Global Voice Banking Market Size, Share, & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (On-premise and Cloud), By Technology (Artificial Intelligence, Machine Learning, Natural Language Processing(NLP), and Others), By Applications (Banking, NBFCs, Credit Unions, Financial Institutions, and Others), and Regional Forecast, 2024-2032

Voice banking is an artificial intelligence-based technology that allows customers to access banking services through voice or word commands. Voice banking uses live translation to eliminate language barriers to increase services for the customers in banks or financial institutions. This technology enables customers to contact their banks through voice assistant and request about their account balance, block their card, nearby ATM, and other services.

With advancements in banking services, there is an increase in demand for voice banking services. Additionally, due to the expansion of personalization of banking services provided to customers, companies are enabling multilingual voice banking across all digital channels, including Google Assistant, Alexa, IoT & mobile devices, to expand their businesses and attract millions of new customers, creating a positive impact on the development of digital banking. For instance,

• According to Cognizant’s “The future of voice” report, 94% of professionals believed that the shift toward voice in banking would accelerate, and 72% preferred voice as an important factor for the bank’s future success in India.

Impact of COVID-19 on the Satellite IoT Market

The COVID-19 pandemic accelerated the digitization of banking as customer expectations changed. The pandemic responded to the banks by investing in technology to expand their digital service offering. Moreover, developments in conversational AI and natural language processing during COVID-19 have proven a natural choice in financial services and banking due to the quickness needed to deal with the business impact.

Segmentation

Analysis By Technology

Adopting technologies such as artificial intelligence, machine learning, and natural language processing in voice banking enables banks to manage high-level data to receive valuable insights. Moreover, adopting artificial intelligence in applications such as digital payments, biometric fraud detection, and AI bots allows software programs to recognize speech and deliver high-quality services for a larger customer base. Moreover, key players are collaborating with banks to integrate AI-based automatic speech recognition technology to adopt security features in voice technology. For instance,

• In July 2023, Glia developed an AI-powered virtual assistant to transform online and phone banking interactions. This virtual assistant enables customers to have conversations and banking-related inquiries in their own words.

Key Insights

The report will cover the following key insights:

• Micro Macro Economic Indicators


• Drivers, Restraints, Trends, and Opportunities


• Business Strategies Adopted by the Key Players


• Impact of COVID-19 on the Global Voice Banking Market


• Consolidated SWOT Analysis of Key Players

Regional Analysis

The global voice banking market is distributed into five regions: North America, South America, Europe, the Middle East & Africa, and Asia Pacific. North America holds a significant market share due to banks collaborating with key players to incorporate voice into their digital experiences and experimenting with voice assistants to improve security measures. In addition, tech giants such as Amazon, Google, and Apple are collaborating with companies to develop voice banking technology to increase market strength and presence in the voice banking market. Asia Pacific is expected to grow significantly due to major technological developments and investments in banking and financial services to adopt voice banking technologies to enhance the customer base.

The distribution of the global voice banking market by region of origin is as follows:

• North America – 42%


• South America – 5%


• Europe – 17%


• Middle East and Africa – 10%


• Asia Pacific – 26%

Key Players Covered

The key players in this market include Axis Bank, Union Bank of India, Softbrik, BankBuddy, Kasisto, Airkit, ebankIT, U.S. Bank, HSBC Bank plc, IndusInd Bank, City Union Bank, and among others.

Key Industry Developments:

• April 2023: City Union Bank Limited introduced a new feature, voice biometric authentication, in its mobile banking app that allows customers intending to improve security and give customers multiple choices.


• March 2023: LinkLive, a cloud-based Contact Center as a Service (CCaaS) provider, announced a partnership with Kasisto to integrate Kasisto’s KAI into the LinkLive platform to deliver personalization at financial institutions across the U.S. and customer experience for regional banks and credit unions.