Banks must tap into early voice banking interest and determine the role it will play alongside other digital channels
San Francisco, CA, April 18, 2018: More than half of all consumers surveyed would use Amazon’s digital voice assistant, Alexa, to make routine banking requests, including checking account balances (47%) and reviewing recent transactions (43%), according to a new report, Smart Speaker Banking Must Overcome Digital Inertia by Javelin Strategy & Research. The report calls on large banks to support emerging capabilities from Amazon and Google, while advising smaller institutions to play fast follower.
“The challenge for banks is in differentiating the voice value proposition from other digital delivery options,” explains Emmett Higdon, Director of Digital Banking at Javelin Strategy & Research. “Most consumers would not immediately mention banking as one of the reasons they purchased a connected home speaker. The bar is high for emerging channels such as home voice banking to deliver a compelling experience for day-to-day transactional tasks.”
While banks can test and learn from the current crop of smart speakers, consumer adoption will grow slowly due to security concerns and preferences for online or mobile channels, he noted.
Related Research by Javelin Strategy & Research
- Why Digital Banking Often Fails to Reduce Offline Volume
- 2017 Mobile Banking Scorecard: Security, Service, and Support Keys to Better Standalone Experience
- Can You Hear Me Now? Voice Banking Demand Running Ahead of Banks
About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, is a research-based advisory firm that helps its clients to make better-informed business decisions in a digital financial world. Our analysts offer unbiased, actionable insights and unearth opportunities that help financial institutions, government entities, payment companies, merchants, and other technology providers. (Twitter: @JavelinStrategy)