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Publication detail:

The competitive edge: speech analytics in banking customer services

People will always needs banking service, but the unsettling realisation that worries many is that it will be an entirely new style of banking. And probably not with high street banks, unfortunately.

Standing in the queue at the branch is already history, perhaps, but many other traditional banking rituals are not regarded as fun anymore, and not just by millennials.

Online and voice channels have little potential for improving customer experience without speech analytics. Analytics have become the fuel that drives the next generation of customer service solutions. Banks that successfully leverage their analytics in 2017-2018 are set to obtain a competitive advantage that differentiates the leaders from the rest of the crowd. And it may be a critical differentiator during the challenging period we are facing.

McKinsey reported in 2014 that companies making extensive use of customer analytics show a 126 percent profit increase over their competitors that don’t use customer analytics. In 2016-2017, the trend is clearly to tap into the potential of real time speech analytics.

Real time speech analytics facilitate tracking customer satisfaction levels and compliance issues, extracting data for personalisation of services and, certainly, greater operational efficiency and cost savings by means of reducing time per contact, average call handling time, and more.

Furthermore, state-of-the-art algorithms for sentiment analysis and semantic interpretation offer a trustworthy alternative for post-call surveys and customer loyalty prediction. The challenge is finding the right mix to suit your strategy.

If you would like to hear more about how to improve your Customer Experience Management (CEM), operational efficiency and Net Promoter Score (NPS), regulatory compliance, and move forward with your digital transformation utilising the advantages of speech analytics and voice biometrics technology, please sign up for our webinar ‘Customer Experience for Banks: Can we do better & lower costs by using speech technologies?’ in cooperation with the BBA. The webinar will be held on Tuesday 24 January 2017 at 10.30am GMT.

Please find the registration link here.