Speech and voice recognition technology – future of banking

Abstract: Security and rich customer experience being the focus areas, adoption of speech and voice recognition is highly impactful for the banking sector. The voice and speech recognition market worth $440.3 million in 2015 is expected to grow at a CAGR of 23.66% between 2016 and 2022. The speech recognition market is experiencing a rapid growth of 15.78% CAGR, with a potential to deliver $9.97 billion value across leading industries by 2022. Increased revenue, goodwill, customer satisfaction, reduction in fraud losses are going to overshadow the barriers such as lack of accuracy of voice systems, cost of implementation, customer resistance to change, etc. The market is driven by growth in the use of biometrics, mobile banking and speech analytics.

Speech and Voice Recognition Technology – the new buzz!

1. The speech and voice recognition are technologies that are progressing rapidly with numerous applications that are convenient and secure.
2. “Speech recognition” and “Voice recognition” are often confusing terminologies and used interchangeably. However, these are different technologies with different set of objectives. These technologies are often offered as bundled solutions.
3. These are widely used in Banking, Financial Services and Insurance (BFSI), healthcare, call centers, automotive and government sectors.