Speech analytics software in the banking and financial industry
The banking and financial industry is one of the largest industries in the world, but they are not immune to the volatility of the economy. With a pandemic, a war, inflation, rising interest rates and supply chain disruption, nearly a decade of relative stability was ended. Uncertain economic times, coupled with the rising presence of online businesses, such as e-banks, ultimately result in the consensus that the time has come for a new era in the banking and finance industry. Traditional operational processes will have to be overturned, and customer centricity is more crucial than ever.
This is an opportune time for the banking and financial industry to examine its customer relations – what could be more appropriate for this than the epicentre of customer experience – the contact centre?
As the hub of customer experience, the contact centre plays a crucial role in building brand loyalty. With digitally savvy and customer-centric competitors emerging, brand loyalty is paramount to long-term success in the banking and financial industry.
Contact centres are not only the heart and soul of customer relations. They also hold within them an immense amount of valuable data that, for the most part, remains untapped. By implementing a speech analytics solution this data can be mined for deep insights and business intelligence and provide the organisation with a significant competitive advantage.
Why should the banking and financial industry use speech analytics software?
Compliance and regulations
The banking and financial industry are heavily regulated industries, and they are required to maintain accurate records of all communications with customers. This is equally true for fields such as debt collections and telemarketing of insurance and other types of financial services products.
Speech analytics software can help ensure that these records are complete and accurate, and that these engagements and transactions are fully compliant with statutory and regulatory requirements as well as with the organisation’s policies, processes and procedures and quality standards.
Many businesses within the industry find it challenging to guarantee that agents follow scripts strictly to ensure compliance with these regulations and that all conversations observe customers’ legal rights. A single overlooked non-compliant conversation can yield disastrous results. Speech analytics in the contact centre can assist in steering clear of the pitfalls of non-compliance.
A good speech analytics solution can analyse every conversation to ensure that agents are following the approved processes and scripts precisely. The insights gained from correctly deployed speech analytics technology can identify faults and flaws in processes and conversational content by agents and pinpoint agents who require additional coaching, training or even disciplinary interventions. Speech analytics also ensures that all conversations comply with legal customer rights. Furthermore, it identifies agents who excel in high-pressure situations, enabling them to handle more challenging cases while providing other agents with better coaching and training tools. With the aid of speech analytics, debt collectors can be assured to treat their customers respectfully, retrieve outstanding finances successfully, and comply with all industry regulations.
According to the Business and Economics Journal, over 70% of banking executives across the globe say customer-centricity is important to them. Unfortunately, according to the Financial Brand, only 30% of customers feel as though their bank knows them, and 28% believe their bank cares more about the bottom line than about them as customers.
Over the years, consumers’ needs have changed, yet most in the banking and financial industry have not adapted accordingly. While those in the banking and financial industry now have more customer data than ever before, they are not effectively leveraging this information to gain genuine insights into their customers. This is understandable, as attempting to extract information from vast amounts of data using conventional methods can be an arduous task. This is where a good speech analytics solution comes in.
By utilising speech analytics software for contact centres, businesses can swiftly and automatically scan thousands of phone calls for specific words and phrases (or the absence of these) that expose deep insights and patterns and trends in customer conversations. These quantifiable and credible insights can then be used to enhance business processes and provide customers with what they truly desire. For example, banks can create offers and promotions based on customer feedback obtained through insights gained using speech analytics technology. Additionally, they can easily identify upsell and cross-sell opportunities and address factors contributing to customer attrition. Speech analytics enables those in the banking and financial industry to make their customers feel valued.
The banking and financial industry is facing an ever-increasing threat from fraud, which is becoming more sophisticated. As a result, there is a growing need for business tools that can help combat this problem. The industry must take a proactive approach and be prepared to identify and prevent fraudulent activities.
While there is a significant focus on cybersecurity and online fraud prevention, cybercriminals are now targeting businesses through phone conversations. To address this issue, speech analytics software can be utilised to identify fraud-like behaviours and keywords in conversations. By establishing rules and protocols, suspicious activities can be flagged for further investigation. For instance, if a customer is using language that indicates they are being coerced into a financial transaction or if an agent is displaying suspicious behaviour, speech analytics software can alert appropriate parties to take necessary steps to mitigate risks. A similar use of speech analytics can scan all recorded conversations and identify abusive or inappropriate language such as racial slurs and profanity.
Speech analytics software is a powerful tool that can be used to improve operational efficiency for the banking and financial industry in several ways. Here are some examples:
- Identify customer needs: By analysing customer interactions, speech analytics can identify the most common reasons why customers are calling or reaching out to the bank, such as opening a new account or reporting a problem. This information can help the bank streamline its operations and provide more personalised service to its customers.
- Improve call routing: By analysing the content of customer calls, speech analytics can help the bank route calls more efficiently to the most appropriate agent or department, reducing the need for customers to be transferred multiple times.
- Measure agent performance: By analysing the quality of agent interactions with customers, speech analytics can help the bank identify areas where training or coaching may be needed to improve agent performance.
- Enhance customer experience: Speech analytics software can provide insights into the customer experience, including areas where customers are dissatisfied or experiencing difficulties. This information can be used to make process improvements, reduce customer churn, and increase customer loyalty.
A final thought
The banking and financial services industry is transforming, driven by changing customer needs and expectations, increased competition, and the need for compliance with regulations. Using the best speech analytics software, can play a crucial role in this transformation by enabling the industry to make better use of customer data, ensure compliance, enhance the customer experience, and improve operational efficiency. The benefits of Callbi speech analytics range from identifying and preventing fraud, identifying customer needs, improving call routing, and measuring agent performance to enhancing the overall customer experience. By leveraging speech analytics in their contact centre, the banking and financial services industry can remain competitive, meet customer expectations, and thrive in a rapidly changing environment.
Connect are the independent communications experts who can transform how your organisation communicates – both internally and externally. We deliver solutions and services that join up employee and customer communications across platforms, across sites and across countries, in three core areas: Contact Centre Solutions, Unified Communications and Network Services. We provide simple, elegant solutions to the most complex problems. www.weconnect.tech