AI-based Voice Assistant, their need, and how Deloitte is marking its territory here

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Custom AI-based voice assistant & solution.

The ultimate luxury has an assistant who always listens for your call and acts when appropriate. Artificial intelligence assistants, often known as voice assistants, have made that luxury a reality.

Voice assistants are small and can execute a range of tasks after hearing a wake phrase or command. They can answer questions, turn on lights, play music, and place online orders, among other things.

Voice assistants should not be confused with virtual assistants, who operate remotely and can undertake a wide range of activities. Voice assistants, in contrast, are technological in nature. Voice assistants' utility in personal and business sectors will expand as they become more robust.

What Exactly Is a Voice Assistant?

It is nearly impossible to call any technology that makes our life easier by a single name. Several names relate to agents that can do activities or provide services for another person, and they are nearly interchangeable – but not entirely. They are distinguished chiefly by how we interact with the technology, the app, or a mix.

Here are some basic definitions, comparisons, and contrasts:

  • Intelligent Personal Assistant (IPA): This software can help people with simple chores by using natural language. Intelligent personal assistants can search the internet to answer a user's questions. Either text or speech can trigger an action.

  • Automated Personal Assistant: Intelligent personal assistant is identical to an automated personal assistant.

  • Smart Assistant: This phrase typically refers to physical devices that provide several services by utilizing the smart speakers that listen for a wake word to become active and do specific activities. 

  • Virtual Digital Assistants (VDAs): They are automated software applications or platforms that help users interpret natural language, whether written or spoken.

  • Chatbot: The most common approach to seeking help from a chatbot is through text. Chatbots are capable of simulating a conversation with a human user. Many businesses utilize them in customer service to answer simple questions and, if necessary, connect with a live person.

  • Voice assistant: A voice assistant refers to a digital assistant that provides a service via a specific application using voice recognition, speech synthesis, and natural language processing (NLP).

Objectives of Voice Assistants

Many of the products we use daily make use of voice assistants. They can be found on our smartphones and smart speakers in our homes. They are used by many mobile apps and operating systems. Furthermore, certain technologies in the automobile and retail, education, healthcare, and telecommunications sectors can be controlled by speech.

Scope of voice assistant

Technology is constantly developing and changing, and the voice assistant market will follow suit. Gartner estimated in April 2015 that by the end of 2018, 30 percent of technological interactions would be through "conversations" via smart machines, many of which would be voice-based.

Tractica is a market intelligence organization that focuses on human-technology interactions. According to their projections, the number of unique consumer users for virtual digital assistants would increase from more than 390 million in 2015 to 1.8 billion by the end of 2021. Business users are predicted to expand from 155 million in 2015 to 843 million by 2021. Based on the estimated growth rate, revenue is expected to increase from $1.6 billion in 2015 to $15.8 billion in 2021.

Pros of Voice Assistants

  1. Keep your home secure.

  2. Spend less money on your energy expenses.

  3. Spend less on flights.

  4. Save money on your rides.

Cons of Voice Assistants

  1. The initial cost may outweigh the savings.

  2. Security may be an issue.

  3. Voice recognition isn't flawless.

  4. You have a microphone in your house.

How Deloitte helps in voice verification?

Deloitte's AI-Based Voice Verification Service employs technology that reliably assesses risk in the human voice, in any language or culture, through a 10-minute automated telephone interview. It is cost-effective, proven, and capable of processing hundreds to thousands of interviews from many geographic areas at the same time.

Deloitte's AI-based voice verification service helps businesses identify potential risk in the voice over a phone call, regardless of language/ physical presence, with a higher accuracy degree in the recruitment process, loan applications, claims, compliance, insider threats, and workplace safety. It identifies distinct danger alarms based on voice replies to identify potentially high-risk responses.

It may be used quickly and effectively for security, fraud, or safety risk screening, removing most of the low-risk responses while identifying potential high-risk responses that are typically overlooked.
Location: India

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