Voice AI Will Change How We Bank
As Waymo’s success in ride-sharing demonstrates, technologies can quickly transform industries. Similarly, autonomous voice agents are poised to revolutionize banking. Financial services already represent a significant portion of global contact center spending, and voice AI offers substantial cost savings and efficiency gains.
Voice AI has become increasingly capable, often exceeding human performance in specific tasks. Its ability to scale on demand, offer 24/7 service in multiple languages, and reduce costs makes it an attractive option for financial institutions. Imagine an immigrant who can interact with an AI agent in their native language to resolve financial queries without taking time off work. Such conveniences highlight the potential of this technology.
Recent technological advancements have enabled AI voice models to overcome previous limitations in latency and emotion, fueling the development of new applications. For example, the integration of internet search in ChatGPT’s Advanced Voice Mode and Google’s Gemini 2.0 with native audio have spurred a surge in voice agents and AI scribes across various sectors. Platforms such as ElevenLab’s conversational AI, Vapi, Retell, and Bland have emerged to streamline the implementation of these models.
To succeed in financial services, voice agents must address industry-specific requirements, including:
- Compliance and Regulations: Adherence to strict financial regulations, including measures against financial crime and fraud.
- Custom Integrations: Integration with on-premise systems and legacy data.
- Domain-Specific Knowledge: Training on comprehensive industry terminology and financial products.
Ultimately, voice AI presents a powerful opportunity to reshape financial services by automating workflows and enabling the creation of new AI-native systems.
If you’re building in this space, we’d like to hear from you.
When to Hire a CFO
As companies evolve, the need for financial leadership changes. Early-stage companies may initially hire a finance leader with broad skills, but as businesses scale, a dedicated CFO becomes essential. Brian Roberts, a General Partner at a16z and former CFO of several high-profile companies, advises founders to regularly assess their organization’s finance needs to determine the appropriate time to hire a CFO.
