The growth of fintech platforms in recent years has been a big push for social good in developing countries, driving financial inclusion, literacy and empowerment. With more than 70% of the Southeast Asian population either underbanked or unbanked, agile and nimble fintech platforms have tapped on the massive market opportunity to offer digital payments, remittance, insurance, and investment services to this burgeoning consumer market.
The convenience of digital financial services is undeniable, especially for consumers who are primarily mobile-first. Southeast Asia’s high smartphone penetration and engagement rates further signals the potential for digital financial services to succeed in the region. And yet, the rate of adoption remains slow. A study by Google estimates that 60 million new consumers in the region joined the digital economy during the Covid-19 pandemic. Still, around 150 million adults – which amounts to nearly a third of the population – remain digitally excluded.
While the cooperation between governments and businesses is pivotal to enhance digital and financial inclusion so that technology can be a real force for good, there’s also an urgent need for fintech players to boost trust and credibility around their platforms – so that this new segment of consumers feel confident and protected in using these services.
With the large majority of this population yet to become accustomed towards financial institutions and complex processes, voice AI presents a new opportunity for fintechs to build relationships with customers at scale – through simple, quick, and hassle-free conversations. Not only can voice AI offer a layer of authenticity and connection that will help build customer loyalty, it can also enhance trust and help educate consumers on how to navigate this new digital economy. So how can fintech platforms leverage voice AI to build trust and security, and improve customer experience?
1. Hassle-free and trusted KYC processes
KYC refers to the processes conducted to verify the identity of a customer, and assess the potential risk a business incurs working with them. Think back to the last time you had to complete a KYC process for the bank. These occurrences are rarely smooth or easy, and not something that most customers enjoy. And yet, KYC is a critical pillar for financial institutions to combat money laundering and fraud – and will remain a mainstay of customer processes for years to come.
Advancements in voice AI however can eliminate the lengthy and consuming paperwork and processes; not only for onboarding purposes but also for long-term verification and monitoring of customer transactions.
As part of the KYC process, voice AI can ask customers relevant questions, request for documents, ensure verification of the customer’s identity from wherever they are. Not only will customers enjoy a much simpler and more personalised approach, the conversational nature of the interaction will ensure that the customer is guided through the process, and any confusion or questions can be swiftly addressed. More so, businesses can use the recordings and insights gleaned from these customer interactions to streamline future processes and further elevate customer satisfaction.
2. Real-time voice authentication and verification
Proving you are who you claim to be is yet another hassle when speaking to financial institutions. The typical identity verification process involves answering a long list of questions, which can be distressing and frustrating when customers have time-sensitive queries or issues, such as stolen credit cards or fraudulent transactions. With voice recognition capabilities, voice AI can authenticate callers quickly and tailor the services accordingly, while adding an important layer of friendliness and understanding to enhance the customer experience.
The capability also works to eliminate fraudulent calls and protect customers – which is particularly prevalent today. To protect customers from situations where cybercriminals are able to glean confidential customer information and authorise transactions, voice AI is able to analyse and compare a caller’s speech pattern with their stored voiceprint. If the voice doesn’t match, the AI can mark the caller as suspicious and flag further activities that might need to be blocked by human agents. In this way, voice AI’s ability to authenticate a customer in real-time and offer relevant support builds trust and confidence for the customer.
3. Positive customer experiences every time
Each customer interaction provides a wealth of information and data that can be used to better understand a customer’s current and future needs – but this information needs to be logged and analysed to be truly beneficial. Voice AI eliminates the hassle of manual logging of such data to churn insights and data about the customer, and enables swift and easy prediction of customer behaviour to engage in a meaningful conversation. This level of personalisation and understanding goes a long way in creating a positive impression for customers, and allowing fintechs to become a trusted partner in responding to customers needs.
Financial services are very reliant on relationship-building, which makes consumer trust a critical aspect for any fintech platform. A fintech platform that is able to build trust and credibility into their offering will gain the confidence of its consumers, which will then deliver business value. With voice being the most personal and authentic medium of communication, technologies like voice AI have the potential to truly boost customer trust, and elevate customer experience for long-lasting relationships.