How voice AI helps financial services modernize customer experience

Legacy systems, strict regulations, and changing customer expectations are putting pressure on financial services firms to modernize their technology, particularly when it comes to customer experience.

From traditional banks dealing with outdated infrastructure to the need for fintech to scale rapidly, every institution is feeling the pressure to evolve to deliver always-available, deeply personalized experiences.

Where legacy IVRs and unresponsive chatbots fail to satisfy consumers’ need for personalized experiences, banks and financial firms are sustaining success with AI agents.

Why customer experience is becoming a key differentiator

For years, financial institutions have competed on products, credit cards, mortgages, and savings accounts. But today, those products have become commoditized. What really sets one provider apart from another is the experience they deliver. And in most cases, that experience still starts on the phone.

Whether it’s a lost card, a payment issue, or a fraud alert, customers pick up the phone when something important happens. The problem is that many voice experiences haven’t kept up. Long wait times, confusing IVRs, and inconsistent service frustrate customers and cost banks money.

Even with the rise of digital channels, research shows that 86% of Gen-Z customers still prefer live support over the phone when they need help. So while chat and email are useful, voice remains a critical part of the customer journey.

What is voice AI, and why does it matter in finance?

Voice AI uses natural language processing (NLP), machine learning (ML), and large language models (LLMs) to understand and respond to customers in a conversational way. It allows people to speak naturally, without pressing buttons or navigating clunky menus.

For banks and financial firms, that means:

• Handling high-stakes calls (fraud, payments, disputes) with more empathy
• Delivering fast, accurate service without long wait times
• Letting customers self-serve routine tasks, 24/7
• Reducing call center costs while improving satisfaction

Unlike legacy IVRs and unresponsive chatbots, modern voice AI can understand financial terms, interpret urgency, and route calls intelligently. This not only opens new opportunities to automate but also provides a more efficient and natural way of engaging with customers.

What’s driving banks to explore voice AI

The pressure to modernize isn’t new, but it’s more urgent than ever.

Many banks still operate on systems built decades ago. These platforms were never designed to support real-time, personalized conversations at scale. At the same time, regulatory demands keep growing, and customer expectations keep rising.

Voice AI helps bridge that gap. It allows institutions to offer better experiences without ripping out legacy systems all at once. It also helps teams focus where they’re needed most, handling complex, high-touch interactions instead of answering the same basic questions over and over.

The real-world benefits of voice AI for financial services

Let’s break down what voice AI can actually do for your organization.

1. Scale up support without scaling up headcount: Voice AI can manage thousands of conversations at once. That means no more scrambling to hire during seasonal spikes or crisis moments.
2. Improve trust and security: Voice AI can automate identity verification in a secure, compliant way, reducing friction while complying with regulations.
3. Handle sensitive conversations with care: When customers call about fraud or account issues, it’s usually a stressful moment. Voice AI can respond with empathy, clarity, and consistency, building trust even when the stakes are high.
4. Offer always-on service: Unlike human agents, voice AI doesn’t sleep. It delivers consistent support 24/7, across time zones and holidays.
5. Cut costs, boost performance: Banks using voice AI often see improvements in call containment, reduced wait times, and higher customer satisfaction, all while lowering operational costs.
6. Let agents focus on what matters: By offloading repetitive tasks, voice AI frees up human agents to handle complex cases, build relationships, and offer personalized guidance.

Where should banks start with voice AI?

If you’re just beginning your voice AI journey, here are a few high-impact use cases to consider:

• Intelligent call routing: Let customers explain their issue in their own words, and direct them to the right place without the need for touch-tone menus.
• Self-service FAQs: Answer common questions automatically so your agents can focus on more meaningful work.
• Smart scheduling: Allow customers to book, reschedule, or cancel appointments without waiting on hold.
• Billing and payments: Help customers pay bills, check due dates, or update payment info quickly and securely.
• Document and record requests: Automate the process of retrieving account records, freeing up agents for more strategic tasks.
• Account support: Handle routine inquiries like checking balances or recent transactions without needing a live agent.
• Customer feedback: Collect insights directly from customers through natural, voice-led surveys at key moments in the journey.
• Personalized financial support: Use past interactions to deliver reminders, follow-ups, and tailored services to high-value accounts.

Making voice AI work in complex environments

Knowing where to begin with AI transformation can be challenging, especially if you have cumbersome infrastructure and legacy systems.

Navigating AI integration in large financial institutions requires strategic planning, strong leadership, and an understanding of internal dynamics. While you can employ internal staff to develop voice AI, it is often more efficient and cost-effective to work with conversational AI experts who can guide you through every step of the process.

How financial institutions can deploy voice AI

In our experience, very few organizations have the machine learning engineers, dialogue designers, data analysts, and other AI experts needed to develop and maintain voice AI agents. PolyAI works closely to ensure enterprises have the support, guidance, and expertise needed to identify the best use cases, develop, deploy, and maintain voice AI that truly fits their needs.

Pre-build

Start by assembling your implementation team and reviewing your current IVR system to identify areas where voice AI can make the most impact. Secure stakeholder buy-in, establish clear objectives, and gather baseline data on key metrics. A technology audit will ensure compatibility with your existing infrastructure.

Design

Choose a voice AI agent that aligns with your brand. Focus on creating intuitive, engaging conversations that adapt to customers’ needs while simplifying complex information. Design a seamless handoff process to human agents when necessary, taking urgency and sensitivity into account.

Build

Develop your AI agent, ensuring it can listen, reason, and respond naturally. This involves automatic speech recognition, spoken language understanding, and machine learning. A simple SIP or PSTN connection will enable smooth call routing between the AI and your team.

Test and launch

Before going live, run tests, including quality assurance and load tests. You can choose between a phased or full launch. PolyAI will monitor early calls to ensure smooth operation and make adjustments as needed.

Post-launch

Continuously monitor performance metrics like AHT and call volume. Regular updates to the ASR, machine learning, and dialogue design will help maintain high-quality customer experiences. PolyAI experts will support your journey throughout.

The scalable solution for better banking experiences

Financial services firms face growing pressure to modernize, and voice AI offers a practical, scalable way to do it, without overhauling existing systems. By delivering faster, more natural customer experiences on the phone, voice AI helps banks build trust, reduce costs, and stay competitive in a fast-changing market.

Whether you’re aiming to improve call containment, support high-value interactions, or simply free up your team’s time, now is the time to explore what voice AI can do for your business.

Speak to our team today about how PolyAI can help you implement the world’s most lifelike and adaptable AI agent to deliver effortless CX at scale.