Digital banking and the use of Fintech have experienced a resurgence, becoming very popular. But, as strange as it may sound, there is another long-established channel where financial institutions are experiencing high levels of traffic: Call Centers.
Increased waiting times, the arrival of new competitors and products on the market, and the crisis of confidence in the industry have significantly reduced customer loyalty. Human empathy is the most important factor in building long-term banking relationships, and banking speech analytics solutions help do just that. Therefore, improving the customer experience is becoming a high priority for all organizations, even in sectors such as finance.
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How can Speech Analytics and AI technologies improve customer service in banking?
Speech Analytics is one of the fastest growing applications to identify and detect good service quality in order to retain as many profitable customers as possible. Speech Analytics analyzes all calls and customer interactions on different channels, detects phrases or keywords that indicate a possible bad customer experience and alerts the company to take preventive actions.
Speech Analytics banking solutions can help agents, thanks to natural language processing (NLP) capabilities. They help to better understand customers and even anticipate their needs and provide agents with the right in-call assistance, alerts, notifications, etc. Thus, it is possible to drive a superior customer experience.
Speech Analytics banking solutions can also provide previously unpublished insights to reduce customer call volume, achieve first contact resolution (FCR) and reduce average handle time (AHT).
5 Ways Speech Analytics and AI technologies help banks improve Customer Service
100% of calls analyzed
With Speech Analytics, it is possible to identify patterns and important information in banking Call Center calls that reveal possible customer churn. Establishing important keywords such as ” upset”, “annoyed” or ” switching to another bank” will help financial institutions’ Call Centers to detect problematic calls and thus attend to them immediately, trying to improve the user experience, increasing loyalty, and reducing customer churn.
Identification of customer Sentiment
Thanks to machine learning and NLP (Natural Language Processing), it allows identifying the feelings of the different interventions of a call and their level of satisfaction. It is an opportunity to explore the customer’s mindset and study the perception of the product or service from the user’s point of view. Sentiment Analysis is a great tool for an in-depth analysis of products or services, reputation management or customer service analysis, among others, all related to customer experience and, therefore, to the quality of customer service.
Quality control
With conversational analysis technologies, supervisors can analyze whether agents are adhering to the established script and whether they are following quality standards. Keeping track of process quality helps banks improve customer service and maximize the customer experience.
On the other hand, not only adherence to the script helps to improve quality but also the reduction of prolonged silence times. Prolonged silences of 20% or 30% can hide problems that can cause additional costs and gaps in service quality and customer experience.
Agent training
With all this information extracted from Speech Analytics, supervisors can train their agents and identify best practices and sales techniques. In addition, these calls can serve as an example for agents, newly hired or not, helping them to develop scripts based on real experiences to be more successful in their future calls.
Compliance and security
Regulatory compliance is essential in the banking industry and Speech Analytics plays a key role in driving process compliance and improving overall agent performance. Because it automatically scores and analyzes all calls, the risk of non-compliance-related penalties and lawsuits is reduced.
In addition, the use of other AI technologies such as Biometric Voiceprint Identification streamlines identification processes, improving the customer experience and, in turn, ensuring regulatory compliance and security through the verification of consent records and detection of spoofing fraud.
If you want to learn how Recordia with its Speech Analytics and its conversational intelligence solution helps to improve customer service in the banking sector, click here.
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