USA credit union members to bank through voice interaction technologies

Credit unions across the USA will provide members the opportunity to conduct routine online or mobile banking actions via voice commands.

The service will be available through Financial Innovations Voice Experience (FIVE), an initiative developed by technology company Best Innovation Group (BIG) and based on the Amazon Echo Alexa Voice Service.

BIG has reached a reseller agreement with Symitar, a provider of integrated computer systems for credit unions, which will enable the later to integrate their voice banking technology with existing core systems.

Customers using the technology will be able to ask about an account balance or pending payment, begin the request for an additional account, report a lost card or change of address or make a payment and transfer money.

John Best, president and chief executive of BIG, said: “I believe that the next level of service isn’t about adding new channels, but about how we can enable the channels members are using to be more intuitive. We were very pleased when Symitar understood our vision and helped bring it to life with an interface that greatly expedited our time to market. The organisation brought open mindedness, creativity and leadership to a project highly relevant to the future of banking.”

Baxter Credit Union, which has assets of $2.3bn is positive about using the technology. Chief information officer, Jeff Johnson, said: “Having personal assistant devices as another member interaction touchpoint affords our credit union the constant awareness and engagement with our members to further cement and maintain key banking relationships.”

Ted Bilke, president of Symitar, added: “This is the digital banking environment we’ve only imagined, having virtual personal assistants go beyond the scope of weather forecasting and reading calendar reminders to actually help manage financial activity. We believe it’s our responsibility to create and enable a larger ecosystem of technology offerings in order to continually improve credit unions’ financial interactions with their members. The influence of BIG and the resulting FIVE initiative is Symitar’s way of proactively addressing market needs with services indicative to consumers’ lifestyles.”