Voice next big thing in ASEAN fintech, e-commerce

THEY’RE interactive, intelligent, immersive, and best of all, hands-free.

Voice-powered transactions loom as the next big thing in financial and e-commerce transactions worldwide and especially in an ASEAN region that is now a global powerhouse leading the shift to digital and mobile payments, according to a leading fintech and global digital payment company

“Mobile payments have a sweet spot in emerging markets. From 2018 to 2019, mobile payments growth surged 19%, 17%, 14%, and 9% respectively for Thailand, Malaysia, the Philippines, and Indonesia. Meanwhile, in the region’s fastest growing economy Vietnam, there was a whopping 24% increase in usage,” said Nilendu Mukherjee, Regional Sales Head, ASEAN at Financial Software and Systems (FSS).

“Southeast Asia has produced a whole digital generation whose first experience with the Internet is via smart mobile devices. The region is set to leapfrog technology once again with digital transactions initiated and fulfilled, more and more, via voice,” Mukherkjee added.

In the Philippines, 25% of the population comprises millennials who are mobile-savvy and seek new-generation products to meet their payment, credit, remittance, and other financial needs. E-money and mobile payment apps are already in wide use in the country promoted by banks, fintechs, quasi-financial institutions, and notably telecommunications companies who were the first to envision mobile money and e-wallets.

 

Money talks, literally

In the spotlight today are digital voice assistants that can potentially end the era of thumb-thumping.

FSS reckons there are already close to 2 billion voice assistant-installed devices in people’s hands, worldwide between Apple’s Siri, Google Assistant, Microsoft Cortana, and Amazon’s iconic Alexa. Off those who possess these devices, 54% already use the voice assistants at least once a day. FSS expects that by 2023, eight billion voice assistant devices will be in use globally.

Imbued with artificial intelligence, machine learning and natural language processing, a voice assistant’s popular application for banking and finance will include card management and bills payment, merchant payments, access to loan products, stock quotes, and advisory services to a diverse ASEAN region that is home to many different languages and dialects.

“Money talks in quite a literal sense now. For our partner banks the voice opportunity lies in new market opportunities, achieving digital operational excellence, and deepening customer engagement given personalized experiences, said Ram Chari, FSS Global Business Head.

“FSS is gung-ho on voice as part of the company’s two-pronged approach to strengthen its market position: consolidating key strategic partnerships with leading banks, processors and fintech companies to develop targeted payment propositions; and investing heavily to build state-of-the-art infrastructure to drive growth and innovation. In this way we capitalize on a booming digital payments market,” Ram Chari added.

ASEAN occupies a central position in FSS’ global expansion strategy and the company believes that local presence in the region will help serve the local customer base better by developing targeted financial products and services.

 

Voice Commerce, Digital and Social Banking

In anticipation the Seamless Philippines 2019 exposition where the company will demonstrate its voice-powered platforms as well as other products addressing next-gen financial needs and promoting financial inclusion, FSS ASEAN Regional Sales Head Mukherjee elaborated on the company’s proposition:

“Our end-to-end digital banking solution stack ranging from mobile banking, instant payments, social banking, voice commerce, and QR code to Toggle – card control mobile application seamlessly integrates with legacy systems to address varied digital transformation needs of our clients in an accelerated, seamless, and secure manner. We have built state-of-the-art infrastructure, and a strong pool of specialized resources with diverse skill sets in the field of payments to localize our solutions for the ASEAN market.

Added Chari: “Consumers in the ASEAN, particularly the young and affluent, are becoming increasingly sophisticated and ready to embrace digital and mobile banking. Governments, banks, fintechs, and payment providers in the region are therefore looking for a reliable partner to navigate the new technology to provide a digital-first, omnichannel customer experience, while ensuring compliance with ever tightening regulatory guidelines. FSS, with its deep expertise across the payment spectrum, is a reliable partner for transformation and delivery of new generation payments.”