Voice: Next big thing in fintech, e-commerce
VOICE-powered transactions loom as the next big thing in financial and electronic commerce (e-commerce) transactions worldwide, and especially in a Southeast Asian region that is now a global powerhouse leading the shift to digital and mobile payments, according to a leading financial tecgnology (fintech) and global digital payment company.
“Mobile payments have a sweet spot in emerging markets. From 2018 to 2019, mobile payments growth surged 19 percent, 17 percent, 14 percent, and 9 percent respectively [in] Thailand, Malaysia, the Philippines and Indonesia. Meanwhile, in the region’s fastest growing economy, Vietnam, there was a whopping 24-percent increase in usage,” said Nilendu Mukherjee, regional sales sead, Asean at Financial Software and Systems (FSS).
In the Philippines, 25 percent of the population is made up of millennials who are mobile-savvy and seek new-generation products to meet their payment, credit, remittance and other financial needs. E-money and mobile payment apps are already in wide use in the country, promoted by banks, fintechs, quasifinancial institutions, and notably telecommunications companies, which were the first to envision mobile money and e-wallets.
Money talks, literally
In the spotlight today are digital voice assistants that could potentially end the era of thumb-thumping.
FSS reckons there are already close to 2 billion voice assistant-installed devices in people’s hands worldwide, between Apple’s Siri, Google Assistant, Microsoft Cortana, and Amazon’s iconic Alexa. Of those who possess these devices, 54 percent already use the voice assistants at least once a day. FSS expects that by 2023, 8 billion voice assistant devices would be in use globally.
Imbued with artificial intelligence, machine learning and natural language processing, a voice assistant’s popular application for banking and finance would include card management and bills payment, merchant payments, access to loan products, stock quotes, and advisory services to a diverse Southeast Asian region that is home to many different languages and dialects.
“Money talks in quite a literal sense now. For our partner banks the voice opportunity lies in new market opportunities, achieving digital operational excellence, and deepening customer engagement given personalized experiences, said Ram Chari, FSS global business head.
Southeast Asia occupies a central position in FSS’ global expansion strategy and the company believes that local presence in the region would help serve the local customer base better by developing targeted financial products and services.
“Consumers in [Southeast Asia], particularly the young and affluent, are becoming increasingly sophisticated and ready to embrace digital and mobile banking. Governments, banks, fintechs and payment providers in the region are therefore looking for a reliable partner to navigate the new technology to provide a digital- first, omnichannel customer experience, while ensuring compliance with ever tightening regulatory guidelines. FSS, with its deep expertise across the payment spectrum, is a reliable partner for transformation and delivery of new generation payments,” said Chari.