Finance Monthly November 2019 Edition

GIVING FINANCE A VOICE: UNLOCKING THE POWER OF SPEECH RECOGNITION TECHNOLOGIES FOR FS BUSINESSES There’s no doubt about it; we are currently living in a voice-led economy. Over recent years, voice-first technologies have emerged as a force to be reckoned with, with consumers increasingly using them to engage with the world around them. In our personal lives, we can now call our families, play music, even order our weekly food shop, without ever picking up a device. Mark Geremia, VP and GM for Dragon Professional and Consumer at Nuance www.nuance.com But it’snot just about convenienceat home. With recent research revealing that 91% of businesses are now investing in voice technologies, the benefits of using them are being realised by offices all over the world. Whether it’s easing administrative duties or enabling companies to provide a smoother, more convenient customer journey, voice technologies are changing the game. However, not all sectors are reaping the rewards just yet. Whilst financial services (FS) companies have led the charge in some areas of technological adoption and know-how when it comes to voice technologies many of these organisations have a long way to go. By failing to embrace change and invest in voice-led innovation, FS businesses really are missing out on a world of possibilities, says Mark Geremia from Nuance. Time is money Earlier this year, a research report discovered that speech recognition technologies could save FS businesses a staggering £40,000 per employee each year. Although not the sole answer to increasing productivity, it was found that these technologies can actually be 46 www.finance-monthly.com FINANCIAL INNOVATION & FINTECH - SPEECH RECOGNITION