Almost every tech company now has its own language assistant. Whether Amazon Alexa, Apple’s Siri or Google’s Cortana, the female voices to simplify everyday life, take regular purchases, make phone calls and generally serve as a personal, always available assistant. So why not handle his banking business?

The basics of banking can even be done via voice assistants. For example, Amazon Alexa can be asked for the account balance and even make simple transfers.

It becomes more difficult with more complex actions. For example, the sales summary of an account cannot yet be presented by Alexa as few as an overview of the securities account.

It then lacks visualization, which would be necessary for such more comprehensive information. Nevertheless, the language assistants with their current capabilities are already an asset to everyday banking and comfort cannot be beaten.

The milestone comes from America:

Bank of America, from the United States, has recognized this problem and developed its own Voice First program. Erica, the name of the assistant, combines voice control with the visualization in the associated app and analysis based on the usage data collected in the style of Big Data.

In addition, Erica can also send information via SMS. This combination of different forms of presentation is currently the most advanced thing on the market in voice banking, if only because Erica is its own so-called “Voice First” program operating independently of Alexa, Cortana or Siri.

Although banks such as CapitalOne or ING have also included voice banking features in their offer, these only include the simple rendering of information about Alexa, without the integration of artificial intelligence.

The online bank allows the control of their app via Siri, so the account balance can be queried and money sent. Amazon has provided a first at least theoretical approach to visualization with “VoiceCast”.

This option is designed to beam content from Alexa on Fire tablets and give Alexa a face in the figurative sense. Whether this function also works with sensitive data such as those of banking is still open.

The future is diverse

Whether voice banking is now the future of finance, you cannot answer as flat. At the moment, the language assistants are indeed enrichment for the convenience, but they are not yet complete and detailed enough to meet the requirements of banking.

Until then, however, there is still a long way to go and so online banking remains the measure of all things.