Defined contribution record keepers have begun to integrate with personal digital assistants. In Pensions & Investments' latest survey, six of 36 record keepers reported integration with a digital assistant. The record keepers with integration are some of the largest companies, including Fidelity Investments, TIAA-CREF and Alight Solutions. Voice-activated digital assistants can reach almost 40 million participants with more than $3.5 trillion in assets.
Amazon's Alexa has the early lead. Five of the six record keepers with integration did so with Alexa, representing almost all of the participates and assets. One listed Apple's Siri. (P&I's question referenced Amazon's Alexa, Apple's Siri, Google Assistant and Microsoft's Cortana.)
Mary Meeker, legendary internet analyst, has highlighted the explosion of the installed base of voice-activated speakers such as Amazon's Echo, which is in more than 30 million homes. She also highlights the improving and now excellent accuracy of word understanding, which is now more than 95% for Google. The available tasks performed by assistants is also growing rapidly.
Will digital assistants supplant websites and smartphone applications anytime soon?