Nowadays, personal data can be within anyone’s reach due to the information we share through social networks and the lack of privacy. In fact, a campaign by Febelfin, the Belgian Federation of the Financial Sector, went viral by showing how easy it is to get personal data, and even accounts or cards, of people just with the information that is shared on the Internet and social networks.
A campaign by Febelfin, the Belgian Federation of the Financial Sector
It is because of this ease of access to the data that users themselves make available on the Internet and the lack of security and privacy of many companies that cyber-attacks and fraud are a daily occurrence for many companies, leaving customer data unprotected and within the reach of anyone.
All those companies that collect customer data and work with them must be rigorous in terms of protecting and authenticating this data in an adequate manner.
But we also find that the more traditional methods of identification and authentication, i.e. security questions or passwords, are becoming obsolete due to their unreliability.
First steps to understand customer identification and authentication
Is there any difference between identification and authentication? The answer is yes!
When we talk about identification, we are referring to the first phase in which an element and a specific person get linked, creating that connection. In other words, it is when the user indicates who he/she is.
On the other hand, when we refer to authentication, we are talking about a subsequent process in which it is verified that the person claims to be who she/he is, that is, his identity is checked. This authentication process is the first step in access control.
There are 3 factors commonly used to authenticate:
Something you know, i.e. something you know such as a password or PIN.
Something you have, i.e. something you possess such as a card.
Something you are, i.e. something that is inherent to you such as your fingerprints or voice biometrics.
Why are these 3 factors used to authenticate customers important?
To comply with regulations such as PSD2, it is necessary to perform a Multifactor Authentication (MFA) which means that at least 2 of the above mentioned factors (necessarily of different categories) must be used to obtain a secure and reliable authentication.
Despite following a Multifactor Authentication, if we only use “Something you know” and “Something you have” factors, there is a great risk since they are more vulnerable factors, and it is much easier to access them.
This is where the third factor “Something you are” i.e. biometrics, comes into play. Biometrics solutions provide the most secure authentication because it is based on unique and inherent elements of each person such as iris pattern, fingerprints, or voiceprint.
Voice Biometric Identification
According to Salesforce, 92% of the interactions we have with the customer occur via telephone. It is, for this reason, that identity verifications through “Something you are” factors such as voiceprint biometrics are perfect, since voice provides behavioral and physiological information, besides being two-dimensional, i.e., it allows identifying what is said and who is saying it.
However, there are 2 different ways to authenticate a customer through voice:
Actively: the user or customer must read a specific text for identification and verification of his identity.
Passively: the user only has to speak in a normal conversation to be identified and his identity verified.
But you may wonder what the benefits of Voice Biometrics are,
It increases safety and significantly reduces risk since we discard the use of passwords or pins and use an element that cannot be lost or stolen.
Improved customer experience (CX), by reducing the time spent on the phone and offering less friction.
Lower operations costs, by reducing the number of operators and lower equipment and logistics costs.
Improved company reputation, by ensuring data privacy and reducing the risk of fraud and identity theft.
And in which sectors it can be used.
Banking: voice biometrics ensures that the real customer is on the phone and eliminates the risk of identity theft or fraud. It ensures security validation as indicated by PSD2/SCA and avoids SMS or OTP authentication methods that are not very reliable or secure.
Health and Insurance: Voice biometrics allows to confirm that the policyholder is really the one on the phone and to obtain proof of life or a certificate of life, which reduces fraud and identity theft when making claims and improves the customer experience by not needing to be on-site.
Call Centers: Reduce AHT and increase NPS by identifying and verifying customers quickly and effectively.
Telcos: with voice biometrics, it is possible to detect duplicate identities and prevent Sim Swapping, commonly used for identity theft and fraud.
Complete voice biometric identification solutions such as Recordia allow to improve customer experience and reduce fraud and identity theft while reducing AHT and improving NPS in contact centers of many industries.
If you want to learn more about Recordia Voice Biometric Identification,click here.
The insurance industry is a highly competitive sector, where many companies compete with products with practically identical benefits. But, at the same time, the trend in this industry has been towards a decrease in the number of insurance companies, leading to greater concentration in the sector. As a result, differentiation is becoming increasingly important.
Moreover, with the Covid-19 crisis, the insurance industry has had to adapt to new challenges, in order to improve its efficiency and become familiar with the digital transformation process that was imposed by the pandemic.
Despite this post-pandemic context, there are 3 concerns that keep insurers around the world on edge, according to a PwC study: fraud, regulation and technology.
The main concerns of Insurance companies
1. Reducing fraud
The risk posed to insurers by criminal activity, specifically cybercrime, is the biggest threat facing this sector in the next 2 to 3 years. Cyber-attacks in Insurance are considered more serious and more numerous due to the industry’s increasing reliance on its IT infrastructures (data, cloud and third-party technology services).
But insurance companies not only have to protect their customers’ information from cyber-attacks, but they also must ensure that they protect themselves against fraudulent claims from policyholders.
Therefore, reducing fraud and the costs associated with it becomes a key objective for insurance companies.
2. Regulatory Risk and Compliance
Regulatory risk is the second biggest concern for insurance professionals globally, driven by the implementation of new international regulations such as GDPR or Dodd-Frank.
The way data is created, stored, and shared is continually changing every day thanks to technological developments. This has resulted in the creation of extensive rules, policies, standards, and laws that insurance companies are required to adhere to and protect data privacy, as well as compliance gaps that companies need to be aware of.
Failure to comply with regulations such as GDPR, MiFID II, or PCI DSS can result in companies facing criminal liability, costly fines, lawsuits and a damaged reputation in the marketplace. Therefore, ensuring full regulatory compliance and ethical performance becomes essential for insurers.
3. Technological modernization for customer retention
The third major threat to the insurance industry, according to PwC, is the need for insurance companies to keep up with the new technologies being used in the market.
The insurance industry faces high competition and high customer expectations. Insurance companies are expected to deliver a positive customer experience and need to adopt innovative technologies to stay ahead of the curve and achieve greater differentiation.
The contact center has become a strategic element of every company, and by using new speech analytics solutions in their contact centers, insurance companies can gain valuable insights from those conversations to help them create a unique and differentiating customer experience.
Conversational intelligence solutions to help the Insurance Industry
To address all these insurance industry concerns, comprehensive conversational intelligence solutions, such as Recordia, have begun to emerge, enabling insurers to reduce fraud, comply with regulations and improve the customer experience.
Conversational intelligence solutions help to:
Prevent fraud through Speech Analytics:
By analyzing and categorizing 100% of calls, insurers can identify those that are likely to contain fraud, avoid manual typing and improve and objectify the categorization process.
In addition, thanks to conversational analytics, insurers will be able to create cases based on patterns of those calls, so that potential fraudulent calls in the future can be recognized and addressed early.
Ensure regulatory compliance:
The most comprehensive conversational intelligence solutions, as is the case with Recordia, are designed and certified to meet the technical security and data privacy requirements necessary to ensure compliance with international regulations. In this way, requirements such as encryption, exhaustive control of access and movements within the platform, or the custody of data for the time required by each regulation are carried out.
Improved customer experience and loyalty:
Conversational intelligence solutions equip insurance companies with Speech and Sentiment Analysis technology to provide key information to correlate their customers’ satisfaction, dissatisfaction, complaints, and queries with specific agents, products, services, promotions, and policies.
In this way, insurers can find out what works and what makes their customers complain or leave, enabling them to make data-driven decisions to innovate and rebuild the entire customer journey.
Conversational intelligence also provides insight into insurance industry trends that allow them to understand new customer expectations and what their competitors are promising, creating a unique customer experience.
Biometrics to prevent insurance fraud
Fraud is the number one concern for insurers globally. Getting Artificial Intelligence solutions that go beyond voice or sentiment analysis, such as voice biometrics, enables insurers to not only detect and prevent fraud but also boost the experience they offer to their customers.
Voice biometrics technologies enable the identification and verification of customers in a matter of seconds through the unique and specific voiceprint of each customer.
Thanks to biometrics, insurers will be able to:
Drastically increase security, as the voiceprint cannot be lost or stolen.
Drastically reduce risk, since the use of passwords or pins is ruled out.
Improve customer experience (CX), due to less time on the phone, less friction and efficient validation.
Reduced operations costs, due to automated authentication and lower investment in equipment and logistics.
Improve reputation.
By monitoring and analyzing data from every customer interaction and using voice biometrics technologies, insurers are better equipped to ensure compliance, reduce fraud and deliver a better customer experience.
Meet Recordia, the most complete solution for conversational intelligence and biometrics, and discover all the benefits it brings to the insurance industry,by clicking here.
The telecommunications sector is characterized by being a very mature and saturated market, having a war of offers, an unreliable customer base, and few new customers. This means that any bad experience or customer dissatisfaction means that they are likely to abandon the brand for another one when they receive a more attractive offer.
In Spain, for example, there are more cell phones than the population and the way to grow and increase value for operators is to sell all-in-one packages (fixed, mobile, Internet, television, streaming platforms, security, insurance or gaming), change ADSL lines for fiber in the home or grow in subscribers by stealing them from competitors through portability.
Therefore, with so many operators competing for the same market segment, it is becoming increasingly important for them to build their business with the most information and data about their customers, helping to improve the customer experience in all channels of contact with them, especially in the Contact Center.
Why are telecommunications companies so aware of the churn rate?
The situation in the telecommunications market is not expected to change; in fact, with each passing year, users become even more disloyal. A dissatisfied customer will know how to find an opportunity in another company offering the same service for less money.
It is therefore vital in this sector to anticipate abandonment, since a dissatisfied customer is unlikely to trust the company again and, moreover, will not speak well of the products or services it offers.
As we mentioned previously, the generalized churn in the telecommunications sector is usually due to widespread competition. To prevent this, companies must rely on the analysis of large amounts of information contained in their interactions using conversational intelligence technologies such as Speech Analytics.
Without intelligent conversational analytics, telecom service call centers cannot know that there is a risk of churn before a customer call to cancel. But, with these analytics, it is possible to analyze and identify abandonment signals by calculating and weighting a series of parameters obtained from conversations and giving an abandonment risk score for each interaction.
For example, detecting certain keywords or phrases, such as “my bill is too high” or “do you have a plan that costs less?”, or mentions of competitors and complaints, together with other metrics related to bad customer service experiences (such as overlaps, waiting or silence times, etc.) will serve to identify customers with a higher probability of abandonment and thus anticipate, reacting earlier with the aim of reversing the situation.
How else can Speech Analytics benefit telecommunications companies?
Boost sales
Thanks to Speech Analytics solutions, providers can understand how customers respond to their products, packages, and promotions and thus know which sales techniques achieve the best results and how to create an effective commercial message. Complete conversational intelligence solutions combining Speech Analytics and sentiment analysis enable:
Identify and retrieve calls to close additional sales.
Verify calls that end in sales for compliance with legal requirements.
Improve team performance and learning by understanding best practices.
Improve customer satisfaction and experience
Creating a unique customer experience reduces churn rates and builds customer loyalty. In the highly competitive market in which providers find themselves, adding value by detecting signals through Speech Analytics that alert them to potential churn allows them to create customer experiences that address the real needs and concerns of their customers. This increases satisfaction and loyalty, reducing the dreaded churn rate.
Manage process quality
It is important for customer satisfaction and customer experience that providers align their behavior, messages, and attitude, otherwise it is very difficult to retain and build customer loyalty.
Monitoring the quality and performance of agents, whether they adhere to established scripts or detect silences, overlaps, or high voice tones in calls through conversational intelligence and Speech Analytics, can improve the service provided and thus achieve greater satisfaction and customer experience and a reduction in churn.
Complete conversational intelligence solutions, such as Recordia, bring great benefits to the telecommunications industry, but they all boil down to one: reducing churn as much as possible.
With Speech Analytics and Sentiment Analysis, providers can manage the quality of their processes, increase their sales and improve customer experience, which translates into greater customer loyalty, so necessary in this sector.
Find out what Recordia can do for the telecommunications sector by clicking here.
Technology has revolutionized the world in many areas, but for companies, there are multiple uses of IT tools that bring great benefits, such as task automation.
Companies have routine processes and tasks that, when performed and managed manually, increase costs and operational times and even affect the experience they offer to their customers.
It is for this reason that many companies are implementing Artificial Intelligence and Machine Learning solutions that allow them to automate these processes and tasks.
Automation is the use of one or more software that allows configuring sequences of tasks so that they are performed automatically. Even the most advanced solutions go further, offering companies reports on the use and development of these automated processes, as well as important statistics to monitor and optimize everything necessary.
Thanks to AI solutions, all repetitive or routine tasks that require manual efforts can be integrated into automated workflows or task sequences.
Automation brings great advantages to companies, among them:
Cost and operational time savings.
Increased efficiency, relieving the workload, and achieving greater agility.
Optimization of processes, achieving higher quality.
Improved customer experience by increasing the quality and efficiency of processes.
5 Tasks or processes that can be automated with AI solutions
1. Extracting relevant data and information from documents
Routine back-office tasks or the extraction of customer data and manual transcriptions of calls are the most time-consuming and tiring tasks for employees, especially those dedicated to sales or customer service. Automating these tasks reduces the possibility of errors and leads to greater employee satisfaction, efficiency and motivation, reducing operating time and costs.
2. Detection of topics of interest or insights
In the interactions with customers throughout the customer journey, vital information emerges to identify trends, satisfaction, or even the risk of a customer leaving. But due to the high number of interactions that a company has with its customers, it is totally impossible to analyze each one of them or to have a complete and real vision of the situation in which the company finds itself.
AI solutions that enable automation facilitates the tasks of categorizing and analyzing 100% of customer interactions, achieving a comprehensive picture of what is happening with all of them.
3. Quality management of customer service processes
Artificial intelligence in customer service is responsible for listening and interpreting customer interactions to provide increasingly accurate answers according to customer needs.
Controlling, managing, and monitoring the quality of customer service processes allows for better customer service, ensuring that preset scripts are followed, increasing customer satisfaction, and even improving the training and coaching of customer service agents.
4. Sales verification
Until now, sales verification has been a manual process done by using wiretaps that only allow verification and analysis of a very low percentage of interactions. Therefore manual sales verification is practically random and not very effective.
In this type of process, Artificial Intelligence solutions that allow automation are used to analyze 100% of the sales calls, thus reducing verification times and ensuring compliance with the quality standards of the sales process.
5. Customer identification and verification processes
Artificial Intelligence-based solutions have evolved so much that new ways of identifying and verifying customers in a faster and more secure way emerged. Biometrics introduced a new way of automating identification processes through unique biological parameters, such as voice.
Automating identification processes with biometrics has brought great benefits to many industries, including financial and insurance ones, allowing you to save on costs and operational time while maintaining security, reducing fraud, and creating a unique and quality customer experience.
Having artificial intelligence solutions, such as Recordia, to automate all these processes or tasks within the company generates great benefits, not only for the company but also for its customers. Ensuring the quality of the processes, automating inefficient tasks, or increasing the efficiency of the teams, generates a better customer experience that will translate into greater satisfaction and loyalty.
Recordia, through its conversational intelligence and voice biometrics, allows you to automate all these processes, save time spent on mechanized tasks and improve accuracy by reducing the risk of failure due to the human factor while improving the experience and satisfaction of customers and employees.
Learn more about our Recordia conversational intelligence solution to automate processes by clicking here.
Given the high competitiveness and saturation in the market, companies are looking for new ways to differentiate themselves and show their company as unique. It is for this reason that Customer Experience has climbed the ranks of company priorities to the point of being considered a strategic pillar within the business, especially at the level of differentiation.
Today, more than ever, listening to the customer has become critical and very demanding, and considering that the needs of each customer are different, understanding each one of them is essential to providing an excellent customer experience (CX).
Customer Experience (CX) refers to the perception that customers have of a brand or a company as a result of their interaction with it, throughout the customer journey, whether when they call customer service or visit a physical store or website, among others.
For this reason, more and more companies are investing in Voice of the Customer monitoring tools to help them increase customer loyalty, create better products, provide better service and understand the Customer Experience faster and more efficiently.
Why is Customer Experience monitoring changing?
The survey is the traditional Customer Experience monitoring tool most commonly used for years. While surveys in themselves are a valid method for gathering customer information, they are not enough if used as the sole management tool for measuring customer experience performance and identifying opportunities for improvement.
For organizations to lead from a customer-centric position, they increasingly need a holistic view of the customer journey, as well as the ability to gain deep insights into what drives the Customer Experience. They need immediate and individualized signals to take action quickly and create relevant experiences for each customer.
It is for this reason that conversational intelligence solutions have come into play to provide deep insight into the Voice of the Customer and their experience and listen to their needs and opinions throughout the customer journey, without missing any details along the way.
Empower the Customer Experience with conversational intelligence
Conversational intelligence is bringing huge benefits to the Customer Experience. Alongside traditional tools, conversational intelligence is becoming a powerful tool that can provide a fully integrated, real-time view of the customer experience.
Artificial Intelligence technologies such as Speech Analytics, Sentiment Analysis, or even biometrics, are providing a large volume of omnichannel information that helps to improve customer service processes, products, or customer satisfaction, allowing companies to create a unique, positive, and differentiating customer experience, regardless of the customer touch point where they are.
Benefits of understanding the Voice of the Customer with conversational intelligence
Reduced customer churn by increasing loyalty.
Increased efficiency through improved solutions.
Awareness of new trends and sales opportunities.
Reduced costs resulting in increased customer satisfaction.
How can we enhance the Customer Experience with conversational intelligence?
Analyze and verify sales
Using conversational intelligence to analyze and verify sales helps companies extract data related to products, pricing, and quality of service, allowing brands to identify what really matters to customers.
Conversational intelligence solutions help increase the quality of sales and service by uncovering trends and best practices that align with customer needs and expectations. Being able to analyze the sales that are made, therefore, helps to improve the service provided and thereby increase customer satisfaction and Customer Experience.
Managing quality
It is important for customer satisfaction and a better customer experience that brands align their behavior with their messages and attitude, otherwise, it is very difficult to retain and build customer loyalty.
Monitoring the quality and performance of agents, whether they adhere to established scripts or detect silences, overlaps, or high voice tones in calls through conversational intelligence, can improve the attention provided and thus achieve greater customer satisfaction and experience.
Detect customers most likely to churn
There are many signs that indicate that a customer may be prone to churn. It is therefore essential for companies to automate these processes through conversational intelligence solutions that allow them to go to those customers who are most likely to churn.
In fact, reducing churn through the categorization of interactions containing keywords that indicate a bad experience, complaints, or threats of abandonment, allows early corrective actions to be taken to improve Customer Experience and customer loyalty.
Analyze the feelings of each interaction
Sentiment analysis through conversational intelligence allows to know in detail how customers feel, not only their explicit opinion but also an analysis of situations in real-time to make quick decisions in order to mitigate unfavorable situations.
Knowing the preferences, needs, and concerns of customers is essential to creating a quality customer experience. Creating a Customer Experience based on all the knowledge extracted through conversational intelligence will enable companies to reduce churn and increase brand loyalty and trust.
Carrying out fast and secure customer identification processes
There are certain processes in companies that produce inefficiencies, waste time and effort, and generate friction in the customer experience. Among these processes are identification and identity verification. Passwords, numbers, and security questions are becoming obsolete and are giving way to biometric solutions that allow the identification in a matter of seconds, quickly, securely, and effortlessly.
This type of identification through biometrics simplifies the identification process, making it hassle-free and allowing brands to create a better Customer Experience where customers are more satisfied.
In conclusion, every conversation with the customer is full of relevant data. Customer sentiment, tone, product complaints, competitor mentions, and others can be captured in voice conversations and chat interactions.
Being able to extract metrics from every conversation with a customer and visualize them in near real-time takes on tremendous importance to assess, improve customer experience and maximize revenue in an increasingly competitive environment.
With complete conversational intelligence solutions such as Recordia, it is possible to have a comprehensive vision of the Customer Experience at all touch points of the customer journey. This is essential for companies to know the failures, inefficiencies, and dissatisfactions in order to improve a differential and unique customer experience.
Find out more about how conversational intelligence solutions like Recordia can help you achieve a unique Customer Experienceby clicking here.
For decades, companies have used surveys as a reliable method to learn about customers’ opinions, satisfaction, or needs. But now this traditional method is no longer enough. Many of the main markets are maturing and companies, to avoid losing differentiation, are focusing their efforts on creating a better Customer Experience that adds value and thus encourages retention and acquisition of new customers.
Brands that want to lead the digital transformation are now looking for ways and technology with which to implement strategies that allow them to listen closely to the Voice of the Customer and enable them to gain a truer and more complete view of customer needs and opinions.
Voice of the Customer (VoC) is a strategic approach based on listening to customers. It is a process that consists of collecting customer feedback on the company’s products or services so that, in a second phase, the customer experience, commercial offers, or customer service can be improved, and so that consumer desires and satisfaction can be met in the best possible way.
In other words, it is about encompassing everything customers say about the business and helping to close the gap between expectations and the customer’s actual experience with the company throughout the customer journey.
Today, customer insight is becoming the centerpiece of business strategies, whether marketing, sales, or business, and Voice of the Customer, through AI technologies that make it easy to turn voice into actionable data, should be part of the process to better understand what is happening in conversations with customers.
Why listen to the Voice of the Customer?
It allows you to design and develop products that address real customer needs.
Provide the quality service that customers expect.
Respond to customer needs and concerns.
Increase sales, while getting real scripts that work for sales teams.
Achieve greater loyalty and trust and reduce customer churn.
Conversational Intelligence to deeply understand the Voice of the Customer
Conversational Intelligence is bringing great benefits to companies and the possibility of listening to the Voice of the Customer in a constant and automated way.
Complete conversational intelligence solutions, such as Recordia, allow through AI, machine learning, and NLP (Natural Language Processing), to extract actionable information from the opinions, comments, and needs of customers in an automated way from 100% of the interactions.
Specifically, within conversational intelligence solutions, Sentiment Analysis technologies allow companies, through neural networks, to identify the sentiments of customer interventions, and satisfaction levels and classify them into positive, negative, or neutral.
The conversational intelligence that includes Sentiment Analysis allows companies to know not only the explicit opinion of customers but also an analysis of situations in real-time to make quick decisions in order to mitigate unfavorable situations.
Benefits of implementing conversational intelligence to listen to the Voice of the Customer
Create a customer experience according to their preferences
Knowing the preferences, needs, and concerns of customers is essential to creating a quality customer experience. By creating a customer experience based on all the knowledge gleaned from the Voice of the Customer, companies can reduce churn and increase brand loyalty and trust.
Enable quality management
Using conversational intelligence to listen to the Voice of the Customer makes it possible to discover inefficiencies in processes, what customers are missing, and even dissatisfactions in service, even if there is no explicit feedback or survey. In this way, listening to the Voice of the Customer through conversational intelligence solutions ensures the highest quality standards in customer service.
Detect and identify customers most at risk of churn
When a customer is at risk of abandonment, there are warning signs that indicate that the customer is at risk of churn. Knowing and being able to detect these signs quickly with conversational intelligence technology allows you to take early corrective actions and even define new loyalty strategies.
Optimize marketing and sales
Conversational intelligence solutions allow you to extract valuable information to increase sales and detect intentions and motivations. Optimize the sales pitch, monitor the level of satisfaction, in which context they name the competition, and identify which are the objections and what they value most about products and services to obtain information that helps optimize campaigns.
Knowing the Voice of the Customer is essential for companies to achieve quality customer service, increased customer satisfaction, and business growth. Find out how Recordia conversational intelligence solution helps to understand the Voice of the Customerby clicking here.
Before we start talking about conversational intelligence and where Speech Analytics is used, we must understand how important it has become in the Contact Centers.
Consumers, when interested in a product or service, have a multitude of information in different digital channels where they can research, get reviews and compare products and offers before buying or contracting companies. But, when it comes to solving a problem or resolving doubts, the channel that has not lost popularity and efficiency is the telephone channel, being the preferred channel for consumers and customers by 78%, according to a study by the CEX Association. Moreover, in the digital era, voice conversations are even more important in providing a high-quality customer experience.
All of these voice conversations contain valuable information because of the relevant data that can be gleaned from them. But until they are transcribed into text, this information cannot be analyzed and extracted. For this reason, companies are opting for conversational intelligence solutions that allow them to audit and analyze 100% of the calls and extract valuable information from them to obtain business intelligence.
Due to the large volume of calls, we are talking about and the important information they contain, companies need to be able to automatically convert all these conversations into data that can be analyzed in order to drive business results. In other words, companies need to know what to enhance, classify and analyze from these conversations and visualize it in real-time.
How? Through a combination of Artificial Intelligence and NLP (Natural Language Processing) technologies that identify speech behavior.
Software with conversational intelligence (Speech Analytics and Sentiment Analysis) such as Recordia captures, classifies, and groups 100% of the interactions at a business level and, after analyzing these conversations, brings out hidden information that will make it easier and simpler to understand customers. These technologies drive better agent performance, identify trends and patterns, help ensure regulatory compliance, improve customer experience, and more.
Speech Analytics helps different industries
Speech Analytics solutions can be used for different use cases, from quality management to customer churn reduction, and can be used by different industries, including major industry verticals such as banking, insurance, telecommunications, and BPO.
Banking
The popularization of the use of digital banking, the reduction of visits to bank branches, and the emergence of digital native banks have hanged the commercial banking industry, where customer experience plays a key role in customer loyalty.
Conversational Intelligence solutions can help banking to better understand customers and even anticipate their needs, achieving a better customer experience. Speech Analytics can help to know complete information about 100% of calls, improving indicators such as first contact resolution (FCR), average handle time (AHT), or customer churn.
Insurance
The insurance industry is highly competitive, and churn is very high. But it is a sector where many customers prefer to communicate by phone because the paperwork involved is often complicated and, in many cases, lengthy. Therefore, it is a sector where customer churn is a major concern.
Speech Analytics allows insurers to monitor and analyze data from 100% of customer conversations to anticipate customer needs, be better trained to improve compliance, reduce fraud, and costs, as well as provide a better customer experience. Better trained agents can have greater freedom to improve customer service and empathy, so necessary in this industry.
Similarly, conversation analysis helps improve offerings by understanding customer preferences for specific products and services, which helps insurers improve their sales.
Telecommunications
The telecommunications industry is a mature and saturated sector in which aggressive offers among competitors predominate. Generalized customer churn in the telecommunications sector is often caused mainly by extensive competition. To avoid this, companies can analyze the information contained in their interactions thanks to conversational intelligence technologies and identify why they abandon and improve their loyalty strategy.
It is therefore vital that companies in this sector concentrate their efforts on providing differential value, anticipating churn and building customer loyalty, improving customer service, and providing an excellent customer experience.
Conversational intelligence solutions help the telecommunications industry to improve not only the customer experience but also to understand how they feel and what they think about your products and promotions and detect complaints, suggestions or mentions to competitors to anticipate corrective actions and increase first call resolution.
Another important aspect within the telecommunications sector is the analysis and verification of sales, with Speech Analytics you can categorize 100% of the calls that end in sales and non-sales and delve into the reasons why the sale has not occurred, providing very relevant information that helps to improve and increase the conversations.
BPO
More than 80% of consumers would rather talk to a real person than chat with a bot. The BPO industry and by extension its contact centers have for decades used metrics to measure efficiency, such as the number of calls answered, call duration, and resolution rates, but today as organizations focus their efforts on Customer Experience, these metrics must take a more customer-centric view. To do this, they are looking for ways and technology in which their leading indicators can measure the overall performance of their agents and gather actionable information to improve performance.
The use of conversational intelligence technologies enables automated agent quality control, ensures compliance with the pre-established script, among others, as well as detects and prioritizes which agents need training.
In short, conversational intelligence solutions help contact centers manage quality processes by automating many tedious and time-consuming processes, analyzing 100% of interactions, and improving agent training.
As you can see, the applications of conversational intelligence are numerous and all of them bring great benefits to every industry in the market.
Generating actionable information remains a challenge. Speech Analytics tools can provide valuable data, but organizations need experience and knowledge to understand the implications of that data and use it to drive measurable initiatives to gain business intelligence. Investing in effective and comprehensive analytics capabilities that interpret speech analytics results, measure the experience and implement changes quickly is the best way to succeed.
Having a solution like Recordia that can adapt to the needs of each of these industries provides an improvement in business processes, products, and services, resulting in increased revenue.
Discover how Recordia with its conversational intelligence can help transform your business byclicking here.
Today’s business environment involves a wide variety of tools and workspaces for internal and external employee communication, making the communication needs of companies become increasingly heterogeneous and complex. This reality has led technology to advance in such a way that there are more scalable and economical options adapted to the multiple needs of all types of companies, from simple solutions for startups to multinationals with complex architectures.
For these reasons, it is nothing new that more and more companies are investing in VoIP telephony infrastructures and hybrid communication models. Among the most widely used solutions in collaborative communications and PBX communication infrastructures, Cisco Systems is the provider per excellence.
Cisco Systems is a world leader in networking and IT and one of the leading providers of collaborative communications and VoIP solutions. An integral part of its DNA is creating lasting partnerships with customers, working together to identify their needs and deliver solutions that drive their success.
Cisco by the numbers:
More than 95% of Fortune 500 companies use Cisco collaboration solutions.
More than 200,000 Cisco collaboration solutions customers worldwide.
What services does Cisco offer?
Cisco Systems offers a broad range of products and services. Some of the products it markets are in different technological areas from networking, security, collaboration solutions, DataCenter or Internet of Things.
Among the solutions offered by Cisco are business collaboration solutions and IP telephony, as well as PBX services such as CUCM or SBCs such as CUBE (Cisco Unified Border Element) that allow the control of both internal and perimeter calls.
Cisco can be integrated with complete call recording solutions
Some complete call recording solutions, such as Recordia, allow the recording of your company’s calls with a single solution, including those made on IP telephony lines in your Cisco infrastructure, in addition to cell phone calls, SMS, Faxes, and many other interactions made by your company’s employees.
Recordia was specifically designed to integrate and work with Cisco CUCM and CME platforms, supporting SIP and SCCP protocols, among many other integrations with the most used solutions in the market.
Recordia integrates directly with CUCM (Cisco Unified Call Manager), Cisco Systems’ on-premise PBX installed in many companies, and with CUBE (Cisco Unified Border Element), an SBC that allows the control of perimeter calls in companies.
What are the benefits of integrating Recordia with Cisco?
The easy and direct integration of Recordia with Cisco Systems services offers great benefits that facilitate the day-to-day life of companies, among them:
It has compatibility with SIP and SIPREC protocols.
It allows complete recording at the end-point recorder level, which facilitates the easy management of Recordia recorders in the CUCM console.
Supports multiple audio codecs and encrypted communications, including G711, G729, G722, TLS and SRTP.
Transparent recording of all calls made by agents and users involved in an easy and uncomplicated way. Recordia allows to have a complete record of calls and interactions made through Cisco to comply with international regulations and allow their subsequent analysis.
The recording work is efficient, thanks to Cisco’s own DMS (Dual Media Streaming) recording technology and the integration with Recordia. This allows the telephone terminal itself to send a copy of the participants’ audio to the Recordia recorder, freeing the CUCM switchboard from this work.
Transcription and subsequent analysis with AI of all calls made through Cisco services, benefiting from Recordia services and bringing out key information from all your calls and customer interactions for decision making.
The benefits of integrating Cisco communication services with Recordia are many, in addition to the ease and speed of the process and having all the technical requirements to comply with international data protection regulations and standards. Discover now how Recordia call recording solution can benefit your company.
The communication needs of enterprises are more heterogeneous and complex than ever precisely because of the transition to digital models such as VoIP and UCaaS platforms. In fact, many companies continue with hybrid communication models, which presents a challenge for communications service providers. These companies are forced to upgrade and diversify their services in order to maintain or even renew their positioning and market share.
Therefore, business communications service providers such as Avaya have created new services hosted in the cloud, allowing the integration of these with complete call recording solutions such as Recordia, which are so important today.
Avaya is one of the most important providers in the industry, being a world leader in Contact Centers, Unified Communications, and the Cloud. Avaya’s focus is on helping companies create intelligent experiences with their customers and employees. That is why they prioritize the integration of their products with multiple leading technologies to enable the right, results-driven digital transformation of enterprise communications models.
Avaya in numbers:
It has customers in more than 175 countries.
Avaya has more than 5 million contact center users worldwide.
144 million people trust Avaya for reliable communications.
What kind of products and services does Avaya offer and what sectors does it target?
Avaya offers a portfolio of services and products that revolves around business communications, including those aimed at:
Unified Communications on a single integrated platform.
Communication solutions for Contact Centers.
Telephones and devices, whether desktop, SIP phones, mobile devices or videoconferencing systems, among others.
Cloud communications services.
Given the need for communication is common in all companies, either internally or with customers, Avaya products and services can be included in any organization, including some such as health care, banks, corporations, and small and medium enterprises.
Avaya delivers intelligent customer and employee experiences to enterprises
Avaya turns the Contact Center into a critical strategic resource through PBX communication infrastructures.
Improves the employee experience through unified communications software.
Offers more flexible solutions deployed in the cloud.
Provides the right tools (telephones, multimedia devices, video conferencing systems…) to meet the communication needs of companies.
Avaya can be integrated with complete call recording solutions
Complete call recording solutions such as Recordia, allow an easy and fast integration with multiple PBX or UCaaS communication infrastructures such as Avaya that facilitate the automation and efficient synchronization of workflows and the adaptation to the current communication needs and infrastructures of companies.
In this way, Avaya, by integrating easily and effortlessly with Recordia, provides companies with a complete recording of all their calls to comply with international regulations and obtain valuable information thanks to Speech Analytics and Sentiment Analysis.
Benefits of Avaya’s integration with Recordia call recording solution:
Transparent, easy, seamless, and real-time recording of all calls made by agents. Recordia allows having a complete record of calls and interactions made through the Avaya PBX to comply with international regulations and allow its later analysis.
Call recording on demand, enabling companies to start recording at the beginning of the call or from a certain point according to the needs of the companies.
Launching of on-demand voiceovers during the call by the user himself, without the need to be managed by an administrator.
Biometric voice identification, thanks to real-time audio acquisition through Avaya’s integration with Recordia, customer identification is fast and frictionless, allowing early detection of fraud.
AI transcription and analysis of all calls made, gaining benefits from the Recordia services, and bringing out key information from all your calls and customer interactions for decision making.
Recordia has fully integrated its call recording and interaction logging solution with Avaya Aura Communication Manager and Avaya Aura Application Enablement Services (AES).
The benefits are multiple when integrating Avaya’s business communications systems with Recordia, plus it is an easy and fast process, without complications. Find out now how Recordia Call Recording solution can benefit your company.
Many people wonder if it is possible for sales teams to work from home. The reality is that we are in a moment in which teleworking has been imposing itself on face-to-face work methods and, in fact, more and more companies are adopting hybrid work models in which both worlds (teleworking and face-to-face) continuously coexist.
In sales teams, the trend toward teleworking is increasing due to the benefits it brings, including cost reduction, time savings in sales relocation, and the elimination of geographical restrictions.
For these and many other reasons, remote work is a great attraction not only for sales teams but also for companies. But companies have to make sure that in order to carry out this remote work effectively, they have the necessary infrastructure and technology solutions to facilitate the implementation of remote teams, with a service of the same quality or even higher than that available in the on-site offices.
What solutions should sales teams deploy to work from home?
There is no doubt that hybrid models, which combine work at home and work in the office, have the potential to emerge as winners in the current and future scenarios. The challenge now is to understand the needs that allow us to bring both worlds closer together.
Therefore, the evolution of sales teams must have technological tools that enable teleworking and integrate it seamlessly within the traditional model. Thus, the key to getting the most out of remote work is to incorporate those technological solutions that meet all the needs and challenges that teleworking implies in sales teams.
Some solutions such as Recordia Telephony Service allow, through an international cloud service, to make and receive calls on any mobile device, IP phone, or softphone client, without the need to change the current PBX systems or operators, working as a PBX system in the cloud. These solutions enable sales teams to operate around the world by providing an international cell phone network that allows them to call from anywhere over the Internet, making it easy for companies to record all their calls in a secure environment.
In addition, complete solutions such as these ones, by working as an end-to-end service, allow calls to be queried for further analysis with Speech Analytics AI technologies. This type of solution allows for the recording and analysis of calls with the same quality and speed as if the sales reps were on-site at the work center.
What are the benefits of these solutions for companies and sales teams working from home?
For companies:
Improved productivity: by decreasing sales team distractions, reducing sales reps burnout from commuting, and increasing the time spent on actual work.
Cost reduction: costs derived from workspaces are reduced, reducing space requirements, and costs derived from their activity in the work center, among others.
For sales teams:
Saving time and money: the fact of not having to commute, or having to do it less, improves life quality and reduces the costs derived from face-to-face work.
Elimination of geographical restrictions: thanks to the solutions that allow sales teams to work remotely, the geographical restrictions inherent to hiring are eliminated, being able to develop their activity anywhere in the world with the only requirement of having Internet access.
Improvement in labor comfort: Considering, among other things, the savings in time and money and the elimination of geographical restrictions, for many workers, teleworking translates into life quality. If we consider that a happy sales team means a better relationship with customers, taking care of their well-being is a great benefit to be considered when implementing telework or hybrid work.
In short, the implementation of working from home in sales teams, in the pre-pandemic world, seemed almost impossible due to the traditional vision of excessive control and supervision to which sales reps were exposed. After all that has happened and the current trends toward hybrid and remote work modalities, sales teams have to evolve by adopting technological solutions that allow them to offer a service as complete and of the same quality as the one they had in their traditional on-site model. Complete solutions such as Recordia with its technology Recordia Telephony Service have made it possible for sales teams to develop their activity most efficiently and effectively, bringing significant benefits to both companies and sales teams.
Find out more about Recordia Call Recording and Recordia Telephony Service by clicking here.
In the last few years, due to periods of recession and the crisis caused by the COVID-19 pandemic, the number of non-payments has increased, which is a more common problem than it seems for many companies, indeed 64% of them suffer its negative consequences.
Due to the sensitivity of the subject, among the different areas of the Contact Center, the collection of debts is, without a doubt, one of the most complex and difficult to manage. But there are many companies dedicated to debt collection that use abusive practices to achieve their goals, such as the violation of data protection regulations, among others.
That is why companies engaged in these tasks are torn between maximizing this recovery and staying within the guidelines of respect and consumer data protection.
Conversational Intelligence and Speech Analytics for debt collection management
Thanks to AI and Speech Analytics, it is possible to carry out the management of debt collection by following quality standards, having a positive impact on the operation, reducing costs, and improving efficiency.
But it not only brings benefits for Contact Centers dedicated to debt collection but also brings significant benefits to consumers as it ensures that they receive respectful treatment, the protection of their data in compliance with regulations and that their intentions and emotions in these processes are known and considered.
How does Speech Analytics optimize the debt collection process?
Knowledge of the customer to carry out personalized strategies.
Through Speech Analytics it is possible to analyze which words promote promises to pay or which are the most frequent objections of debtors, to create more efficient dialogue scripts and improve the customer experience.
Meeting quality requirements.
With Speech Analytics, the monitoring of compliance with policies and requirements is carried out to ensure the protection of consumer data and rights. Manual monitoring is limited and not very effective and that is why, with conversational intelligence solutions, such as Recordia, it is possible to analyze 100% of the debt collection calls with the objective of alerting and knowing which were the ones where non-compliance occurred to take specific corrective actions.
Improving agent training and operational efficiency.
With the application of Speech Analytics in the debt collection process, Contact Centers can analyze agent skills and prepare customized training plans to strengthen the necessary aspects. Conversational intelligence can analyze words that promote higher promises to pay or the most common objections in order to improve agent scripts.
Conversational intelligence solutions, such as Recordia, allows supervisors to detect key performance indicators of agents and compare them with the monetary return in terms of debt collection.
Debt collection processes are complex processes that involve many factors beyond the fulfillment of business objectives. That is why optimizing these processes with conversational intelligence starts to be a great advantage for these companies, achieving higher debt collection rates, maximizing the quality of the processes, and reducing costs.
Find out more about how the conversational intelligence of complete solutions such as Recordia help in debt collection processes by clicking here.
Today, customer fatigue and oversaturation when receiving calls to sell them products and services are on the rise, which is why companies are becoming more and more demanding when it comes to assessing which sales strategies work. The search for process optimization to increase sales has become a priority in the Contact Center.
In short, sales professionals and contact center managers need to somehow turn all these conversations into actionable data that they can use to drive business results, increase sales, reduce churn and detect fraud, among other things.
In the sales contact center industry, agile and effective sales verification and analysis, as well as quality management, are factors that enable agents to sell more and better.
This is why, in order to achieve more sales and higher quality, it is essential to optimize these processes, and this is where Speech Analytics solutions come into play to make the task easier.
But to know how to optimize the sales process, we must first understand the inefficiencies that exist in them.
Inefficiencies of sales processes
Traditional sales processes are basically manual, monitoring a very small sample of call listeners, which causes inefficiencies as they are costly, slow, and subjective.
It is therefore impossible that sales process supervisors are unable to analyze, audit, and monitor 100% of them manually. In fact, only 1% to 3% of calls are analyzed, which means that the sample is far from representative.
On the other hand, when we focus on the quality part, the manual audit is totally subjective despite following parameterized scripts, as there are other parameters such as sympathy that are highly emotional and subjective.
Having a large volume of calls to monitor, analyze and audit means in turn that the time spent on these tasks is much greater than on agent feedback, which means large gaps in training and agent performance tracking.
How do Speech Analytics solutions help optimize the entire sales process?
Conversational Intelligence and analytics solutions allow to analyze, monitor and audit 100% of interactions and help to optimize sales processes completely, automating the analysis and monitoring of these and achieving, among others, the following benefits for Contact Centers:
Reduce time-consuming processes.
Identify and recover calls to close additional sales.
Monitor sales promotions to understand their performance.
Guarantee script adherence and ensure that the brand’s tactical offer is followed.
Evaluate and quantify agent performance.
Detect and prioritize agents in need of training.
Improve agents’ sales pitch by optimizing it.
Increase sales quality by uncovering trends and best practices.
2 Ways to optimize sales processes through automation with Speech Analytics
Improve agent training and productivity for higher quality.
Knowing which sales calls are successful and automatically discovering the behavior of agents that will generate more sales helps to build a more effective and flexible sales script. It also provides greater insight into the training of agents where they perform worst.
Automatic sales verification
Automatic verification of telephone sales is vital to ensure that quality standards are met, reviewing the legal and contractual conditions of the products or services sold. Conversational AI prevents this process from being done manually and 100% of all calls that are identified and categorized as sales are verified. This automatic verification makes it possible to analyze whether the agents read the contracts and legal sales requirements completely, thus reducing time and resources while carrying out recovery actions for failed sales.
Optimizing sales processes is not an easy task, but conversational intelligence solutions such as Recordia, help to optimize processes, achieving a better quality and customer experience.
