TMCnews Featured Article
July 18, 2011
Speech Recognition Via ATMs and Contact Centers Saves Time and Money
By Susan J. Campbell, TMCnet Contributing Editor
The concept of speech recognition adds considerable value to the self-service approach when doing business. If the technology does not work as promised, however, it can leave the customer frustrated with the experience and perhaps looking elsewhere for products or services. In the financial services industry, speech recognition is saving money and driving share.
Loquendo (News - Alert) is one company driving applications in the financial services space with speech recognition technology. A key component of the speech recognition technology in this space, however, is security. Consumers want to know that when they are interacting directly with the institution or its contact center and that the information provided or shared is secure.
The proliferation of remote banking channels and increased demand by consumers has driven the banking and insurance industries toward speech recognition and text-to-speech. Customers can use speech recognition and text-to-speech to access accounts, buy or sell shares, complete transactions and more. And, because the channel is available outside of normal banking or insurance company hours, both time and money are being saved.
The information being exchanged through these channels is sensitive in nature, however. One benefit to automated systems is that they do not expose the information to a human operator who may or may not use the information as intended. To take this security and level of care a step further, many of these organizations are deploying Speaker Verification systems that enable an additional level of security. Biometric voiceprint authentication is performed during the conversation to ensure the person making the call has the authority to do so.
Banks today are even deploying “talking ATMs” that enable voice interaction and speech recognition to facilitate the transaction. Such machines are a key tool for the sight impaired, as the ATM will read out instructions and confirm operations as they are completed. This approach will help to protect privacy, while also delivering the optimal experience for all users.
For the contact center handling customer service for banks, insurance companies and other financial services organizations, speech recognition technologies can help to save time and money as it enables automated systems to handle standard requests. More complicated interactions can be handled by live agents, without keeping others waiting on the line. Speech recognition enables information to be shared and transactions to take place 24x7. It is simple and effective, while it also enables the inclusion of people with different abilities. The time and cost savings available in the updating of messages and services ensures that information is pushed out in real-time to optimize the experience for all users
Susan J. Campbell is a contributing editor for TMCnet and has also written for eastbiz.com. To read more of Susan’s articles, please visit her columnist page.
Edited by Jamie Epstein
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