsequently eradicate those arduous lengthy logins to your online banking, having to make your way through multiple confirmations pages whilst inputting endless details onto each page.
Through these phenomenal leaps in technology, the Fintech industry can be said to be moving in a relatively scary but exciting direction.