Government agencies in any country are some of the biggest data collecting and storing agencies. They gather primarily big data and analyze it before finalizing any new policy, rule, or regulation. Gone are the days when agencies served as administrative bodies. They mainly focus on setting and enforcing new laws and collecting, processing, and storing information.  Citizens now expect better, more convenient services and programs from federal, state, and local entities. That is why many government organizations have decided to embrace technology to help with their data needs. They implement business intelligence tools and technology to better address the needs of the communities they serve while operating more productively and cost-efficiently.

Application of Business Intelligence in Public Sector

With a BI and reporting solution, organizations in the public sector can streamline and automate tedious data reporting and analysis processes. With more efficient operations, organizations can better allocate resources.

There are several application areas where BI services can help employees in the public sector analyze their data and make smarter decisions quickly. They can always better serve the community with optimized operations and services. Let’s see how:

1. Monitor optimal use of public funds

Public financial management relates to the way governments manage public funds and the impacts on the growth of the economy and the wellbeing of citizens. Managing shared resources involves how the government earns and spends money. Revenue comes from taxes, state enterprises, or foreign aid, etc. Nowadays, agencies use BI dashboards and reporting tools to analyze how this public fund is allocated and used. Additionally, transparency must be maintained among the staff, citizens, and stakeholders, so people responsible for making optimal use are answerable.

2. Study Big data

Government agencies keep collecting a large amount of information related to the population. Whether census data or election voter data, government organizations can discover meaningful correlations between education, unemployment, crime rates, and more by leveraging these large population data sets. They can quickly figure out population categories based on income groups, education status, and age-wise data based on which new facilities can be extended to the required masses.

3. Task and workforce management

Many times, the state faces different kinds of emergencies. The nature of emergencies makes it challenging for public safety agencies to manage their workforce and processes. Power BI and other business intelligence tools create intuitive visual dashboards that access information like ongoing projects and resources involved in the different tasks.

Related articles:

Healthcare Analytics and its Impact on Hospital Performance

Why Your Nonprofit Need Data Analytics and BI dashboards?

4. Healthcare facility overview

With Power BI and other BI tools in place, you can easily consolidate all electronic medical data and records to analyze results in intuitive executive dashboards. Hospital stakeholders can understand the impacts of public decision-making on public health and safety and increase quality reporting compliance and patient satisfaction with minimal cost and time.

5. One common portal for citizen

It is also crucial for the government and public sector to be transparent in their approach. There should be one common portal for citizens to view the information; they need to build trust with the government. The portal can help the automatic publishing of reports accessible by the citizens via the web, which contains constantly updated information on the allocation of public funds concerning all acts subject to transparency. Furthermore, the solution provides an interactive, multi-dimensional analysis system, which allows officials and entity managers to monitor data relating to expenditure and funds and perform complex analyses autonomously on fundamental indicators of effectiveness in the use of funds.

6. Self-service reports for non-technical users

Self-service business intelligence tools enable public sector users to modify reports and dashboards as per their immediate requirements without much dependency on their IT counterparts. Users can filter or produce reports visualizing their critical indicators in the most meaningful way. They can independently create analyses especially addressing their needs, and derive new insight from relevant government processes. Furthermore, it is easy to adapt reports to your specific needs. In this way, self-service functions provide users with a higher level of flexibility in creating reports to non-techy government officials.

Final Thoughts!

The fundamental concept of e-Governance technology use is how you keep a unique, transparent relationship between citizens and the government. To achieve this goal, the organization must leverage a unified, single view across multiple agencies and departments. Power BI and other BI tools like Domo, Tableau, etc., can create rich visuals at their levels. Check out the comparison here.

In the past decade, we have worked for several government organizations and empowered them with our Business intelligence services and customizable dashboards and reports to make the processes and results in the public sector transparent and trustworthy.

Our Business Intelligence experts can assist you in assessing, planning, acquiring, designing, and implementing these robust solutions in record time, generating savings along the way.

If you would like to talk to one of our experts, feel free to contact us today.

The post How Business Intelligence can be useful for Government agencies appeared first on Beyond Key.

Organizations deal with lots of data regularly. But in case you are not able to access or connect with that important data, you are not yielding anything. You are keeping your organizations away from getting the value. This is where Microsoft Power BI comes into play. It helps you solve this problem of Data visualization and sharing on time. In this blog, you can find some of the best Power BI Use Cases and examples that can help in your business.

What is Power BI?

Power BI is the business intelligence component of the Microsoft Power Platform, enabling users to visualize data from Dynamics NAV or Business Central instances along with many other systems, including Facebook, Google Analytics, SharePoint, and website analytics.

One of the biggest advantages of this tool is that the desktop version of the software is free, which means even small businesses on a tight budget can benefit from the visualized data.

Now let’s understand what Power BI service and its types are.

Power BI services

Power BI service is a secure Microsoft-hosted cloud service that lets users view dashboards, reports, and Power BI apps — a type of content that combines related dashboards and reports — using a web browser or via mobile apps for Windows, iOS, and Android.

There are three types of Power BI that you will see on the Power BI pricing page:  Power BI Free or Desktop, Power BI Pro, and Power BI Premium. Check out our blog post: Free vs. Paid Power BI

How can use the Power BI service for my organization? What are the popular Power BI use cases?

Organizations usually ask us how we can use Power BI easily or what kind of visually appealing dashboards and reports can be created to make informed business decisions? Beyond Intranet is a Microsoft Gold partner company which is working on BI and data analytics tools and technology for the last more than a decade.

We have developed several intuitive dashboards and reports which are consumed every day with different people in the organization playing various job roles.

Here are a few of the use-cases where Power BI dashboards and reports can make a difference in the angle of seeing data.

1.Resource Management

2. Financial reporting

3. Sales scorecard

4. Claims, billing, and collection report

5. Inventory optimization

1. Resource Management

We had a leading consumer electronics manufacturer as our client who had multiple productions and device manufacturing sites in various geographical locations.

They needed a Custom BI dashboard to make better decisions on task and resource allocation. We suggested they use Power BI instead of the usual SSRS reports because of the strong visualization capabilities of Power BI. We used the Power Query and Power Pivot in Excel to generate the report. To get a complete overview of resource demand and allocation, we can track key KPIs like:

1. Number of open projects and resources allocated

2. Resources with task count

3. Skills of the resources

4. Project completion percentage

2. Financial reporting dashboards

No matter whatever business you are in, generating revenue and profit is probably your organization’s chief KPI. Tracking your finances with longstanding excel sheets or logbooks is not only difficult but confusing also. You manually keep updating the figures in the cells and eventually tend to lose track. Modern-day businesses have therefore switched to the powerful data visualization tool called Power BI.

We recently developed a PoC of a Financial reporting dashboard for one of our medical devices’ clients. With the unified dashboard, the company could easily understand their complex financial spreadsheets. The got the bird’s eye view of what’s going on with their revenue statements and could take quick decisions on cash flow and product wise sales summary data.

3. Sales Scorecard

The Sales Scorecard is one way we help people to monitor the pulse of their business. The scorecard or the dashboard helps the sales team to have a high-level understanding of what happened with the business the previous day and where things are tracking for the year.

Managers can view the complete scorecard of their team and apply required filters like comparing zone wise sales team performance.

They can slice and dice reports by looking on to the individual team member’s scorecard, product-wise performance, or even geography or time-wise sale. Sales and marketing scorecards are required in almost all types of businesses and we know that customizing it as per your need is equally important to give required output. We are open to any time of customization as well as providing you the self-service Power BI dashboards too.

4. Power BI for Claims, billing, and collection report

Speedy and effective claims handling is the basis for great customer management. Power BI can help to improve the claims management process in any industry dealing with claims. The analysis helps identify trends in claims, loss patterns, and helps reduce the risk of fraud and ineffectiveness.

The claims handlers’ team can optimize the claims and billing process, minimizing losses, and increasing customer satisfaction by speeding up the entire process. Other than this, claim cancellation and delay in the collection are two major issues that need to be addressed immediately to keep the customers satisfied and to bring the required efficiency in the process.

5. Power BI for Better Inventory Optimization

Power BI help identify stock turns, inventory-to-purchase ratio, slow-moving stock, and gross margin return on investment (GMROI) by manufacturer, device, or location.

Through these granular reports created on Power BI, the Inventory head can easily identify how much stock is available for a product. They can do the required sorting of the stock with the manufacturing and expiry dates, prices, and batch numbers.

Power BI’s inventory management dashboards provide:

• Granular reports on Overstock, Understock, and deadstock
• Insights into product/ raw material purchases and re-stocking / re-ordering
• Plans to eliminate the deadstock and bring overall efficiency with stocking
• Reports to track and monitor inventory in multiple warehouses.
• Procurement budgeting and planning across multiple warehouses

Power BI Use Cases: Final Thoughts

If you are considering the implementation of any BI platform for your business, we would advise you to at least give Microsoft Power BI by Microsoft. If anything, you can use the free desktop version which also has a lot of potentials. Even if you are facing any difficulty assessing the platform, we are here to help with our Power BI consulting services. We are your full-service BI solutions partner, assisting through all stages of the BI process from exploration to development, deployment, training, ongoing support, and ultimately your continued success.

To learn more about Power BI or our Power BI consulting Services, click the link below or contact us—we would love to help.

The post Power BI Use Cases appeared first on Beyond Key.

Everywhere we look, data is present. There is data being used even as you read this blog. To put it into perspective, the planet contains about 400,000 bytes of data for each grain of sand. Humans are using data to make better decisions in every sector of society now more than ever. And data analytics is revolutionizing how we interpret this already-existing data. Data analytics as a holy grail is used in every industry, from improvements in healthcare to sports team tactics. But what about data analytics for nonprofits? 

Data Analytics For Nonprofits: A Perfect Bond 

The competition between nonprofits having similar missions and purposes increases as the nonprofit sector expands and thrives. Many nonprofit organizations experience growing discomforts as they aim to retain more valuable donors who frequently give as they develop over time. If you’re a nonprofit looking to achieve that goal, you need to strengthen your bonds with your supporters and provide them with better services. But how? With data analytics! 

Understanding your supporters’ interests, preferences, and behaviors is possible by having useful data about them. Consider sending email and direct mail appeals as an example. According to the data from both channels, email appeals are more effective at looking for supporters to help your cause and raise money for it. You send more email appeals going forward and spend less money on the less effective communication channel because you have concrete proof that your supporters prefer email communication. That is one of the many ways how data analytics powers nonprofits. 

Let’s talk about a few reasons why data analytics can benefit your nonprofit. 

4 Data Analytics Types That Are Beneficial To Nonprofit Organizations 

Every nonprofit’s daily operations include making decisions and solving problems. Imagine being able to reduce both the time and effort necessary to complete them. To do this, what if I told you that you only required the correct data? 

Analytical tools won’t replace your ability to think intuitively. The core of nonprofit work has always been and will continue to be years of experience and interpersonal connections. Data analytics, however, can serve as a compass for you and your business. It can assist in reviewing campaign performance, enhancing donor communications, and boosting productivity. 

Data has the potential to be a practical addition to your work, giving you the information you need to make wiser choices. These data analytics types benefit nonprofits massively.

 1. Analytics Of Projections

• Identifies trends in data to predict future outcomes.
• Can aid in resource allocation and budgetary adjustments. 

 2. Digestive Analytics

• Draws connections between the variables while analyzing various data to shed light on why something occurred. 
• May respond to inquiries about external factors, campaign effectiveness, etc. 

3. Detailed Analytics

• Provides a thorough look at events that occurred during a specific time.
• Provides information on changes and complete comparison between two points in time. 

4. Constructive Analytics

• Predicts outcomes and suggests actions using machine learning.
• Improves perceptions of the risks and advantages of specific actions by allowing nonprofits to encourage potential outcomes. 

Why Use Data Analytics for Nonprofits? 

In the bustling world of nonprofits, data analytics is more than just a trend – it’s a lifeline. It’s about turning raw data into meaningful insights that can propel your organization forward. Here’s why data analytics is indispensable for your nonprofit: 

• Boosting Supporter Engagement: Data analytics can reveal patterns and trends in your supporters’ behavior, helping you to optimize your outreach efforts and strengthen your relationships with them. 
• Enhancing Fundraising Efforts: By analyzing the success of past campaigns, you can fine-tune your strategies to maximize the impact of your fundraising efforts. 
• Ensuring Accountability: Data analytics can provide transparency and evidence of your nonprofit’s impact, which is crucial for maintaining trust with your supporters, stakeholders, and the communities you serve. 
• Forecasting Future Campaigns: Leveraging predictive analytics can help you anticipate future trends and prepare your organization to seize new opportunities. 

However, to unlock the full potential of data analytics, it’s crucial to focus on the right metrics, establish a robust process for data collection and analysis, and maintain data accuracy and consistency. By doing so, your nonprofit can navigate challenges more effectively and amplify its impact. 

Data Analytics For Nonprofits: A Closer Look at Key Metrics 

Let’s walk through some crucial data metrics and see how they can revolutionize the way your nonprofit operates. 

Social Media: Social media platforms significantly enhance nonprofits’ reach and visibility, facilitating volunteer attraction and pro bono consultations. Platforms like Facebook, Instagram, Twitter, and LinkedIn provide unique tools for fundraising and awareness drives. By understanding each platform’s features and audience, nonprofits can optimize their content and strategies. Tracking metrics like reach, engagement, and conversions allows for strategy refinement, making social media an effective tool for achieving nonprofit goals. 

Email Analytics: Email isn’t just a communication tool, it’s your nonprofit’s engagement powerhouse! With email analytics, you can understand and inspire your supporters more effectively. Monitor key metrics like open rates and click-throughs to fine-tune your messaging and calls-to-action. It’s not just about sending emails; it’s about sparking meaningful interactions and driving action for your cause. So, let’s turn data into insight and emails into impactful conversations. Your mission deserves it! 

Fundraising and Donor Analytics: This is where you delve into the heart of what drives your supporters. Imagine being able to identify trends in donation frequency or amounts. Or better yet, understanding your donor retention rate to tailor your communication and recognition strategies to keep your supporters feeling valued and engaged. 

Business and Financial Analytics: These metrics serve as the health check for your nonprofit. They help you track revenue and expenditures, ensuring your nonprofit stays financially healthy and sustainable. More importantly, they allow you to make data-driven decisions, like where to allocate resources for maximum impact. 

Remember, each metric is not just a number – it’s a story about your nonprofit, your supporters, and your impact. And with data analytics, you’re the storyteller who can turn these insights into action. 

How to Use Data for Your Organization Effectively 

Leverage the power of data and analytics to truly transform your mission delivery and impact. Measure what matters and make data-driven decisions to: 

Raise more funds and increasedonor retention
Fundraising and donor management software paired with analytics can reveal your highest potential donor segments, most effective fundraising channels, and key drivers of donor loyalty. 

Optimize program outcomes
Data on client demographics, needs and outcomes helps you spot where to refine interventions for maximum impact.

Improve operational efficiency
Financial and HR data shows where to cut costs, boost productivity and streamline processes.

Enhance stakeholder engagement
Analyze web, social media and survey feedback to give supporters the compelling content and experiences they crave.

It starts with the right technology – analyze financials, donor info, grant data, outcomes and more on a single integrated platform. Then apply analytics to reveal opportunities, spot trends, identify outliers and predict future performance.

Modifications that your nonprofit data analytics organization can make

Compliance with regulations

Nonprofits must abide by laws that specify the categories of data they may collect, how they may use it, and what they must report. Organizations can use business intelligence to collect, arrange, and analyze data, create reports, and adhere to regulations. 

Gaining a global perspective on everything from staffing and asset management to fundraising and forecasting: Analytics can be used in all these ways to help organizations gain a global perspective on everything. Analytical tools can give organizations access to new data sources and help them combine and make sense of the data they already have. This gives them a level of insight into their operations that was not possible before. 

Enterprise Reporting

For many organizations, the challenge isn’t lack of data, but lack of access to the data they require at the right time. Data is spread across numerous repositories and applications, so finding the “source of truth” requires a titanic manual effort. Enterprise reporting tools enable organizations to combine various data sources into a single data model and obtain a comprehensive picture of operations without sifting through different data silos. They can learn more about the people using their goods and services and the methods they employ. 

Nonprofits can make plans by looking at internal and external data from the past. They can identify patterns, deal with problems moving forward, and set objectives that outperform historical metrics with analytics. 

Users can visualize data using customizable dashboards’ graphs, charts, and animation. Managers can build interactive dashboards, execute queries, and pull reports according to their requirements. They can drill down to provide previously unattainable insight into operations. 

Forecasting and budgeting

The annual spreadsheet shuffle has become a dreaded but necessary reality for nonprofits. Data from various departments, systems, and people are being gathered through an all-hands-on-deck process. The challenge of managing budgeting, forecasting, and planning through numerous unsynchronized spreadsheets can be removed with nonprofit data analytics tools. They streamline communication and centralize the data, enabling complex planning and analysis through “what-if” modeling. Organizations can track advancement toward goals in real time, thanks to integrated reports and score carding. 

Analytics-Driven Planning 

Use analytics to study past data, identify patterns, manage future challenges, and set ambitious goals. Create customizable dashboards with interactive charts and graphs to visualize your data. 

Fundraising and focused outreach

Since fundraising is essential to nonprofits, it must be handled with care. An organization will experience budget gaps if it devotes insufficient resources to fundraising. If there are too many, revenue may be adversely affected. Courting potential large donors take a lot of work, but blanket mailings can be expensive and ineffective. 

The most likely donors need to focus on organizations’ outreach efforts and campaigns. Which prospects are most likely to respond can be pinpointed with a high degree of accuracy using predictive analytics. Using these tools can help organizations cut down on their overall marketing and outreach costs while prioritizing personal outreach to get the most out of it. 

3 Unique Nonprofit Data Analytics Uses Cases 

1. Intuitive BI visuals to improve employee productivity 

The Client

A community-based organization in Australia that offers exceptional peer-to-peer support and personal development programs to assist fellow Australians in recovering from mental illness.  

The Challenge

The issue was that the Australian NPF client used some external programs, including Folio, 3CX, MS Teams, MS One Drive, and SharePoint. They had purchased licenses for these tools for internal use but also wanted to understand if their staff found them helpful. They also needed better user analytics to increase technology adoption within their organization. 

Since numerous tools produce data every day, the NPO found it difficult to purge the data and delete unnecessary files. To create an appropriate relational data module, they also needed to combine the data in a structured manner. The system had to produce reports comparing how different tools were used. These reports were later transformed into clear visuals for use in business decision-making. 

The Solution

After carefully examining the available data sources and architecture, Beyond Key decided to take some immediate action.  

The client received a system that is strong on visuals to help them understand how their staff is performing using the technology they bought. 

Because of the new data architecture, they no longer had to manually extract reports from Folio. This saved them time and money. 

Read more about the Data Architecture and BI Visual

2. BI – EHR integration optimizes clinic performance and patient care strategies

The Client

Los Angeles-based nonprofit health care center with a network of community health clinics that serves patients of all ages. To promote a holistic approach to patients’ well-being, they also offer services to address patients’ educational, socioeconomic, and housing needs in addition to regular healthcare services. 

The Challenge

The client wanted to integrate their Electronic Health Records (EHR) system with both SharePoint and the Business Intelligence (BI) dashboard to display data. They also wanted reports, but not at the expense of EHR downtime. 

The Solution

The client hired Beyond Key to assist them in producing reports that can be useful to representatives from various departments. The Board members used these reports to make smarter decisions. 

• We also created tabular reports with data, graphs, images, and charts using the SQL server reporting services. 
• Additionally, we produced pivot charts for sophisticated analytics and Excel reports for data visualization. 
• We generated reports using one-day-old data to ensure their EHR performance was not impacted. 
• We also assisted them in producing Grant reports for the relevant government agencies. 

Read more about the BI For Healthcare

3. Building Advanced Analytical Reports for USA’s Nonprofit

The Client

They are among the most reputable American providers of reproductive healthcare. Millions of women, men, and young people worldwide receive critical reproductive healthcare and information from this nonprofit healthcare center. 

The Challenge

Large amounts of raw data, including patient personal information, insurance information, booked appointment times and open slots, walk-in reports, follow-up times, reminder date information, and various clinical reports, were poured upon management and clinicians. They wanted information on the appointments made by patients at multiple clinics and the open slots so that their administration could accommodate more patients for these slots. To do this, they wanted to include cutting-edge BI and data visualization tools. 

The Solution

They collaborated with Beyond Key to create a SharePoint and business intelligence (BI)-based software. This software could read huge amounts of data from different health centers and other sources and turn them into meaningful data insights that could be shown on dashboards to help management, doctors, and patients. 

The procedure helped the company in many ways, which helped them make better use of their resources across all of their 20+ health centers. 

Read more about the Advanced Analytical Report

Beyond Key gave these organizations the chance to make their dreams come true while managing project requirements and deadlines in a respectful way. Learn more about our Data Analytics Use Cases

Future of Data Analytics For Nonprofits 

There is a move toward a data architecture that is more cloud-native. Nonprofits are switching from the investment in data lakes made in the previous decade to more structured, cloud-based data warehouses. The real return on investment (ROI) in a cloud-native stack will speed up access to data to guide daily decisions for nonprofit organizations. 

The improvement of data collection and analysis process automation results from machine learning and artificial intelligence (AI) growth. Strong analytical tools and an environment for data that is becoming more open have made it easier for nonprofits to get sharper insights.  

Additionally, Data pipelines will make it simpler for nonprofits to deliver updates in real-time to the warehouse. Data can be formatted instantly using analytics engineering and transformation tools. Data observability and quality monitoring platforms are surfacing to increase the dependability of sensitive SaaS and web data. Nonprofits can operate more quickly and with greater assurance by getting data where decisions are made more quickly. 

AI enables nonprofit professionals to quickly personalize their communications by tailoring email content and tone to a particular audience. As a result, relationships with donors and volunteers will become even more potent. The days of donors receiving the same email at the same time are long gone. 

With the right data reports, you can also identify which channels your supporters are communicating and interacting with most and how long they are engaging with your organization. 

But if you don’t have the data, none of this matters. It is the underlying component that gives intelligent technology its strength. Data collection and storage are more important than ever for the nonprofit sector’s success. 

Organizations can now take the most of the technological technology in the nonprofit segment. Microsoft is one of the many providers of cloud-based solutions that are revolutionizing the nonprofit segment completely. 

Conclusion

There is a high demand for the excellent work done by nonprofits, but making the best use of donations and community support requires wise decisions to help ensure the efficient allocation of funding and resources. 

Robust data analytics enable this. With Beyond Key’s data analytics solutions, nonprofits are better positioned to find essential connections and streamline ongoing operations. This will pave the course for their future expansion when equipped with efficient data analytics solutions and strategies. Request a demo here if you’re ready to unleash the power of data analytics for nonprofits. 

The post How Does Data Analytics Boost Nonprofits? appeared first on Beyond Key.

Here is a sample Amazon Alexa conversation on an e-commerce site.

You: Alexa, Ask U.S. Bank, ‘What is my balance?’

Alexa: Your US Bank account ending with xxxx1312 has a balance of $40,000.

You: Can you find out where my major spending was in the last week?

Alexa: Sure! You have dined several times at restaurants and bought gadgets online, and have been buying junk food frequently.

You: Ok, can you tell me if this is impacting my health?

Alexa: You have not been on a walk for over a week, so you may have gained some weight and increased your stress levels.

You: Ok, any suggestions?

Alexa: Should I renew your gym membership?

You: Yes, please.

Alexa: I have renewed your membership at Star Health Gym. Your code has been sent to your mobile phone which can be used as your access.

You: Thanks. Can you tell me how my savings plan is doing?

Alexa: Last week, I shifted some savings from your savings account to a premium account so you have a better interest rate.

You: Thanks. Any pending bills?

Alexa: Your Internet bill for this cycle is due. The amount is $400. Would you like to pay for it now?

You: Yes, please pay it now.

Alexa: Ok. It has been paid. Anything else?

You: No, thank you. Has your bank started sending you messages about how its basic customer service is available on simple voice commands? If not, ask when they plan to roll this feature out. Here are some examples of how Voice has taken the customer service experience in the banking industry to a different level.

Voice-Driven AI Tasks for Alexa

1. Pay your bills with voice commands.

Royal Bank of Canada is adding payment functionality to its app. The new feature will give customers the ability to pay bills on their iPhone or iPad via Apple’s voice assistant, Siri. After a user voices the command, the RBC app will debit their account and send the payment, which is protected by TouchID.

2. Check account statements and deposit checks with voice.

USAA has introduced a voice-driven AI remote check deposit feature in its mobile app which helps visually impaired members scan a check or get a voice account statement. They can request statements for specific dates and payees.

3. Plan your investments for the future.

Some banks have also facilitated their voice assistants to provide suggestions to their customers regarding whether they are saving enough for retirement or not. These assistants are equipped with machine learning skills which help to provide suggestions on rebalancing the savings and fixed deposit accounts, and also to guide customers to save on best interest rates.

4. Identity verification.

Some banks have used “voiceprints” of their customers for security and identity verification as well. Barclays lately has used “voiceprint” for identity verification via their mobile app. This service creates a digital profile of the customer’s voice using data gathered during the course of three phone calls.

When customers call to use the bank’s services, the technology can identify them from the first few words they speak. Mimicking the voice of another person can’t trick the system. Using voice recognition can speed up the log-in process, eliminating the need to type a password every login attempt.

5. Voice used to transfer money or report lost cards.

Santander allows its customers a special voiceprint app called SmartBank.  People can use voice recognition technology to perform multiple important tasks including making payments and transferring money or reporting a lost or stolen ATM and credit card. The app also provides instant bank statements within a specific time frame or with a specific retailer.

6. Login into account by Voice.

HSBC has developed a banking app to help customers to log in by giving their birthdate and account details and then saying “my voice is my password” into the mobile device. This digital voice piece is recorded in the app and reused for verification whenever a customer tries to log into their account. The company says it gauges 100 different characteristics of the human voice to verify a user’s identity. HSBC is also updating its voice-driven AI recognition software.

They claim that the app is still more secure than traditional PINs and passwords. But unlike with basic authentication, if your account is hacked, your biometric password–whether voice, fingerprint, or facial recognition–can’t be changed. And these are not all. There are several other services that have used these voice-based assistants and smart speakers to enhance their customer experience.

Voice Drive AI works with ML and Data Analytics

How AI is Creating a Buzz in Banking Artificial intelligence combined with Machine Learning and Data Analytics has made it possible for technology to understand and meet the needs of customers before they even ask. Combining machine learning with AI and cognitive technologies makes it even more effective in processing large volumes of information. Banks have started working on creating such smart voice assistants that are trained and supervised to read a large volume of data.

Careful injections of constant machine learning combined with cloud computing have brought major changes in the banking industry culture.

Banks are now more suited not only to resolve customer queries but also manage banking operations with proactive intelligence. Voice recognition systems have brought forth a great deal of convenience for bank customers. This system allows for converting text to speech so customer requests are understood in natural language.

The machine learning capability further allows the system to understand not only the consumer’s requests but also understand their spending behavior and decode human emotions within real-time limits.

Though security and adaptability are two major items posed against this rising technology in banking, they are still looked forward to as revolutionary changes. They offer unbelievable convenience while executing functions such as digital transactions, payments, loan processes, and deposits without having to engage in personal interactions.

Nuance was the first pioneer to introduce machine learning systems, though with limited audio and text capabilities. Apple’s Siri became the first technology to support this interactive algorithm with more mature potential. However, the success of voice assistant software has now led to fundamentally changing the way customers interact with financial organizations and bank commerce.

Security: The Biggest Question- Answered or Not?

Asking Google Home, Alexa, or Siri about the weather or music is one side of the coin. On the other side, individuals can ask these voice assistants about their other account balance or transfer money using a previously set-up four-digit code. Because smart speakers are still relatively new, there are still concerns regarding strangers hearing personal information in public; but industry experts agree solutions will emerge as these assistants mature with time and technology. Voice technology in banking has very low usage and adaptability, but it is sure to take off in the next couple of years.

Today, only two percent of respondents have used their voice to pay bills, and only one percent has transferred money to a friend through any type of device. However, the use of voice payments will nearly quadruple over the next five years to reach 31% of US adults — or 81 million consumers — by 2022, BI Intelligence estimates. Hire a Voice Skill Developer at Beyond Key Now!

Final Thought: Voice-Driven AI

Voice-based skills development can do wonders for your business, whether it’s in banking or any other sector. At Beyond Key, we have been developing voice-based skills for more than 2 years, and have a team of developers who are experts in developing and delivering new generation solutions with voice-enabled services. Are you searching for a voice-enabled skill developer for your business? Your search can end here! Reach out to us at contact@beyondkey.com today!

The post Redefine Banking E-commerce with Voice-driven AI appeared first on Beyond Key.