Speech Analytics: Impacting the Financial Industry - CallFinder
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Speech Analytics: Impacting the Financial Industry

December 01, 2017 by Morgan Pulitzer

The financial industry is one of the largest business fields in the world.  But traditional financial institutions are lately finding themselves vying not only with each other, but with the rising presence of online businesses, such as e-banks, as well.  Therefore, they need to make changes that give them an edge, and the best place to begin is with their contact centers.  The finance sector receives millions of calls every year, and each one of those calls contains a wealth of invaluable data.  By implementing a a real-time speech analytics solution with automated call scoring features, this data can be put to incredibly good use and provide a competitive advantage.

Speech Analytics Provides a Superior Customer Experience

Over 70% of banking executive across the globe say customer-centricity is important to them [1].  Unfortunately, only 30% of customers feel as though their bank really knows them, and 28% believe their bank cares more about the bottom line than about them as customers [2].  The truth is that while consumers’ needs have evolved over the years, most banks have not remained in step.  And while banks have more information on their customers than ever before, they are not using this data to gain real insights into their customers.  This is understandable, since oftentimes the data is so vast, trying to extract information using standard means can be a Herculean task.  This is where speech analytics can help.

 

With real-time speech analytics, thousands of phone calls can be quickly scanned for specific words and phrases that can expose patterns and trends in customer conversations.  This data can then be applied to improved business processes to give the customers what they really want.  For instance, banks can create offers and promotions based on the customer feedback they obtain using speech analytics.  Also, they can more easily identify upsell and cross-sell opportunities, as well as detect and address what may be contributing to customer attrition.  Speech analytics can help financial institutions truly make their customers feel valued.

 

Speech Analytics Helps Agents Adhere to Script Compliance

The finance sector is one of the most regulated industries in the world.  This is especially true for fields such as debt collections.  Unfortunately, many such businesses are failing to ensure their agents are strictly following their scripts to ensure compliance with these regulations, as well as ensuring all conversations observe the legal rights of customers.  As a result, thousands of Fair Debt Collection Practices Act lawsuits are filed every year, and Fair Credit Reporting Act violations are consistently on the rise.  Even overlooking just one non-compliant conversation can spell disaster.  Fortunately, a speech analytics solution can help avoid a potential litigious nightmare.

 

Using speech analytics, every single conversation can be scrutinized to guarantee each agent is following the approved script to the letter, and identify those agents who may need extra training.  In addition, script analytics can help ensure all conversations adhere to the legal rights of the customers.  It can also help identify the agents who tend to perform better in high-pressure situations, allowing them to be assigned more challenging cases, while providing better training tools for other agents.   Speech analytics can help debt collectors be able to treat their customers well, successfully obtain the due finances, and adhere to all industry regulations.

 

Real-time speech analytics is one of the most useful and powerful tools the financial industry can have at its disposal.  Decisions made based on the information gleaned from utilizing speech analytics are based on real facts, not feelings or intuitions.  Find out more about speech analytics, and get ahead of the competition.

 

Learn more about using CallFinder’s speech analytics solution in any industry to improve customer experiences and agent performance metrics.

 

Sources
1. Business and Economics Journal – Big Data & Analytics: Tackling Business Challenges in Banking Industry, June 27, 2017
2. The Financial Brand – Personalization in Banking: From Novelty to Necessity, March 28, 2016

 

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