The Stats on Voice Banking

By Kobi Magnezi01.10.2018

When consumers talk, it’s always a good idea to listen. And right now, they’re talking about voice banking. In response, you should ask an important question: Is our credit union ready to meet those expectations?

The popularity of voice banking—or conversational banking, which includes chat messaging functions—is evident across multiple market indicators, including the most recent quarterly consumer trends survey by Fiserv. The Expectations & Experiences: Channels and New Entrants survey found that half of consumers used a voice-activated device in the past year, with 79% doing so through their smartphones. The research, surveyed adults who used their checking accounts to pay a bill or make a purchase in the 30 days prior to the survey, also found that 8% of consumers used a hands-free voice-activated device, such as Amazon Echo or Google Home in the past year.

A multigenerational appeal

The growing interest in voice banking is also compelling for credit unions constantly in search of ways to enhance consumer experiences to spark deeper and broader engagement.

While the Expectations & Experiences survey found that 37% of millennials who used voice-activated devices in the past year used them for banking functions in the preceding 30 days, we’re also seeing interest among older generations. Voice banking likely strikes a note of familiarity for people who might not be technologically savvy. We also believe it might also draw interest from people with disabilities because it affords them greater accessibility.

Taken together, the various pieces of evidence show voice banking is responding to member expectations and behaviors to such a degree that I believe we are on the verge of a paradigm shift in the market.

KOBI MAGNEZI is the director, product strategy, digital channels at Fiserv.