Banking on Voice – ENACOMM & Bank Independent – Voice Tech Podcast ep.058

Stacey Zuniga ENACOMM

Episode description

On the show this week, we welcome Stacey Zuniga, the VP of Financial Services at ENACOMM, a FinTech provider of intelligent interactions and customer authentication for banks and financial services companies. Also joining us for the conversation is Kelly Burdette, the Senior Vice President of Digital and Product at Bank Independent – a customer of ENACOMM.

Talking with both the technology provider and the client about how voice banking was implemented on Alexa makes for a well-rounded discussion. You will learn about the rationale behind the project and, from Kelly’s perspective, what it is like to compete with other banks and stay ahead of the curve.

Our guests explain the benefits of voice banking, including improved accessibility, convenience, security, and human connection. Then Stacey explains the challenges of building financial-grade authentication with the platforms, the bidirectional exchange of information and the necessary changes to integrate the voice platform with the existing systems. We also cover some of the security issues of voice banking and payments, the latest technologies such as voice biometrics, and the importance of multi-factor authentication.

This conversation is particularly relevant considering that it revolves around a service that most of us will inevitably engage, and listeners will hear use cases for how this technology is expected to change the lives of both young and old.

Highlights

  • An overview of ENACOMM, its clientele, and the problems they help to solve.
  • Focusing on bringing engagement technologies to community banks and credit unions.
  • Using engagement in both directions to help raise the level of customer experience.
  • Bank Independent: A locally owned, privately held institution in North Alabama.
  • Offering digital services – including voice interfaces – to customers in 38 other states.
  • Considering how to repurpose the telephone banking system into modern technology.
  • The partnership between Bank Independent and ENACOMM as their FinTech provider.
  • Being the first in the community bank space to come out with a fully functioning Alexa skill.
  • The proactive decision to incorporate a voice interface for their tech-savvy customer base.
  • Differentiating between having an Alexa skill and creating a fully-functioning one.
  • The experience and specific challenges involved in creating an Alexa skill for a bank.
  • Find out how conversational technology is different from menu-driven technology.
  • Prioritizing security and privacy and ensuring that the right protocols are in place.
  • Gaining safe access to information by partnering with Jack Henry & Associates.
  • A story about how the Alexa skill has made a significant difference in someone’s life.
  • Considering how voice banking removes barriers and offers additional security.
  • Perspectives on how banks view security concerns with voice: Threat or opportunity?
  • Factors that are currently preventing the use of voice biometrics for confirming identification.
  • The voice steps and protocols involved in the two-factor authentication process.
  • The need to implement further risk-avoidance tools before allowing external transfers.
  • Kelly and Stacey’s respective visions for voice tech in banks and voice tech in general.
  • How banks will mitigate the new opportunities for fraud that voice banking introduces.
  • Taking an appropriate amount of time to validate the correctness of whatever is implemented.
  • Actively working on debit and credit card controls in the ecosystem.
  • The challenge of creating a scalable and customizable system for each new institution.
  • Training support and sales teams so that they are comfortable with new FinTech functions.

Quotes from the show

[03:45] ENACOMM helps financial institutions with voice engagement. — Stacey Zuniga

[07:57] We were the first to come out with a fully functioning Alexa skill in the community bank space.

[13:17] Conversational banking, conversational technology is different than menu-driven technology

[37:08] We have to be cautious as we continue to move into new spaces

Links from the show

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