Have you ever imagined using your intelligent voice-bot (some of the popular ones include Alexa, Siri, Cortana and Google Assistant) to undertake any of your banking transactions? What about something as cumbersome as blocking your card?
FSS (Financial Software and Systems), a global payments technology company, has launched FSS Voice Commerce, a real-time voice banking platform that offers customers, meaningful, contextual and personalized banking interactions. Enabling banks to deepen customer engagement via conversation-led banking and deliver interactive service experiences to its customers, FSS Voice Commerce is set to take frictionless banking to the next level.
FSS Voice Commerce uses machine-learning language processing techniques for analysis and synthesis of language and speech to deliver personalized service experiences. Furthermore, with ML capabilities embedded into the solution, consumer patterns will begin to emerge and result in insight-led banking and personalized customer experiences. At the backend, FSS Voice Commerce interfaces with any retail banking system to provide real-time information of accounts and balances, thereby enabling delivery of
a unified and seamless omni-channel banking experience.
FSS Voice Commerce supports an extensive set of 200 transactions, enabling seamless 24/7 secure access to a broad range of financial banking services such as fund transfers, bill payments, card controls and non-financial transactions such as service requests, like ordering for a cheque book, new credit /
debit card and loan request.
Instances of use-cases include:
- Drive Sales: Based on the recommendation engine and by transaction analysis, banks can craft a personalized offer to customers. E.g. special interest rates for fixed deposits, eligibility for personal loans etc.
- Customer Support: Instead of customers reaching out to support centres of the banks to raise the services request, the customer can just log in to Alexa to raise the service request which will land on the bank CRM system to facilitate the customer request.
- Lead Generation: Generate customer interest towards respective banking products/offers/cash backs through an advertisement.
All financial transactions initiated are completely secure. FSS Voice Commerce supports out-of-band multi-factor authentication including one-time passcodes and biometrics, to maintain the integrity of the transaction ecosystem and prevent fraud.
Speaking at the launch, Suresh Rajagopalan, President FSS, Retail Payments, said; “Voice is fast becoming a preferred medium of transaction among digitally connected customers and millennials. FSS Voice Commerce extends an all-encompassing personal assistant that can enable customers to conduct banking transactions as well as shop and make payments. The intersection of voice and commerce will provide banks a powerful new way to embed themselves deeper into their customers’ lives and deliver contextualized services experience tailored to their lifestyle.”