Customer Service Transformation, Large Language Model, Voice
High Value Use Cases for Voice AI in Banking
The Transformative Power of Voice AI, fueled by Generative AI and Large Language Models (LLMs)
As banks seek to deliver faster, more efficient, and personalized customer service, Voice AI is emerging as a game-changer, transforming how customers interact with customer service and support.
Powered by Generative AI and Large Language Models (LLMs), modern Voice AI systems go far beyond simple call automation. They understand natural language, handle multi-step conversations, and securely manage sensitive tasks, all through a conversational interface.
There are multiple high-impact use cases where banks are leveraging Voice AI to improve customer experiences and operational efficiency. This blog highlights the following four very valuable use cases to show how Voice AI not only simplifies customer interactions but also enhances security, reduces costs, and scales service capacity, especially during high call volumes.
- Intelligent Call Routing
- Identity Verification (ID&V)
- Account Inquiries
- Card Services
1.Intelligent Call Routing
Voice AI can greatly enhance customer service by intelligently routing callers to the right place or person, quickly and efficiently. When a customer calls the service number, the voice AI bot can immediately engage in natural conversation, asking questions like, “How can I help you?”
Unlike traditional IVR systems that force callers to press numbers or follow rigid menus, Voice AI uses LLM-powered natural language understanding to interpret the customer’s intent, no matter how they phrase their request.
Depending on the type of support a customer needs, the voice AI understands the intent and routes the query to the correct place. For example, if a customer says, “I lost my card and need to block it” the AI recognizes the intent (card services), and can either handle the task directly (if it’s automated) or route the call to the right department or agent who specializes in lost or stolen cards.
And with enhanced identity verification, a customer can even be authenticated so that the agent has customer information at hand.The AI also can factor in sentiment analysis and urgency detection. If a caller is frustrated or mentions a serious issue, the system can prioritize and escalate the call to a senior agent.
This intelligent call routing helps deliver faster, more efficient, and personalized service that improves customer experience and operational efficiency.. Contact centers and customer service leaders achieve:
Faster Resolution Times
Calls are directed to the right department or agent on the first try, reducing wait times and the need for call transfers.
Higher First-Call Resolution Rates
Accurate routing increases the chance that issues are resolved during the initial call, minimizing repeat contacts and customer frustration.
Lower Average Call Handling Times and Call Transfers
By reducing unnecessary transfers and handling times, businesses can manage more calls with fewer resources, lowering operational costs.
Scaling Call Capacity Without Added Overhead
High call volumes can be handled more effectively, especially during peak periods or emergencies, without compromising service quality.
2. Identity Verification (ID&V)
Voice AI enhances Identity Verification (ID&V) by providing a secure and more seamless way to verify a customer’s identity during an interaction. Traditionally, customers would have to answer multiple security questions or input PINs, which added time and friction to the experience. With voice biometrics, Voice AI can analyze unique characteristics of a person’s voice, such as pitch, tone, and speaking style, to authenticate their identity in real time.
For example, when a customer calls, the voice AI system captures a voiceprint and matches it against the stored voice profile, similar to how fingerprint or facial recognition works. If the voice matches, the system confirms the identity instantly and securely.
For added protection, multi-factor authentication (MFA) can be layered on top of voice biometrics. This might include device recognition, one-time passcodes (OTP), or knowledge-based questions, depending on the security level needed. By combining these elements, Voice AI ensures robust security while minimizing the effort required from the customer.
In the example above where Voice AI is used for intelligent call routing, using AI-powered ID&V, a caller to the service line can be authenticated early on. So when the call is transferred, the agent has the necessary customer info—saving time and improving the experience.
In banking, this ID&V capability means that customers can access sensitive services, like fund transfers or reporting fraud, quickly and securely. This capability offers many benefits for customers and for the bank such as:
Faster Verification
Voice AI enables near-instant identity verification through voice biometrics, significantly reducing the time spent on traditional security questions or PIN entry.
Enhanced Security
Voice biometrics offer a unique, biometric layer of protection that helps prevent fraud and unauthorized access.
Lower Fraud Risk
Advanced AI can detect anomalies in voice patterns or behavior, providing real-time fraud detection and alerting for potential threats.
Compliance
Secure and auditable ID&V processes help banks and businesses comply with regulatory requirements related to customer authentication and data protection.
3. Account Inquiries
Voice AI simplifies and speeds up bank account inquiries by allowing customers to get real-time information through natural, conversational interactions without needing to navigate complex menus or wait for a human agent.
When a customer calls and asks something like, “What’s my current balance?” or “What were my last few transactions?”, Voice AI uses advanced language understanding (LLMs) to accurately interpret the request, regardless of phrasing. After securely verifying the caller’s identity using ID&V, the AI can instantly access and relay account details, such as balances, recent transactions, pending payments, or deposit confirmations.
Voice AI also supports follow-up questions and multi-turn conversations. For example, a customer might ask, “What’s my balance?”, then follow up with, “Can I transfer $200 to savings?”—all within the same call. The AI maintains context, handles the task, and confirms completion, making the experience smooth and efficient.
By automating account inquiries, banks reduce call volume for agents, shorten wait times, and offer 24/7 service, while customers enjoy fast, accurate, and secure access to their financial information through a convenient voice interface.
4. Card Services
Similarly for card services, Voice AI enables customers to quickly and securely manage card-related issues through natural conversation. When a customer calls in and says something like, “I lost my debit card” the voice AI can immediately recognize the intent and begin the process to report the card as lost or stolen. It can verify the customer’s identity using voice biometrics or multi-factor authentication, ensuring security before taking any action.
Once verified, the AI can block the compromised card and issue a replacement card—all within the same interaction. Similarly, if a customer says, “I forgot my PIN” or “I need to unlock my card” the AI can initiate the PIN reset or unlock process, guiding the customer through secure steps to resolve the issue.
By automating these card services, Voice AI not only reduces call times and relieves pressure on live agents, but also provides immediate assistance for critical situations like lost or stolen cards. The result is a more efficient, convenient, and secure customer experience that benefits both the customer and the bank.
Voice AI: The New Standard for Banking Interactions
The voice channel remains especially important for banking customers who still prefer the human-like engagement of a voice interaction over navigating menus or chatbots. By combining the convenience of voice with the intelligence of AI, banks can meet customers where they are, providing trusted, efficient service that adapts to their needs.
There are multiple business use cases beyond the four highlighted here but these show how Voice AI empowers banks to deliver more personalized, frictionless support at scale.
Voice AI is not just improving service—it’s setting a new standard for how banks engage, support, and build trust with their customers across every interaction.
For more information on how Voice AI can help your bank deliver better customer experience and increased operational efficiency and to hear how we have implemented such solutions for other banking customers, please contact us.