Speech recognition technology is no longer a novelty. Recent innovations have transformed this once science fiction technology into a very practical tool with many applications in a range of industries. For example, voice-activation tools have begun to transform the way consumers and professionals engage in securities trading. Whether you are an expert iOS mobile application developer or just trying to figure out how to hire one, the following points will help you better understand the impact of this trend.
Merchants are often required to call upon various data during their conversations with customers. Finding all the relevant information efficiently can be very difficult as traders have to search through archives and folders to find the requested documents.
This may not be the case for a very long time. Thanks to natural language processing and speech recognition tools developed specifically for financial professionals, traders can now easily call up the data they are looking for without searching for it manually. All they have to do is talk to an AI assistant who recognizes what they’re trying to track down. it will ideally understand the request and deliver the desired results. It simply allows traders to operate with a higher degree of efficiency than ever before.
Helping traders find data faster is by no means the only way voice recognition technology has impacted securities trading. Voice tools now allow users to transact efficiently as well. As in the example described above, rather than manually entering information into a computer to complete a transaction, users now have the freedom to transact via voice commands only.
If you are not an active trader, the value of these tools may not be clear. The simple truth is that stock trading is a fast line of work. Traders must constantly identify ways to save time. Reducing the time it takes to complete a transaction by even a few seconds can therefore provide a merchant with a major competitive advantage.
It should also be noted that professional traders are not the only ones who can benefit from such innovations. Ordinary people can also use these tools to manage their own wallets. It is easy to imagine circumstances in which this might be necessary. For example, a person may watch television, only to hear news that indicates that he should make a particular trade as soon as possible. This might not be easy to do if they weren’t prepared and didn’t have immediate access to their phone or computer. However, with a voice assistant, they could complete the trade in an instant.
Don’t overlook the growing popularity of these technologies. The voice recognition market should be worth $21.5 billion by 2024. In addition, surveys indicate that financial companies constantly embracing voice technology every year. Those who don’t appreciate its value will fall behind the competition.