Why conversational commerce may be the future for financial services

Digital password

Bridgette Ellis

Account Executive

Posted on June 19, 2017

As time goes on and technology becomes more advanced, we speak briefly on conversational commerce and ask the question, is there a place for this trend in financial services?

In the US, Starbucks have implemented a voice recognition extension to their app, which enables an individual to place their order with the sound of their voice. With the current generation only ever using their finger to order- the hope is that the next generation will only have to use their voice.

LiveWorld define conversational commerce as “a tool used to engage high-value, branded conversations at every stage of the customer journey”, but how can financial services brands utilise this technology?

The digital advancement is already being used in retail banking as an extra level of security and has recently been seen on HSBC’s latest advert where the little boy utters “my voice is my password”. As banks trial the technology to stay one step ahead, conversational commerce is no longer an irrational thought for the financial services industry and companies are likely to seek other ways to utilise the technology to enhance their clients’ experience.