In our latest guest post, direct response marketing veteran Mike Gunderson discusses the seven ways voice marketing enhances digital banking;...
Amazon has a number of clients using Alexa for financial advice and solutions architect Felix Candelario says, "Natural language processing is the new rocket science."; clients include UBS, LPL, Fidelity, Capital One and Betterment; overall, machine learning innovation is providing for new technology solutions and pairing it with voice automated interactions adds a new element of service for customers. Source
UBS has partnered with Amazon to utilize Amazon's Alexa artificial intelligence (AI) for a pilot program with wealth management clients in the UK; Alexa will provide answers on inquiries about wealth management topics and the economy for clients through several devices; the partnership follows a trend toward use of artificial intelligence in the wealth management industry and a deal by UBS with robo adviser SigFig for account services; Alexa's AI capabilities offer a cost efficient way to provide information and standardized advice for wealth management clients. Source
Many predict that Amazon will introduce a payments system for Alexa; American Banker looks at whether Amazon is really ready for to make this a reality; one of the biggest problems relates to the ability to authenticate transactions; Alexa isn’t able to distinguish whether a person is who they claim to be; article also shares the banks that are currently leveraging voice technology with some of the early adopters being US Bank, USAA, Ally, Capital One and TD Bank. Source
USAA went live on Wednesday with a virtual assistant that works with Amazon's Alexa voice interaction device; Alexa will be able to answer commands from consumers who ask about accounts, balances, spending and transactions; USAA is now one of many financial institutions working with Alexa and as American Banker points out the USAA version is more flexible with voice commands than other institutions; when prompting Alexa they do not need to say the command a certain way, they can say the command as they wish; USAA is working with software company Clinc to customize their experience, as Jason Mars, Clinc's CEO, tells American Banker, "You've got this ability to speak to it in a messy, convoluted way, and the AI can understand everything, you feel like you're speaking to a human in the room." Source