Consumers Want to Interact with Their Banks Through Voice Assistants

Voice assistants like Alexa and Siri could be the future of banking, as more and more consumers indicate a willingness to interact with their bank through these platforms, a study released this week by NTT Data found.

When it comes to voice, 41% of consumers that identified as “explorers” would use platforms like Siri or Alexa to communicate with their banks, the study of 1,102 consumers (and 102 financial institutions in the U.S.) found.

While only 27% of those surveyed in the study were identified as “explorers,” or those more willing to turn to technology or share more of their data with a financial institution, the study highlighted this segment as “the most important segment for financial services and insurance carriers to pay attention to.”

These explorers are also much more willing to give out more personal data if it means a better digital banking experience, NTT Data found.

While more and more consumers are growing interested in new technology platforms for their banking needs, financial institutions still have work to do, the study found. Only 16% of respondents reported being “totally satisfied” with the digital customer experience provided by their FI, NTT Data found.

Take a look at the rest of the findings here.

To learn more about the latest developments in voice banking, join us on March 5-6, 2018 at the Parc 55 in San Francisco for Bank Innovation 2018. Click here to register.