The voice revolution: how companies can adapt their CX strategy

Customer experiences can make or break a business. According to a study by Temkin Group, about 73% of companies with “above average” customer experiences perform better financially than their competitors. Therefore, dedicating time and money to an outstanding CX strategy can be just as important as developing the product or service you are offering. Most customers are willing to pay more for a great experience. 

With several sectors experiencing an accelerated shift to digital in the past year, the market has become saturated. It can be challenging to stand out in a myriad of similar products and services. That’s where innovation in the customer experience is a game-changer. Voice technologies have the potential to be the differentiating factor that can elevate the customer journey.

The transformative power of voice

Over 4.2 billion voice assistants are in use on devices worldwide, and by 2024 that number is estimated to double. The pandemic that took hold of the world in 2020 resulted in many countries going into lockdown and people spending more time at home than usual. A lot of people took this as an opportunity to invest in new technologies for their homes, causing a global boom in smart speaker purchases and fast-forwarding the adoption of voice assistants by three to four years. 

Voice-activated speakers and all their exceptional functionalities are becoming part of users’ daily lives. This voice technologies incorporation into the private sphere is changing consumer behavior as people become more comfortable with voice-powered solutions in their day-to-day tasks. 

Use cases for voice assistants

Voice payments in the fintech industry

While most people use voice assistants to search for information, play music, or check the weather, there is a small –but growing– portion of society that is venturing into voice payments. The convenience of using voice for identity authentication makes it a considerably more attractive alternative to typing out long credit card numbers or memorizing PIN numbers. About 28% of voice assistant users have already made purchases using voice, and 44% expressing further interest in voice banking.

The pandemic has made ‘contactless’ the way to go for most interactions, opening up the playing field for introducing voice technologies to banks and financial institutions. As more people begin to trust voice assistants with their financial security, customers have started using their voice to check their balance, make transfers, and pay their bills. There is a great potential to transform the banking experience for customers as voice technologies can effectively communicate sensitive information at scale. 

Conversational AI in healthcare

If there is an industry that has been in the trenches during the pandemic and can considerably benefit from the power of voice technologies, it’s the healthcare industry. Healthcare systems that have been overwhelmed by the large influx of patients can recur to voice technologies to lighten the flow. Long wait times on the phone are in the past as voice assistants help human agents answer simple queries through automation. 

Voice biometrics can be extremely useful in this industry by helping healthcare professionals authenticate their patients in a more frictionless manner, have quick access to patients’ medical records, and provide a seamless interaction. 

The use of chatbots and voice assistants when interacting with healthcare institutions can create an image of a cold and impersonal experience for patients. However, voice technologies have come a long way since the days when answering machines were automated, robotic voices.

Voice assistants use Conversational AI (CAI) to engage in human-like dialogue with patients, capturing context and providing intelligent responses. Lili, Vozy’s assistant, goes one step further by understanding and speaking eight different Spanish accents from across Latin America using Neural Text To Speech software, creating a more personalized experience that leads to fulfilling engagements with patients.

The voice revolution is here to stay

The key to a successful business lies in its ability to adapt to the changing landscape. An area that should not be ignored when introducing innovation to a process is the customer experience. Voice technologies provide companies an opportunity to create exciting and engaging interactions throughout the customer journey. These technologies have proven to be invaluable for different industries, such as fintech and healthcare.