The new reality in which we find ourselves and the emergence of new needs regarding the services and products offered to us have accelerated the transformation process in many economic sectors, including the financial one. In fact, the increase in the use of digital banking has been in proportion to the reduction of visits to bank branches during the last two years.
Faced with this new situation, along with the emergence of digital native banks, the neobanks, which allow managing all financial processes 100% online, traditional banks, in order to keep their customers and keep them satisfied, have needed to adapt to the new paradigm and bet on a digital experience, in which the telephone service channel becomes even more important.
The power of data
Among the most important technological demands being made by these entities are Data & Analytics services. The sector is making great efforts to know its customers better and to be able to anticipate their demands through data analysis.
Obtaining the best knowledge of the customer and knowing what they do, how they interact, what needs they have or how they relate, together with the infinite amount of data that financial institutions handle, allow them to anticipate the next actions to be taken with that customer through predictive models based on machine learning.
Much of this data is hidden in the conversations that take place mostly through chatbots and voice. The artificial intelligence and machine learning behind this type of chatbots “allow the machine to guide the customer and advise him, at least initially, on the solutions that can benefit him the most, those that are most appropriate to his needs”.
In addition to chatbots, other technologies, such as voice banking, make it possible to carry out transactions and different operations, such as transfers, payments, or checking the bank account balance, using natural language. This also means a new reality regarding how to authenticate customers securely to perform these transactions without the risk of fraud or identity theft, among others.
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New trends in the Financial Sector
As we have mentioned, data is very important and most interactions that financial institutions carry out take place through their contact centers, and, in fact, most of them take place through voice.
These conversations have a lot of information that if they are not analyzed through solutions that enable transcription (voice to text) and analysis models of these conversations would be wasted.
To this importance of conversational data must be added that, since digital banking and Fintech are increasing in popularity, the importance of customer experience or Know Your Customer processes to authenticate customers are increasing in turn.
In recent years, commercial banking customers have changed, they no longer make the same kind of decisions as before when it comes to purchasing a product or service, now they also buy an experience. This means that the customer values much more personalized attention, fast troubleshooting and, therefore, a better customer experience.
Due to this change in trend, as we mentioned, the banking sector needs to know how to convert the source of first-hand knowledge provided by its customers in their calls into useful data that can be used in the decision-making process. Thus, many companies in the banking and financial sector are already applying innovative solutions based on artificial intelligence, such as voice analysis or biometrics, to take advantage of the useful data provided by customers in their calls to the contact center.
5 ways to benefit from speech analytics in finance and banking
1. Customer Experience
Today, more than ever, listening to the customer has become a critical task in understanding the needs of your target audience and customers. Companies seek to design a customer experience according to their expectations (CX) in order to obtain long-term benefits such as customer loyalty and new customer acquisition.
In fact, listening to the Voice of the Customer (VoC) and using it in the right way increases customer loyalty, creates better products, provides better service and understands the customer experience faster and more efficiently.
73% of customers list experience as an important factor in their purchasing decisions, behind price and product quality.
Source: PwC.
Voice conversational intelligence solutions allow analyzing 100% of the conversations that take place with customers and allow defining related topics, detecting keywords or phrases that appear in the process of interaction with the customer and that allow understanding what is happening with him, categorizing calls by topics.
2. Quality control and agent training
Thanks to voice analytics, the financial industry and its contact centers can evaluate voice calls faster, with less subjectivity and greater accuracy than the evaluation provided by manual methods. In addition, it can ensure compliance with quality scripts, evaluate and quantify agent performance, identify agents in need of training, and reduce training time for new hires.
3. Trends and opportunities
Speech analytics allows you to define better sales strategies, detect keywords about trends or opportunities or collect the conversations with the best results.
With speech analytics solutions it is possible to understand how customers respond to campaigns, products or investments in order to know which strategies achieve better results and how an effective commercial campaign can be established.
4. Early churn detection
Conversational intelligence and speech analytics solutions help reduce complaints by highlighting recurring issues and gaining a complete picture of customers’ concerns or negative experiences.
After all, for the financial and banking industry, detecting warning signs in customer service that denote potential customer churn or intentions to switch banks is essential for a highly competitive industry with fewer and fewer loyal customers.
Download Now: Churn Reduction in the Banking Industry
5. Compliance and Fraud Prevention
Despite all the digital and compliance mechanisms in the financial industry, there are still many losses caused by fraudsters. In fact, contact center agents sometimes don’t know they’ve been scammed until it’s too late.
To prevent this from happening or reduce the damage, companies are using speech analytics on the one hand and biometric authentication on the other. Speech analytics helps to analyze such conversations, obtain keywords and markers that warn of fraud, and create scripts to secure contact center processes.
On the other hand, the financial sector is also using voice biometric authentication solutions to help manage large volumes of calls and provide a secure and robust method of customer authentication through the biometric voice fingerprint, unique to each person.
The most complete voice analysis and biometric authentication solutions, such as Recordia, allow you to apply this technology to all the areas we show you in this article, providing a higher quality in customer services, a better customer experience and, therefore, obtaining better results.
Discover all the benefits that Recordia brings to this industry by clicking here.