Is Voice-Recognition The Future Of Banking? Wells Fargo Thinks So

Who needs to go to the bank when you have a smartphone. Unless you really want to talk to a living, breathing person, you might not have to trek to the bank in the future. That’s because some banks are looking to add voice-recognition technology to their mobile banking repertoire.

Wells Fargo announced it recently began testing voice-recognition technology that consumers can use to check their spending habits and bank account levels, The Charlotte Observer reports.

Bank employees tested the product over the summer, but the company does not have a timeline for launching the product.

Officials with Wells Fargo say the technology is about bringing “powerful interaction” to consumers. The voice command option would allow consumers to use natural language to move between a “tangled web of drop-down menus”.

The use of voice command technology isn’t new to the financial world. Last year, Barclays announced it was getting in the game by replacing security questions with voice-recognition software.

Barclay’s system compare the customer’s voice to a unique voice print on file. When the program determines that the caller is indeed the customer, the system silently alerts the rep. If the program does not recognize the caller, the rep will then ask standard security questions.

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