The Future of Voice

Voice is becoming increasingly important in our everyday lives.  Major companies like Google, Amazon, Microsoft, IBM, Verizon and others have been investing their efforts in devices that allow us to use our voice to achieve basic tasks.

YourAnswer has taken a different approach, by building a Real Intelligence Engine™ that understands the meaning of words and phrases that can be implemented on your website and/or app for digital banking, or for e-commerce with a deep understanding of your products.  This allows your site visitors or app users to use their voice-enabled devices (such as a smartphone, tablet or even a desktop computer) to have a highly customized and interactive experience.

Bank of America has developed a Virtual Assistant mobile banking app called Erica, which uses speech recognition to help users perform transactions and manager their banking needs.  In the June 2022 quarter, Erica had 43 million users and 123 million interactions, which validates its value to bank customers and that voice has come of age.  

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The growth in voice has been rapid, and this is not surprising given that researchers at Stanford University showed that speech recognition is three times faster than typing on a mobile phone.  Click here to see further details of this research.

We provide a summary of some of the key findings and predictions relating to the use of voice below:

MoffettNathanson’s Greg Melich summarized the voice shopping situation as follows:

“The growth curve of voice shopping looks a lot like the trajectory of mobile commerce seven years ago,” when less than 10% of American consumers made purchases on their cellphones.

“If you’re a retailer and you’re not preparing for this significant trend of e-commerce going toward v-commerce, then you won’t be around.”