The first revolution of Internet, in 1995, involved connecting personal computers across the globe onto one giant web and make information available at the click of a button. The second revolution, around 2010, saw the emergence of social networks and enabled the human race to become one large family with everyone having the ability to connect with everyone else on issues of common interest. Now the third Internet revolution, led by voice, humanity's most used communication channel, is going to result in a screen-less omnipresent Internet. Presently more than 20 percent of search queries in India are already done by voice. And by 2020, 50 percent of all global searches will be voice searches.

Each of these brand-name voice assistants speaks when spoken to, turning on a smart speaker or other voice-activated device that can answer questions. Voice is rapidly emerging as a hands-free medium consumers use for, well, just about anything -- music, news feeds, hints on removing stains, instructions for mixing cocktails. In homes, people use voice commands to adjust interconnected lights and thermostats, and search for -- and even buy -- products and services. Think of cave dwellers huddled around a fire pit enraptured by hunting tales, or a 1940s nuclear family gathered in front of a radio for the next episode of The Lone Ranger. And until recently, forms of entertainment and media that relied solely on voice seemed to be on the decline.

Whether through chatbots or voice assistants, bank customers are beginning to experience Banking AI and are responding favourably. Initially, the focus of these interfaces is similar to the task-oriented nature of channels that banks already provide. Though conversational interfaces have yet to attain the level of adoption expected in the banking space and has not yet matured as mobile has, there are already a variety of approaches for establishing a conversational banking capability. Going forward, I believe there will be at least four distinct banking models supported by apps and conversational interfaces. The majority of banks will begin their journey in the conversational banking space by implementing a conversational interface as an additional channel with a task-based focus.

Google routinely fields product queries from millions of shoppers. Now, it wants to take a cut of their purchases, too. Under a new program, retailers can list their products on Google Search, as well as on the Google Express shopping service and Google Assistant. In exchange for Google listings and linking to retailer loyalty programs, the retailers pay Google a piece of each purchase, which is different from payments that retailers make to place ads on Google platforms. A new Google initiative called'Shopping Actions,' should help retailers fend off Amazon's growing dominance.

Consumers are increasingly making voice capabilities a central part of their mobile and home-based interactions. As a result, it is time for organizations to integrate voice-first technologies into consumer acquisition, sales, service and digital customer experience strategies. Subscribe to The Financial Brand via email for FREE!Based on the sales results of the past 18 months, there appears to be an almost insatiable appetite for voice devices by consumers. The demand and utilization of these digital assistants, coupled with the significant advancements in the underlying technology, indicate that voice-first devices are on the cusp of transforming commerce and marketing in virtually every industry. According to a recent study from CapGemini, "Voice assistants such as Google Assistant, Amazon's Alexa, and Apple's Siri, will revolutionize how consumers and brands interact in ways not witnessed since the dawn of e-Commerce. It is so much more than a new interface or an additional channel in an omni-channel world. It promises to be a curator of services and experiences that intelligently meet needs and engage consumers emotionally--anytime, anywhere."

Last year, Google announced and Hitwise estimated that around 58% of all Google searches were mobile, and more than 20% of mobile searches were via voice. Sources inside Google have hinted that voice search is approaching 25% of mobile now and some expect it to go above 50% in the next 3 to 5 years. For example, voice search was cited as the fastest growing type of search, according to the keynote speech given by Behshad Behzadi, Principal Engineer at Google Zurich, at SMX West in March 2017. We started 2017 with an estimated 8mm voice devices, mostly Amazon Echos with some Google Homes. An industry report from VoiceLabs estimates a total voice-first device footprint of 33 million devices in circulation by the end of 2017.

More than three-quarters of Americans now use smartphones, more than two billion messages are exchanged between people and businesses each month through Facebook Messenger, and usage of voice-enabled speakers, like Amazon Alexa and Google Home, is poised to grow another 130% this year alone. Rapid changes in the way people communicate aren't just impacting personal relationships, they're also hitting the retail market as consumer preferences evolve. In a new report released just this morning, the post-purchase solutions provider Narvar uncovers generational differences in how consumers prefer interacting with retailers, as well as a growing interest in using bots and voice technologies to communicate with brands. While email is still top dog in Narvar's survey, with 80% of consumers selecting email as their preferred communication channel, 38% now say they want to hear from retailers on multiple channels, with post-purchase communications being among the most-likely to be appreciated via text or push notification. "It's important that retailers understand customers' communications preferences so they can invest in the right channels, personalize outreach, and ultimately, create effortless yet emotional customer experiences," says Harsh Jawharkar, vice president, head of marketing and partnerships at Narvar.