JPMorgan is one of the first to push the Alexa virtual assistant to institutional shops, but other banks have been using the service in their consumer operations.
“Alexa, ask JPMorgan what the price target for Apple is.”
It’s a request that JPMorgan Chase & Co. institutional clients can now get quickly answered through Amazon’s ubiquitous voice-activated assistant. The bank and the e-commerce giant have partnered to provide JPMorgan’s Wall Street users with another way to access its research. Alexa is able to send analysts’ reports and related queries, and the bank is testing other features, like providing prices on bonds or swaps, according to David Hudson, global head of markets execution for the New York-based bank.
Voice assistants are “clearly becoming something people are habituated to in their lives,” Hudson said. “It’s about taking information that’s somewhere in the bank, that someone has to generally go and look for, or which is time-consuming or requires authentication to get, and putting that to you in another channel.”
As clients’ habits evolve, firms have been finding ways to adapt popular retail technologies for the business world.
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While JPMorgan is one of the first to push the Alexa virtual assistant to institutional shops, other banks have been using the service in their consumer operations. And New York Life Insurance is among financial companies building programs that use Alexa as a tool for employees.
Customers are becoming increasingly willing to use voice assistants to monitor accounts, according to a survey conducted last year by Bain & Co. While 6 percent of U.S. respondents now use the technology, 27 percent are open to it, according to the consultant.
Capital One Financial was the first bank to allow customers to manage credit card and bank accounts through the voice assistant, and the lender has slowly expanded its Alexa service, allowing people to ask questions like how much they spent on Amazon last week.
New York Life will start rolling out Alexa features to its 12,000 agents later this year to help them get quick details on policies and prepare for meetings, said Mark Madgett, who leads the insurer’s field force of agents.