Siri and E-Trade’s updated iPhone app are just two examples of the way voice recognition technology is pioneering secure online banking, reports American Banker. Here are three ways this will benefit consumers:
1. A smoother user experience. Voice command makes it easy for any bank customer to get what she wants—she just has to ask for it. Need a check deposited? No problem. Want 50 shares of Apple? Siri’s on it.
2. Enhanced security. Rather than plug in a number of PINs and security passwords, bank customers can authenticate their identity by answering questions. This is a major leap forward security-wise considering that bank customers constantly put themselves at risk for identity fraud by choosing common, easy-to-figure-out PINs like birthdates and sequences.
3. Informative layouts. Nixing the keyboard on a mobile app might spur banks to redesign their layouts and pack them with meatier, more useful information for customers. For example, E-trade added a feature that lets customers scan bar codes to pull up a company’s information and purchase its stock. It’s a time-saver too, as one expert American Banker interviewed pointed out: “Without voice, the user must fill out an order ticket by going to that screen, selecting the account and order type, inputting the number of shares and looking up the stock symbol.”
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