Security remains a priority, with advancements in voice biometrics, multi-factor authentication, and fraud detection algorithms, ensuring that voice banking is not just convenient but also highly secure. As financial institutions embrace LLMs and Generative AI, voice banking is set to become more intuitive, proactive, and personalised than ever before.

As per a Cognizant survey, customer behaviour is changing from using the eyes to read text and fingers to swipe, to using voice and ears to talk and listen. Voicebots have a clear win here. They surveyed 1400 respondents and 80% of people felt voice AI has a game-changing impact on how the banking sector operates.

How Voice AI Technology is Reshaping Business Communication

Voice AI is no longer a futuristic concept—it’s rapidly becoming a core component of business operations. From customer service to internal collaboration, AI-powered voice assistants are transforming how businesses interact, automate, and scale.

Tech giants are racing ahead: OpenAI has expanded its Advanced Voice Mode, Microsoft has enhanced Copilot AI’s voice and reasoning abilities, and Meta has integrated voice AI into its messaging platforms. According to IBM Distinguished Engineer Chris Hay, these advances are game-changing:

“We’re entering the era of AI contact centers. Every small business can now offer enterprise-level customer service.”

At the heart of this revolution is real-time AI communication. With low-latency APIs reducing response times to under 200 milliseconds, conversations with AI are becoming seamless and human-like. Businesses can now deploy AI-powered voice agents at scale—enhancing customer experience, reducing costs, and unlocking new revenue streams.

• AI-Driven Contact Centers: Small businesses can now offer enterprise-level customer service with AI agents.
• Personalised AI Assistants: Companies like Meta are integrating celebrity-inspired AI voices for a more engaging experience.
• Fraud & Security Risks: As AI voices become more lifelike, verifying identities will be crucial for fraud prevention.
• Accessibility & Multilingual Support: Voice AI can break language barriers, making financial and government services more inclusive.
• The Future of Wearable AI: AI voice assistants may soon integrate with smart glasses and AR, enabling real-time, on-the-go assistance.

With the global voice AI market projected to reach $47.5 billion by 2034, businesses must adapt or risk falling behind. As LLMs and generative AI continue to evolve, the way we communicate with machines and each other is about to change forever.

Why Voice Assistants Are Essential in 2025 and Beyond

Consumer behaviour is shifting rapidly, driven by the demand for faster, more seamless interactions. People no longer want to navigate complex menus or type out queries—they expect instant, hands-free solutions. Voice technology is meeting this demand, integrating effortlessly into daily life. As per the PwC report:

• 90% of consumers are familiar with voice-enabled products, and 72% have used a voice assistant.
• Adoption is driven by younger consumers, high-income households, and families with children.
• 74% of users interact with voice assistants at home, showing a shift toward voice-first experiences for routine tasks.

As voice AI becomes more sophisticated, businesses that embrace this trend will create frictionless experiences, while those that ignore it risk losing relevance.

The Business Case for Voice Assistants

• Customer Expectations Are Changing: Consumers increasingly prefer hands-free, instant interactions. Businesses that fail to adapt may lose engagement.
• Voice-Driven Commerce Is Growing: 50% of consumers have made a purchase using their voice assistant, and 25% are open to doing so in the future.
• AI-Powered Customer Service: The rise of real-time voice AI APIs allows businesses to offer faster, more personalised support—no long wait times, no frustrating menus.
• Smart Home and IoT Influence: 89% of consumers consider voice assistant compatibility when purchasing smart home devices.

Challenges to Overcome while adopting Voice AI for Banking

While adoption is rising, businesses must address key barriers:
🚧 Trust & Security: 46% of consumers don’t fully trust voice assistants to process orders correctly.
🚧 Privacy Concerns: Users want more control over how their data is used.
🚧 Limited Awareness: Many users only leverage basic functions, missing out on advanced capabilities.

Consumer behaviour is evolving toward convenience and immediacy, and voice AI is at the forefront of this shift. Businesses that integrate voice technology into their strategy will lead the next era of customer engagement. The question is—is your business ready to adapt?

What can voice banking do today? Here are the top 5 voice bot use cases in banking

Voice banking is the technology powered by AI that allows users to access banking services through their words or voice commands. For example, a customer can either call their bank’s voicebot or talk to the official voice assistant and enquire about their account balance, locate a nearby ATM, block their card, etc. 

There are many use cases of voicebots in the banking sector. We look at the top 5 in this blog.

1. Customer support: resolve frequently asked questions right away

In the banking industry, customers usually across similar types of queries. 

• What is my bank balance?
• Where is the nearest ATM?
• How to change the registered address with my bank account?

These are some of the most commonly asked questions every customer support team in a bank receives. 

A voicebot can smoothly guide your users through these questions from A to Z. A smart voice banking bot can talk to your users like a live representative does, and lead them to apt resolutions. Because the response is quick, it reduces customers’ wait time and resolution time for FAQs. 

This is exactly something a basic IVR lacks, a technology many banking services are still using. While an IVR can merely collect information and transfer it to an agent, a banking voicebot can alone resolve most level 1 questions. This frees up room and time for your agents to focus on more complex questions.

2. Upsell / Cross-sell: suggest intelligently 

Customers are always looking for the best option from the range of services available. Let’s take the example of a credit card. A bank provides different types of credit cards, depending on your spending, the reward expectations, where the credit card can be used, interest rates, international usage, etc. 

A voicebot can ask relevant questions and suggest the best option to the customer. It helps customers make decisions quickly and complete the purchase. And this kind of interaction is very personal, making the customer experience 10x better. 

On the other hand, a traditional IVR system or a website does nothing but delivers generic product suggestions. Voice banking can go a step further and suggest products based on the account information (demographic, account type, etc.) and interaction history too. Intuitive, smart suggestions that are personalised can make all the difference.

3. Detect fraudulent activities right away

As technology advances, so do new ways of cybercrime. People place a lot of trust in banks and it’s important for banks to keep funds protected in every way they can. Fraudulent activities can be detected and flagged by voicebot AI’s state-of-the-art fraud detection algorithms.

A quick-witted voice banking chatbot can pick up on various verbal and behavioural cues in the speaker’s vocal input to detect fraud before it occurs. How can you train your banking voicebot to do this?

• Review and analyse past fraudulent calls 
• Use a dataset of common phrases and keywords scammers use
• Use a performance sheet to flag calls based on these trigger phrases 

A big advantage voicebots have in the banking sector over traditional IVR (or the bank’s website) is their ability to map emotions and urgency in the user’s speech. AI powers voicebots with sentiment analysis to understand the tone and emotion in the user’s speech. It helps identify the right user, and note the urgency in their speech.

You can train a voicebot to identify conventionally fraudulent behaviours. This way you can mitigate risks as and when they come. Talk about keeping customers loyal, keeping their data safe is the first step. 

4. Personalise interactions: stay ahead on customer info with tech integrations

No two customers can be alike. And so, one of the biggest drawbacks IVR systems and banking websites today have is the lack of personalisation. Every user will have different questions to be answered and varying expectations to be fulfilled.

A smart voice banking bot will know your customer’s details (through your CRM) and even your customer’s preferences (through your marketing automation tool) before it can give an educated, well-thought-out response. Your tech integrations will let you gather data as and when needed.

5. Loan and Debt Recovery: Follow up and engage customers better

Customers use banks for getting loans and credit cards. Customers then pay EMIs to settle the debt. Banks involved in such services, have to follow up with customers in loan or debt collection.

Voicebots can be used to send reminders to these customers. And since these are bots, customers are more comfortable talking to them honestly than with humans as they feel it’s less judgemental. 

But is voice banking safe? 

One of the top concerns for the banking industry is safeguarding their clientele’s financial information. Security reigns supreme for financial institutions. 

Voice technology is evolving rapidly and a lot of leading researchers are using AI to improve voice recognition technologies. When a user calls a voicebot, the AI matches the user’s voice with several unique identifiers. 

In addition, if something looks out of the ordinary, AI triggers a whole set of measures to ensure there’s no breach in security. In a nutshell, the future is bright for security in voice banking. 

Refining and getting your voice AI ready for the banking support future

Voicebots are built with simplicity in mind. Using voice is natural to the users. Calling customer service is a familiar action and faster too. Today, customers are looking for convenience and voicebots are delivering on it. 

Inefficient IVR systems have alienated customers from phone banking. But voice banking chatbots will change that with quick, efficient responses that save time, money and a lot of worries. 

A research study by Strategy& at PWC shows that banks can become efficient by up to 35% by deploying voice AI across their front and back-end processes. 

Verloop.io is the leading voicebot technology provider for customer support teams. Our Voice AI is fortified with proprietary NLP and spoken language understanding (SLU), our offering support to people as, when, where, and however they need it.

Learn how you can use a voicebot to improve your customer support experience by talking to our experts!