The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
KPMG envisions an “invisible bank” of 2030: “there is no ‘banking app’ – access to money is interwoven with health, time management, leisure and friendship. Banks will be just as invisible, but just as vital, as the manufacturers of 4G base stations are today”.
The KPMG vision for the evolution of retail banking over the next 15 years is one of a disaggregated industry set for a period of significant structural reform. One of the dimensions of essential reform is customer experience management and omni-channel access to financial services.
Extrapolating from current trends in customer experience management related to voice biometrics, speech analytics, and universal chatbots indicates that eventually a transformational breakthrough can be expected by attaining precision in speech recognition on the one hand, and designing voice user interfaces linked to artificial intelligence on the other.
KPMG believes that the arrival of services such as Apple Pay – to which most banks have signed up – hints at a future where financial brands are hidden behind devices. It invites the question regarding the role of smartphones in automatic multifactor authentication involving voice and face biometrics, as well as implicit behavioural biometrics combined with simple knowledge-based passwords.
Devices like Amazon Echo, which are already used to access banking services, will most likely drive the ‘always-on’ voice user interfaces enabling access to a full scope of financial services. Within the next 3-5 years, it is highly probable that robots will be surpassing the scope of human capability in human-machine dialogue, which is already happening in mass calls segment.
At Spitch AG we are excited to be taking part in the effort to transform this space for you and your customers alike. We wonder what your thoughts are! Please share!
If you would like to hear more about how to improve your Customer Experience Management (CEM), operational efficiency and Net Promoter Score (NPS), regulatory compliance, and move forward with your digital transformation utilising the advantages of speech analytics and voice biometrics technology, please sign up for our webinar ‘Customer Experience for Banks: Can we do better & lower costs by using speech technologies?’ in cooperation with the BBA. The webinar will be held on Tuesday 24 January 2017 at 10.30am GMT. Please find the registration link here.