Is banking with Alexa the future? AI and banking

Artificial Intelligence (AI) has been around in banking for a long time now but with the introduction of voice assistants such as Siri and Alexa, the concept is being stepped up a notch.

Amazon are now in talks with JP Morgan Chase & Co, as well as online banking entities such as Monzo and Capital One, about how voice-controlled AI device Alexa can be used for online banking, enhancing our customer experience and making our accounts more accessible than ever before.

banking with Alexa

Like a lot of modern technology, Alexa works to make the little things in our lives as easy and hassle-free as possible. You’re probably used to hearing the name ‘Alexa’ or ‘Echo’ being shouted around the household. Whether it’s asking it to play your favourite songs and playlists, to finding out about the weather or the latest football scores – you probably didn’t expect to be using it for your banking.

A survey conducted by Javelin Strategy in the USA revealed that 47% of people are likely to use Alexa for checking our account balances and 39% would use it to make a payment. As for the future, many are speculating that Amazon will step into the financial market. With this new step into banking, we could one day be asking Alexa for a loan directly. Clearing your minor debts may be as easy as simply asking Alexa to transfer money to one of your payee’s – no lengthy log-ins to your online banking, inputting endless details and making your way through multiple confirmation pages.

Soon you may be able to check your bank account by speaking a word and getting access with no effort.

With leaps in technology, the Fintech industry is moving in a scary but very exciting direction. Choice Loans reviews how it’s using voice assistant to improve their customers banking experience.