While the use of speech analytics technology helps companies obtain critical business intelligence, extract the voice of the customer, and help drive better decision making, these technologies are helping banks in particular.
With live speech analytics, banks will be in a position to know “exactly what is being said, or sold, during or straight after every phone call handled by their call center agents,” according to GemaTech officials. As a result, banks can save millions on Payment Protection Insurance.
Supervisors can analyze the calls as they occur, which, as a result, helps them to identify errors or omissions. This in turn helps agents rectify calls to protect the customer, and at the same time save the company millions in regulatory fines or customer compensation.
Miss-selling is just one of the many issues around compliance affecting banks, insurance companies and financial enterprises today. However, live speech analytics helps identify miss-selling. It takes the “first call resolution” to the next level, enabling companies to avoid any risk of miss-selling. The technology is also helpful in recovering quickly from mistakes or detecting them.
By solving the issues associated with miss-selling, speech analytics solutions can ensure 100 percent compliance on every phone call handled by every call center agent in a cost-effective way that does not require expensive professional services or costly integration with existing voice recording equipment.
New speech analytics can analyze every call as it is happening, in turn, triggering live prompts to an agent’s or supervisor’s screen. Supervisors can see a real-time picture of what is being said in their call center without having to physically listen to calls.
Future speech analytics technology may even be able identify different customer emotions, giving supervisors the ability to flag angry or distressed customers or agents in real time.
Rajani Baburajan is a contributing editor for TMCnet. To read more of Rajani's articles, please visit her columnist page.Edited by Tammy Wolf