Tangerine Bank utilizes mobile to transform the future of banking

Today, Tangerine Bank held a press conference to make exciting announcements around mobile technology. Tangerine’s President and CEO Peter Aceto and CIO Charaka Kithulegoda announced that Tangerine is the first bank to offer voice banking and touch ID through their mobile banking app. Utilizing Nuance’s Nina mobile virtual assistant and voice biometrics technology, Tangerine Bank is setting the new standard for security, personalization and convenience, truly transforming the future of banking.
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Wow. It’s hard to hold back the excitement I have today from attending Tangerine Bank’s “Future of Banking” press launch. Peter Aceto, President and CEO of Tangerine, shared how voice banking capabilities, including a conversational mobile virtual assistant and voice biometrics technology, are going to transform banking by driving new customers to the Tangerine brand and strengthening the relationship with existing customers. Peter described how companies need to continuously innovate to survive and identified mobile as the current battleground to win over consumers.

By3Qf2QIAAAXQe4Peter shared an example that illustrated the challenge that businesses are faced with today. He mentioned how Blockbuster, the titan of movie rentals with its formerly ever present network of branches, perished when its business model was transformed by Netflix through innovation. Innovation rendered a sprawling network of branches irrelevant to the consumer, and acted as the anchor that prevented Blockbuster from moving forward with the changes it needed to survive. I believe that we’re witnessing a similar shift in the financial industry, and Tangerine seems poised to lead the way when it comes to Canadian banking.

image2The specifics of Tangerine’s voice banking capabilities were presented by Charaka Kithulegoda, Tangerine’s CIO. Customers will be able to pay bills, look up information and authenticate to the Tangerine mobile app with their voice. The example use case portrayed in a Tangerine video shared was a customer asking the Tangerine mobile app: “How much did I spend at my favorite restaurant last month” and the mobile virtual assistant responded with: “Two-hundred and four dollars,” to which the customers responded with a sharp “Yikes”. Beyond being humorous, I found that the sample conversation truly illustrated the power of the virtual assistant. It goes beyond the existing functionality within the mobile app, or even a website or a branch employee. Such an interaction is simple, natural and personalized to the customer.

By3TExVIcAAyk5BJulie Ask, vice president and senior research analyst at Forrester Research, also expressed this shared perspective during the launch event. Companies need to go beyond doing what they have done previously in other channels and apply it to mobile. She stressed that they need to leverage mobile to conduct their business differently. This, I felt, was a profound insight and one that clearly Tangerine has internalized. Another key insight that resonated with me is how mobile is accelerating the speed at which customer expectations evolve.

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With Tangerine’s move to offer voice banking to their customers, this innovative financial institution joins a growing list of organizations that are transforming their industries with a conversational mobile experience, such as Domino’s Pizza, ING Netherlands and USAA. As Peter Aceto mentioned in his opening remarks, it’s an exciting time to be alive.

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Brett Beranek

About Brett Beranek

Like you, CX and biometrics expert Brett Beranek – Senior Principal Solutions Marketing Manager, Enterprise – is fascinated by transformative technologies that have a real impact on our lives. With over a decade of experience in the customer experience and biometrics space, Brett brings strategic and tactical insights to organizations wishing to deliver a better experience to their customers via innovative technologies. Prior to joining Nuance, Brett a technologist and entrepreneur by education and passion, successfully introduced several disruptive technologies to the health-care, IT and security markets, including as a partner of facial recognition firm Viion Systems and member of Genetec’s management team, a security firm that transformed the video surveillance market. Brett also currently serves on the advisory board of high-tech healthcare startup GaitTronics. Brett earned a Bachelor of Commerce, Information Systems Major, from McGill University as well as an Executive Marketing certificate from Massachusetts Institute of Technology’s Sloan School of Management. Brett loves travelling the globe and discovering new cultures with his three kids, Layla, Rayan and Nora and his wife, Tania.