Global Voice Banking Market Overview:
Voice banking is the process of providing voice management to humans for all day-to-day banking operations. It’s the process by which a person has the ability to record a list of phrases in their own voice. These recordings are converted to create their own synthesized voice. Voice banking enables personalized and professional services at a distance. A key benefit is that voice banking allows banks to digitally interact with their customers in a safe, efficient, and still human way.
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Rising Technological Advances and Changes in Consumer Behaviour
Market Growth Drivers:
Increased Incorporation of Innovative Technologies such As the Development of Chatbots on WhatsApp or Apis for Digital Banking in Voice Banking Service and The surge in Technology with AI to Make Human-To-Machine Communication
Voice Banking Can Create Content Based False Information and Increasing Issue of Data Privacy by Using Generative AI
Increasing in Fraudulent Activities, Privacy Concerns of Data, Faulty Voice Recognition and Increasing In Immediate Availability of Funds and Anonymity Leading To Illegal Economic Transactions.
Inefficient IVR Systems Alienated Customers from Phone Banking Which May Change With Quick, Efficient Responses That Save Time and Increasing Technical Advancement in Generative AI
The voice banking market is fragmented market due to the presence of a large number of established competitors. Key players focus on innovating and developing new strategies to maintain their market position and customer base. Population growth is the major driver for market growth. The company is also planning strategic activities such as partnerships, collaborations, mergers, and acquisitions that help it maintain its position in the market and maintain its competitive edge.
Some of the key players profiled in the report are HSBC (United Kingdom), NatWest Group (United Kingdom), IndusInd Bank (India), BankBuddy (India), Central 1 Credit Union (Canada), ICICI bank (India), United Bank of India (India), DBS Bank (Singapore), Acapela Group. (Belgium) and Emirates NBD Bank (UAE). Considering Market by Deployment Mode, the sub-segment i.e. On-Premise will boost the Voice Banking market. Considering Market by Technology, the sub-segment i.e. Machine Learning will boost the Voice Banking market. Considering Market by Component, the sub-segment i.e. Solution will boost the Voice Banking market.
Latest Market Insights:
In March 2023, HSBC bought the UK subsidiary of a hit Silicon Valley bank for 1 pound, saving it as a major lender for UK tech start-ups. This acquisition is a very strategic fit for our UK business,” said HSBC CEO Noel Quinn. The U.S. authorities moved to shore up deposits and stem any wider fallout from the sudden collapse of its parent, tech start-up lender Silicon Valley Bank.
In April 2020, ICICI Bank launches a voice banking facility for customers. Private sector banks can integrate AI Chatbot 'iPal' with Google Assistant and Amazon Alexa to access select banking services with voice commands.
What Can be Explored with the Voice Banking Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Voice Banking Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Voice Banking
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Voice Banking market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Voice Banking market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Banking Sectors and Government Bodies.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.