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Voice Banking Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033 | Hongkong and Shanghai Banking Corporation Limited, NatWest Group, U.S. Bank, Lloyds Bank plc, ICICI Bank, Ally Financial Inc., Emirates NBD Bank, NCR Corporatio
Voice Banking Market Size
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Rising Demand For Voice Assistance Devices Drives Growth In Voice Banking Market
The rising demand for voice assistance-enabled devices is expected to propel the growth of the voice banking market going forward. Voice assistance-enabled devices are hardware devices equipped with voice recognition and processing capabilities, allowing users to interact with them using voice commands. Some common examples include smart speakers, smartphones with voice assistants, and smart home hubs. The demand for voice assistance-enabled devices is due to convenience, hands-free, compatibility with smart home systems, and benefit from improved voice recognition technology. Voice banking allows users to develop a custom digital voice profile for voice assistance-enabled devices, making interactions more personalized and enhancing the user experience. For instance, in July 2023, according to Statistics Canada, a Canada-based government agency for national statistics, the adoption of Internet-connected smart home devices has increased from 42% in 2020 to 47% in 2022, with smart speakers (30%) being the most favored device. Therefore, the rising demand for voice assistance-enabled devices is driving the growth of the voice banking market.
Voice Banking Innovations Enhance Accessibility For Cognitive Disabilities
Major companies operating in the voice banking market are focusing on developing advanced solutions, such as AI-powered voice-assisted solutions for banking, to enhance the user experience and provide more inclusive solutions for individuals with cognitive disabilities. AI-powered voice-assisted solutions for banking leverage artificial intelligence (AI) and voice recognition to provide customers with various banking services through voice commands. For instance, in April 2023, Glia, a US-based provider of customer interaction technology, launched a voice banking solution for the Glia Interaction Platform. The Glia Interaction Platform is a robust customer interaction solution designed to help businesses provide seamless and personalized customer experiences across multiple channels, especially within the financial services sector. The new feature extends the capabilities of Glia Virtual Assistants (GVAs), powered by AI, to include support for dial-in phone interactions. This enhancement offers a unified, native virtual assistant across both call center and digital channels, enabling the automation of voice and chat interactions. Glia's Voice GVAs ensure continuous 24/7 service, efficiently managing after-hours calls and high-demand periods by responding to customer inquiries and seamlessly transferring them to live support when necessary. They modernize phone support in financial institutions by replacing outdated touch-tone menu-based IVR and Phone Banking systems with advanced conversational AI technology.
The voice banking market covered in this report is segmented -
1) By Component: Solution, Services
2) By Technology: Machine Learning, Deep Learning, Natural Language Processing, Other Technologies
3) By Deployment Mode: On-Premise, Cloud
4) By Application: Banks, Non-Banking Financial Companies (NBFCs), Credit Unions, Other Applications
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Major companies operating in the voice banking market are Hongkong and Shanghai Banking Corporation Limited, NatWest Group, U.S. Bank, Lloyds Bank plc, ICICI Bank, Ally Financial Inc., Emirates NBD Bank, NCR Corporation, IndusInd Bank, Axis Bank, Verbio Technologies S.L, DBS Bank India Limited, Uniphore, Central 1 Credit Union, SoundHound AI Inc., Acapela Group, kasisto, BankBuddy, Vibepay, United Bank of India
Contents of the report:
1. Executive Summary
2. Voice Banking Market Report Structure
3. Voice Banking Market Trends And Strategies
4. Voice Banking Market - Macro Economic Scenario
5. Voice Banking Market Size And Growth
…..
27. Voice Banking Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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