Are You Really Listening? The Future of Voice Data
As with most every other industry, transformative voice tech is driving innovation. And that includes the financial services sector.
Marcia Tal, CEO of Tal Solutions and the founder of PositivityTech, and Betty DeVita, chief business officer and member of the board for FinConecta , both built their careers on growing emerging strategies and technologies to a global scale. They joined us at VOICE Global 2021 to discuss the role that voice tech - along with the data it generates - plays and will play moving forward in the finance industry.
The future is data
One key opportunity for voice tech to grow comes from voice tech itself: the conversational exchanges that human beings have with vocal assistants. Beyond the request or inquiry, these exchanges represent data - untapped data, for the most part. Once consented by the user, the analysis and linkage of those data points can provide richer, more immersive, and, importantly, more valuable experiences. This untapped data has the potential to be one of the main drivers of growth in the financial space.
"With every advancement in technology solutions, there's a set of new data that is behind it. And the use of all of this new data, the linkage of all of this new data is really one of the untapped resources that the enterprises have to identify new revenue and growth opportunities," says Betty DeVita.
Voice opens up banking
The emergence of open banking is also critical. Open banking is a set of standards that provides third-party financial service providers open access to consumer financial data through application programming interfaces (APIs). Open banking will allow consented financial data to be shared across institutions for use by consumers, financial institutions, and third-party service providers, opening the door to deeper integration between consumer banking and voice tech.
Marci Tal shares that PositivityTech developed a new platform based on open banking, but that it goes beyond banking to include a more comprehensive set of financial transactions. And she sees this new platform acting on two fronts.
"I see the open finance platform as both an offense and a defense strategy. The defense is when there's regulation, and you actually have to use these APIs while complying with a framework, which the regulators and the central banks are all looking at. The offense is where banks realize that all of these consumer applications will continue to proliferate and get more and more usage. So financial institutions need to have a policy and a perspective on all of this consumer data to ultimately be able to use this data for both innovation and growth," Tal states.
The future of voice data is more data used in more innovative ways to produce more meaningful experiences. These data-based experiences will, in turn, grow the industry.
View the full interview featuring Marcia Tal and Betty DeVita for additional data insights from financial services leaders.
Missed VOICE Global live? View the VOICE Global speaker lineup to see what other engaging speakers joined us across a variety of industries and businesses around the world.