Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:
- Mr. Raghu Veer Dendukuri, Product Owner, Intandemly
- Mr. Rana Sinha Ray, Head Technology, TimesofMoney
- Mr. Shubhrant Singh, Former Vice President, Yes Bank
- Mr. Rakesh Bhanushali, Head of NRI Sales at RBL Bank
- Mr. Rahul Dayal, Former Senior Vice President & Head-Business Solutions Group Liabilities , cards & BI, RBL Bank
- Mr. Hemal Shah, Technical Product Manager, MasterCard
- Mr. Amarto Chakrabarty, Manager – Global Consulting Group, Wipro Limited
- Mr. Prashanth Yeleswarapu, Deputy Vice President Axis Bank
- Mr. Anshul Srivastav, Chief Technology Officer, and Digital Officer, Union Insurance
- Mr. Harveer Singh, former Head –Product Marketing, Empays Payment Systems
- Mr. Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous
The community member shared below image of Voice Banking by United Bank of India and question was raised as to- Do we need these products?. This triggered discussions in various CXO communities across 30+ countries
Voice Payments are a new, cutting edge technology that has begun to emerge which is going to change the banking trajectory on a large scale in the coming months/years and our community members have raised their views and opinions about it, Voice Payments are a new form of banking which will conduct its activities just through commands given by a person’s voice. Through this a person will be able to make payments, for example paying bills, ordering and paying for groceries, etc. and also conduct various other banking activities by just asking your device to do so. This is not a completely new concept at all because of the rise in the use of Artificial Intelligent services such as Google Assistant, Siri, Alexa. Therefore now banking with a voice assistant may seem intriguing, but the question we ought to answer is that Are we ready to have Bots imitate humans? In order to transfer money once fed into Accounts with respect to their Bot Control Centre’s, this is a possibility that no one can deny in technology and one that will eventually become a part of people’s daily lives, especially after such huge developments in the field of banking, finance, and technology. The important aspect here is that maintaining a balance with Artificial Intelligence is mandatory, so we get better aspects positively. Our members also say that this could be limited for specific uses only like knowing your bank balance, stopping cheques to name a few. All compliances will need to be met otherwise people may suffer tremendously.
On the other hand, there are questions as to whether if voice payments are even needed, or are they a good choice? Or are they even safe? Truth is, on one hand, banks are criticized for not being ‘cutting edge’, ‘digital’, etc. especially PSU’s and even when a bank does script a different narrative they attract criticism. Many who are using mobile banking & Internet banking today were criticizing these channels in the early 2000s, voice payments are said to have widely spread over time also Voice-activated commands are making waves within global consumers. As Gartner predicts, by 2020, nearly one-third of all browser searches will be screenless. Already now, your smart refrigerator can take voice commands to order groceries from the store, pay for them, and have the groceries delivered to your doorstep. How does that translate into banking services? As consumers are highly conscious of security concerns, several banks have already introduced voice recognition as one of the methods for two-way authentication. As the Banking Technology reported in March 2016, Santander said it was the “first” bank in the UK to launch voice banking technology. Phase one enabled customers to talk to their Santander SmartBank app and ask about their card spending. The second phase, which was discussed last year, has now been activated and lets customers use advanced features such as the ability to make payments and report a stolen card. It is being piloted on the iOS version of the bank’s official app.
https://www.facebook.com/fiaks4knowledge/videos/419164158957062?sfns=mo
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