We're all used to hearing our calls is going to be recorded for training and quality purposes, but inflict of us really know how the details are actually used?
Traditionally, going back 20+ years, consumers often visited the financial institution Manager once they needed support. As generations now utilize technology to their lives, phone banking emerged and much more recently, the use of digital platforms and technology. Rely upon technology has allowed banks to supply a a lot more flexible plan to their customers. Part of that is being able to analyse all of the data they've on their people to have the ability to understand them better, to enhance their customer experience, and importantly identifying compliance breaches and disputes too.
Despite the huge amount of information captured on telephone calls; it can be hard for banks to help make the most of unstructured voice data. It is because unlike text-based communication, audio content – for example phone calls – is time-consuming and hard to analyse manually, the onus has traditionally relied on the phone call agent to tag or make appropriate notes. In 2022, Call Centre Helper reported that only 3 % of interactions are analysed by contact centres typically consequently, leaving 97 percent of potentially valuable customer information untouched.
Of course, you will find limitations to digital platform interactions and for that reason, engaging with humans continues to be fully necessary to customers. The have to talk to someone will still greatly remain a focus. It's now crucial for banks and banking institutions to ensure they are adopting digital and automation technologies that boost the customer experience.
How is info on these calls currently processed?
Call recordings historically have been reviewed manually and approximately by humans tagging within CRM systems and making notes, however this can be available to mistakes and agent's misinterpretation of an interaction. On average, this can take around three hours for each one hour of recording.
Through any-context speech recognition, the technology assumes the executive burden of transcribing the phone call. This gives staff the ability to efficiently process customer interactions and also have visibility of any compliance issues, so great governance and due diligence won't be compromised. For example, within the recent and challenging times – if a customer were to highlight concerns over their credit facility and the burden of debt, the lending company will be obliged to undertake specific ways to aid the caller. These triggers can often be missed by the agents and therefore exposing the organization to regulatory fines.
Automatic speech recognition technology implies that nearly all voice data is now able to transcribed into a text-based format and analysed to improve client satisfaction, improve operational cost efficiency and should an issue arise, the specific incident can be located and analysed quickly.
Processing calls in a remote working environment, however, poses complex regulatory challenges, such as the onboarding and managing of customers whilst complying with regulations for example KYC, AML, GDPR etc. With banking institutions needing to automate, Regtech may have its moment in the sun. As more customers is going to be interacting with the banks over the phone rather than entering store, a particularly important element of Regtech moving forward is going to be voice technology.
How is customer experience currently measured in touch centres?
Tools such as Net Promoter Scores and Client satisfaction Scores are largely accustomed to measure and comprehend the loyalty of customers.
As the point at which clients are most engaged and likely to provide feedback on their experiences, the contact centre is among the the best places to gather data on NPS and CSAT's respective areas of focus: customer loyalty for NPS, and experience with an item, service or experience for CSAT.
How effective are these measures and just how can voice tech help empower analytics and improve customer interactions?
NPS information is often gathered utilizing a survey after a call or perhaps in a follow-up email. This method isn't especially effective, though, as customers often not have the time – or are unwilling – to fill these surveys out. How frequently have you provided an answer and selected an identical answer across all of the questions in a feedback survey?
Instead, it might be much more useful for contact centre agents to possess this information throughout the call itself, helping these to steer the conversation toward a positive conclusion. The opportunity does exist; in the end, customers will provide direct and instant feedback all the time when interacting over the phone. The ability to identify negative or positive words, phrases, cross talk, profanity and pitch can provide instantaneous insight from the interaction.
Voice technology supports banks to visualise 100% of customer calls within the contact centres to streamline processes, flag compliance issues and optimise customer service. Using data to influence conversations can boost first contact resolution and reduce both customer and agent churn that is essential in the present market conditions.
And, by automatically transcribing a customer's words in real time throughout a call, the system can provide prompts, more information, and even suggest escalating the call to some senior staff member if required. This also helps financial institutions evaluate after which categorise every customer interaction. By recording and analysing every customer interaction, companies could possibly get a 360-degree view of the customer, map the client journey and comply with regulations better.
How can banks effectively extract information in the data set?
Once the audio recording continues to be automatically transcribed right into a text-based format, it is then easy to search the text using specific keywords. Not only can this illustrate a customer's interactions having a particular product or service, allowing banks to evolve and improve future customer experiences but because outlined above, additionally, it may highlight any issues or issues that might arise on the call to allow them to be resolved in near real-time.
How can voice technology support banks' risks and compliance needs?
Banks and banking institutions need to make call records transparent and accessible in order to provide auditors and regulators with evidence they are compliant having a host of different regulations such GDPR, MiFiD II, and COBS 11.8. Indeed, the last of these, from the FCA, states that banks have to record all customer interactions.
However, without visibility of unstructured voice data, businesses are vulnerable to opening up gaps and blind spots in the control over that data that could leave them in breach of regulations. Voice technology is therefore fundamental to ensuring compliance. Basically, by transforming audio recordings right into a text-based through the use of any-context speech recognition technology, it makes them more accessible.