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Will Smart Speaker Lead to Smart Payments?
FREMONT, CA: The banking industry is becoming more strategically focused and technologically advanced to respond to consumer expectations while trying to defend market share against its competitors. As part of this, banks will also experiment with voice-enabled payment services to enhance both service delivery and customer experience. As more people utilize smart speakers and conversational assistants on their phones, banking with a voice could become common. According to Payment Next, the growing adoption of smart speakers is good news for payment professionals.
The voice-based spending is set to grow twenty-fold over the next few years due to the rapid consumer adoption of smart speakers. While voice commands can facilitate common tasks, it can also facilitate the transactions, including mortgage, bill payment, and other financial payments. Intelligent personal assistants can also task like inquiring about account balances, checking due dates, and making voice-enabled payments. By automating these important transactions, smart speakers can help users keep their finances on track and facilitate on-time payments.
The study by Payment Next has discovered that 53 percent of consumers felt that using voice-based technology to pay was quicker and more convenient than using traditional online payment methods, and their financial data remained secure when making a payment. Since smart speakers are relatively new in the payment space, there is an understandable apprehension about using this technology for making payments, especially high-value ones.
With the technology progressing at a rapid pace, it is too early to predict where voice-based payments could head to. What is for sure is that they hold great potential in banking. They’re convenient and promise to take the payment experience to the next level, ushering in an era where consumers don’t have to lift a finger to complete tasks.
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