Voice recognition technology is no longer a novelty. Recent innovations have turned this once sci-fi tech into a very practical tool with numerous applications across a range of industries. For example, voice activation tools have begun transforming the way in which both consumers and professionals engage in securities trading. Whether you’re an expert iOS mobile app developer or simply trying to understand how to hire one, the following points will help you better understand the impact of this trend.
Saving Time During Research
Traders are often required to call upon various pieces of data during their conversations with clients. Finding all the relevant information in an efficient manner can be very difficult, as traders must search through archives and folders to hunt down the requested materials.
This may not be the case for much longer. Thanks to natural language processing and voice recognition tools developed specifically for financial professionals, traders can now easily call up the data they are in search of without looking for it manually. All they need to do is speak to an AI assistant that recognizes what they are trying to track down; it will ideally understand the request and provide the desired results. This simply allows traders to operate with a greater degree of efficiency than ever before.
Helping traders find data more quickly is by no means the only way in which voice recognition tech has impacted securities trading. Voice tools now allow users to perform trades efficiently as well. As with the example described above, rather than manually typing information into a computer to perform a trade, users now have the freedom to perform trades through voice commands alone.
If you’re not an active trader, it may not be clear just how valuable such tools are. The simple truth is that securities trading is a fast-paced line of work. Traders must consistently identify ways they can save time. Reducing the amount of time it takes to perform a trade by even a mere few seconds can thus provide a trader with a major competitive advantage.
It’s also worth noting that professional traders are not the only ones who can benefit from such innovations. Average people can also use these tools to manage their own portfolios. It’s easy to imagine circumstances in which that might be necessary. For example, a person might be watching TV, only to hear news that indicates they should make a particular trade as soon as possible. That might not be easy to do if they were unprepared and didn’t have immediate access to their phone or computer. However, with a voice assistant, they could perform the trade in an instant.
Don’t dismiss the rising popularity of these technologies. The voice recognition market is predicted to be worth $21.5 billion by 2024. Additionally, surveys indicate financial firms are consistently embracing voice tech every year. Those that fail to appreciate its value will fall behind the competition.