One of the biggest business sectors in the world is the Financial sector. But recently, traditional financial institutions have found themselves in competition not just with one another but also with the burgeoning number of online companies like e-banks.
They must thus make adjustments that provide them with a competitive advantage, and their contact centers are the ideal place to start. Each of the millions of calls the financial sector receives each year carries a plethora of priceless information.
This data can be used to great effect and give a competitive advantage by developing a genuine speech analytics platform with automated call-scoring features.
Role of Speech Analytics in Fintech
Speech analytics and fintech are two technologies that can be used in conjunction to enhance financial services. Speech analytics is a system that analyzes speech data, such as customer calls, using artificial intelligence and machine learning algorithms.
Fintech businesses can benefit from this by providing better customer service, detecting fraud, adhering to rules, gathering market intelligence, and increasing sales.
Speech analytics is a potent technology that may assist FinTech businesses in enhancing their operations and providing better customer service. The following are some significant applications of speech analytics in fintech:
Detecting fraud
Here are five steps you should take to make efficient use of speech analytics to detect fraud, regardless of whether you already have a solution in place or whether you are ready to invest in a brand-new solution.
- Review each known fraudulent call manually to have a better understanding of the fraudster, their methods, and how they establish rapport over time. Keep track of the questions they specifically ask, the words they use, such as “keep this call private,” and their introductions.
- In addition, it’s important to keep an eye out for patterns in the time, day of the week, and reason for calls.
- To choose the terms and phrases for which you want to make notifications, look over the statistics and trends. If a person calls you more than once in a specific number of days, you can even set up a flag.
- Similar to how a scorecard may be created to assess performance, it can also be used to spot potential fraudsters. The speech analytics program will evaluate and grade the call by giving words, phrases, and voice acoustics values. The likelihood of a prospective fraud scenario increases as that score increases.
- You must monitor the parameters you set and determine whether they are producing false positives or missing fraudsters if you want to perfect fraud detection. Up to the desired result, keep tracking and adjusting.
Customer Service Improvement:
Superior Customer Experience Is Offered via Speech Analytics
Customer-centricity is vital to more than 70% of banking executives worldwide, according to one study. Nevertheless, only 30% of customers believe their bank truly knows them, and 28% think the bank is more concerned with its financial performance than with its clients.
The truth is that most banks have not kept up with the changes in consumer needs over time.
Additionally, despite having more data on their clients than ever before, banks are not utilizing this information to understand their clients. This makes sense given that attempting to extract data using conventional methods may frequently be a herculean endeavor due to how large the data set is in many cases. Speech analytics can be useful here.
Monitoring for Compliance:
One of the industries with the most regulations is finance. This is particularly true for industries like debt collecting. Unfortunately, a lot of these companies do not make sure that their employees carefully adhere to scripts to assure compliance with these laws and that all consumer legal rights are respected during all talks.
Due to this, tens of thousands of Fair Debt Collection Practices Act cases are brought each year, and Fair Credit Reporting Act infractions are continuously increasing. It can be disastrous to ignore even one non-compliant interaction.
Thankfully, a speech analytics tool can assist in preventing a future nightmare lawsuit.
Speech analytics can be used to analyze every conversation to make sure that every agent is strictly adhering to the approved script and to pinpoint which agents would benefit from additional training. Script analytics can also assist in ensuring that all dialogues respect the customers’ legal rights.
Additionally, it can be used to identify the agents who often perform better under pressure, enabling them to be given more difficult cases while giving other agents better training resources.
Debt collectors who use speech analytics can better serve their clients, collect the money owed to them, and follow all applicable rules and laws.
Business intelligence
By examining customer calls to find trends and patterns in consumer behavior, speech analytics can be utilized to obtain market intelligence. This can involve noticing shifts in consumer preferences as well as looking for chances to introduce new goods and services.
Optimization of Sales
Speech analytics is a tool that may be used to examine sales calls and find areas where sales methods can be strengthened. This can involve analyzing typical objections and difficulties salespeople encounter, as well as chances to upsell and cross-sell goods and services.
Overall, speech analytics can offer FinTech organizations useful information that will enable them to enhance customer service, identify fraud, adhere to legal requirements, learn about the industry, and increase sales.
The technology can be adapted to fit the particular requirements of the business and integrated with current systems. FinTech businesses can improve their operations and deliver a better client experience by employing speech analytics to acquire a competitive edge.
Learn more about enhancing customer experiences and agent performance metrics using MattsenKumar’s speech analytics solution in any business.
