Alexa, change the world!

Alexa, change the world!

1 Jun 2022 | Vishnu Saran

Exploring the bright future of Voice Tech

Any company that has a large customer base and is looking for options to efficiently and effectively communicate with all the customers in a personalized conversation must consider adopting Voice soon. 

Let us take a look at the benefits of Voice Technology in different sectors: 

Banking:

Imagine if a bank can have unlimited human resources. 

Every customer would get undivided attention and personal care, which will obviously not just increase customer satisfaction but help to sell and upsell more banking products to the customer.  

This is possible with AI. With conversation AI, banks can essentially create an on-demand assistant 24×7 for any and every customer across the world. These assistants can not only clarify the queries of existing customers but can also double the number of potential sales reps campaigning for new banking products.

For example, imagine a user who is actively looking for a home loan.
Going through the troublesome process of searching everywhere and contacting a dozen banks, he would also try searching on Alexa by saying, Hey Alexa, I need a home loan.

If a bank already has an application that can handle this request, Alexa can potentially suggest the application to the user similar to how Google search promotes relevant websites.

This new potential customer would be delighted if all of his questions were now being answered with just a simple voice command. It is a win-win for the customer as well as the bank since this entire process involves zero additional overhead for the bank. All the conversations are powered by AI, integrated with their secure databases that get these rich qualified leads.

Hospitality:

This is one of the most widely explored use cases with respect to voice technology. The use of telephones in luxury hotels and voice ordering in drive-throughs are immensely popular across the world. All of these services have expensive overheads and human limitations for a business to maintain. 

Imagine if all telephones in a hotel were replaced with voice assistants. Every command of the guest can be automated and served with intelligent systems that can arguably do a better job than a human.  

These automated assistants can control the lights, thermostat and other appliances in the room. They can give recommendations of nearby attractions to tourists, the assistants can take a room service order, delegate it to the respective department and also log the request into a recommendation engine to serve the guest better on his next visit. All of this in just a fraction of a second for less than a tenth of the cost. 

Many hotels and restaurants have already implemented such systems successfully in North America. There are exclusive startups building voice ordering for restaurants and drive-throughs.  

Edutainment:

Most excited demographic about smart devices is definitely the ages 4 to 14. 
Children will grow up with these voice assistants, becoming more and more efficient. They will communicate with these devices more naturally than the rest of us who have some inertia with respect to using traditional touch and see devices.  

Also, the easy accessibility for children to these devices that sit in their living rooms, bedrooms and cars would encourage consumption of content via these voice devices.  

This gives an excellent opportunity to innovate in the field of education and entertainment. The new form of storytelling and gaming that takes user input frequently and is capable of having a contextual conversation allows us to create games and stories that not only entertain the kids but also educate them.  

One of the popular examples is that of Mental Madness, a skill developed by StoryQube that challenges the kids to compete with a monkey in counting numbers but replace the number with the word “mad” when it is the turn of a number that is a multiple of an allotted number in that level.

This game is extremely competitive and fun. It also observes patterns where each kid is faltering and where they are able to identify the multiples very well.

Similarly moral decisions, ethics and a whole array of educational stories and games can be created by existing IPs furthering their connection with fans.  

Metaverse:

This is the biggest use case for Voice in the next decade. Everyone is going to be on the Metaverse. We have seen the biggest companies invest billions of dollars in this next stage of human evolution. However, the technology right now is pretty cumbersome and the user experience is still based on Graphical User Interface where you point and select things.  

This is obviously going to be overhauled into a completely voice enabled device that would be like our own personal Jarvis or Friday style assistant that Tony Stark famously uses. 

Everything on the Metaverse from communication to options selection, commerce and navigating applications would be automated with voice. Since that is the easiest and most intuitive form of talking to machines in the 21st century.  

All of this is obviously very exciting. This is like the early days of internet or mobile apps. The first one to invest big and stick to this interface will have a major market share in the future. We are potentially looking at products that can trump Google search and other recommendation engines.  

Just take an eagle eye view of the situation.

There are more than 150 million consumers who are using these devices. However not even 0.1% of businesses and enterprises that serve these 150mn consumers have jumped on to leverage these new conversational interfaces.

We at Wavelabs have partnered with VoiceQube to expand our expertise in conversational AI and Voice Technology. We help businesses add voice to their applications & help build multiple voice interfaces, including Alexa, Google and customized voice interfaces.

If you would like to know how your business can benefit with Voice, we are happy to give you a free voice strategy audit and demo. Our team can brainstorm with you on what can be done for your enterprise and how you can leverage conversational AI in your business.  

You can alternatively reach out at [email protected] for any further information.