Virtual assistants are now helping with banking

Kramer Phillips By Kramer Phillips | 2 years ago

Customers can now use Amazon’s Alexa, Apple’s Siri, or Google’s Assistant to check their balances and pay their bills, according to The Wichita Eagle.  Soon, customers will even be able to send money with simply their voice. With the use of Zelle, a bank-to-bank transfer system, it would be possible to send money instantly to friends or family through voice commands.

There is concern, however, with the idea of tasking virtual assistants to important financial matters. The security of these systems are in question, especially because they are still relatively new technologies. Some have wondered if they could be susceptible to exploit by cyber criminals.

US Bank is reportedly the first bank to be available for all three aforementioned virtual assistant platforms, though they aren’t the only bank getting involved. Capital One and American Express both allow Alexa to show customers their balances and pay bills. Some smaller banks and credit unions have also set up services with Google Assistant and Alexa as well.

Presently, the features available through these platforms at US Bank is somewhat restricted, as customers cannot transfer money using voice services just yet, though it is mulling the option. As of now, Siri is the most restrictive of the assistants, only allowing users to see their bank account balances on-screen, and does not give users the option to pay bills, whether the bank offers it or not. Another concern is that user’s voices could be manipulated and accessed by criminals, and security expert Kurt Baumgartner warns that remote financial fraud may soon be within the grasp of cybercriminals.