FB pixel

Voice and speech recognition predicted to reach $6.9B by 2025 as Alexa-powered banking trials launch

Voice and speech recognition predicted to reach $6.9B by 2025 as Alexa-powered banking trials launch

The global market for voice and speech recognition technology is expected to vault from $1.1 billion in 2017 to $6.9 billion by 2025, and market intelligence firm Tractica characterizes it as the tip of the technology spear for sophisticated voice services. The new market prediction comes as digital banking services provider Central 1 has announced the launch of pilots by two credit unions of authenticated voice banking services using Amazon Alexa.

Pilots by Innovation Credit Union and Conexus Credit Union are the first of their kind in Canada, according to the announcement, and use Central 1’s conversational user interface with continual accuracy improvement driven by machine learning and artificial intelligence. The skill was developed in collaboration with design agency Point One Digital to follow best practices in design, customer experience, and “Lean” principles. The conversational aspect also includes “Easter Eggs” to improve customer engagement and provide financial tips.

The service is protected by built-in authentication and security measures, including OAuth and Amazon voice biometrics.

Assuming the pilots are successful, the technology will be rolled out to all customers in the fall.

Leading use cases for the technology will include clinical documentation for healthcare, automotive virtual digital assistants, and voice commerce and customer service applications, according to Tractica’s “Voice and Speech Recognition” report. The company also expects voice technology will also be used in applications such as smart home controls, security and authentication, and voice search.

“Speech recognition technology has been around for quite a while, but it was the emergence of smartphones and cloud computing that was the real game-changer for this market,” says principal analyst Mark Beccue. “Artificial intelligence algorithms have improved voice and speech recognition accuracy rates significantly in the span of a few short years, and these new capabilities are enabling a wider range of applications for spoken interfaces across multiple industry sectors.”

Learn more about how the integration of AI VPAs into self-servicing is a ripe opportunity for banks to differentiate from competitors.

Article Topics

 |   |   |   |   | 

Latest Biometrics News


U.S. academic institutions get biometric upgrades with new partnerships

A press release says ROC (formerly Rank One Computing), which provides U.S.-made biometrics and computer vision for military, law enforcement…


Smart Bangladesh 2041: Balancing ambition with reality

Bangladesh aims to be a “Smart” nation by 2041 as the country goes through a drastic transformation founded on digital identity…


Nigeria’s NIMC introducing one multi-purpose digital ID card, not three

The National Identity Management Commission of Nigeria (NIMC) has clarified that only one new digital ID card with multiple functions…


Age assurance tech is ready now, and international standards are on their way

The Global Age Assurance Standards Summit has wrapped up, culminating in a set of assertions, a seven-point call-to-action and four…


NIST finds biometric age estimation effective in first benchmark, coming soon

The U.S. National Institute of Standards and Technology presented a preview of its assessment of facial age estimation with selfie…


Maryland bill on police use of facial recognition is ‘strongest law in the nation’

Maryland has passed one of the more stringent laws governing the use of facial recognition technology by law enforcement in…


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read From This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events