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Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

I, Robot can understand your plain customer language

17 May 2009  |  3366 views  |  0

Ever wondered, how would it feel to instruct a machine buy telling it "bring me a coffe" or "pay my bills"? You can do it today. Err.. at least almost.

Natural language interface is an idea that is pretty well developed by now. Simple sentences can be automatically transformed to instruction codes with a high probability of being correct. So a task worded like "pay my Vodafone bill of 18.50 euros" and texted, Twitted or Skyped to my bank can be understood by the 'robot' inside and do the payment for me. Requests can be for example: "what is my Visa card balance?"  "how much did i spend in Tesco recently?", "did i pay my electricity bill this month?" and the answer is coming immediatelly. Even more, I can imagine a call centre technology with speach-to-text capabilities, so i can just say aloud my command to the phone and hear the answer. From He, Robot.

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Comments: (2)

A Finextra member
A Finextra member | 18 May, 2009, 04:55

Have you been reading my older stuff? We are looking to make it even easier than you envisage.

I don't know if the banks are quaified to do such things without it being very risky for the consumer. After all they haven't done so well so far, and identity thieves wouldn't be stealing all our personal data if the banks and super funds didn't make it so easy to steal our money using that data.

One thing is for certain, the dinosaurs runing the banks will soon be gone and we'll see a new definition of financial services, but there's more to the future than financial services, it's all about service integration. Financial services alone have no future, except for niche specialties.

The 'bank' as we have known it is dead. That's plain language.

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A Finextra member
A Finextra member | 19 May, 2009, 10:37

Sure, I read your blog.

However I think banks are not dead, but they need to reinvent themselves. One definition of innovation is to bring up something that will change the current dominant business model. This has not really happened so far.

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