8 Ways Speech Analytics in FinTech Can Improve Customer Experience

8 Ways Speech Analytics in FinTech Can Improve Customer Experience

Digital revolution, omnichannel presence, and immediate information access are the norm in today’s environment.

Customers have high expectations for efficient and convenient communication with businesses, which can include quick responses to their inquiries, accessible self-service options, and a continuous flow of information. This mindset reflects a desire for streamlined and simplified experiences.

The balancing of customer experiences across various channels is becoming an increasingly difficult issue for businesses and organizations as a result of these raised expectations.

The phone is one of the avenues of communication that is particularly under pressure. Customers communicating through a voice channel must rely only on spoken communication, which frequently leads to drawn-out talks and frustrating moments. This is in contrast to the touch-based visual experience given by smartphones.

Fortunately, thanks to the most recent developments in speech analytics technology, companies may provide simple customer interactions via voice-activated interactions like phone calls.

Speech Analytics And Fintech!

Fintech use and digital banking have had a rebirth and are now quite well-liked. However, despite how bizarre it may sound, there is another well-known avenue where financial institutions are seeing a lot of traffic: call centers.

Customer loyalty has drastically decreased as a result of longer wait times, the launch of new rivals and products, and the current industry confidence crisis. The key to creating long-lasting banking relationships is human empathy, and banking speech analytics technologies can help with that.

As a result, all businesses, even those in industries like banking, are placing a strong focus on improving the customer experience.

Capabilities in Speech Analytics

Despite the fact that speech analytics have been known for a while, they have greatly advanced recently.

In order to meet consumer expectations, businesses can now use speech analytics to glean a variety of insightful nuggets from the spoken exchanges between a customer and a call center agent (or a voice bot).

Speech analytics typically relies heavily on speech transcription technology to understand the context of spoken conversations. Modern speech analytics, however, go further than that. Recognizing the conversation’s vocabulary, seeing any interruption and crosstalk, and determining a caller’s age and gender based on their voice are all useful skills (leveraging the voice biometrics aspect of every spoken conversation).

When combined, these cutting-edge insights give businesses the potential to make strong real-time enhancements to consumer experiences and to gather all the data required to make effective internal process adjustments.

Ways Speech Analytics In FinTech can Improve Customer Experience

Speech analytics offers numerous noteworthy advantages for businesses that communicate with clients over the phone (or any other voice channel). These advantages can be examined from a variety of perspectives because they have a wide range of effects on the company.

Routine Task Automation

Call center staff often view routine tasks such as categorizing calls as tedious and undesirable. Speech analytics, through automatic categorization of calls based on their context, can streamline this process.

More Dedicated Agents

Call center workers feel happier because they can focus on more interesting challenges instead of doing boring tasks. When things like categorizing calls are done by machines, it makes the job easier for the employees. This makes them more excited to talk to customers on the phone and the customers have a better experience.

Better emergency situation management

Speech analytics may automatically identify certain keywords that arise in conversations and can alert users when certain keywords (such as “outage,” “water leak,” “blackout and “crash”) start to appear in calls far too frequently.

Because of this, companies may recognize unusual circumstances earlier and respond to them more effectively.

Complete training for agents

Everyone experiences both good and bad days. As a result, it’s critical to assess an agent’s performance using data from as many consumer calls as feasible. For a fair and thorough evaluation of each agent’s performance for their managers, speech analytics may automatically analyze each conversation for silence spots, crosstalk’s, text alignment, and other metrics.

Simpler cross-selling and up-selling

Speech analytics can also help make personalized offers to clients. If a call center worker is talking to a customer, the system can show them suggestions on their screen to help them sell more products or services. This makes it easier for the worker to find good deals to offer the customer.

Higher NPS and CSAT Ratings

Customers want enthusiastic agents who respond to their problems with useful answers. This has an immediate impact on important customer experience metrics like the Net Promoter Score (NPS) and Customer Satisfaction (CSAT) score, which both rise as a result.

Decisions in Business Driven by Data

Better decisions result from better context. Due to the extremely complex insights provided by speech analytics that are gleaned from the whole call base, organizations are able to derive data-based decisions and measurements that have a significant and long-lasting impact on the success of the company.

Cost reduction

Routine jobs being automated, possibilities for up-selling and cross-selling being automatically identified, and contact center agents’ abilities being polished through thorough coaching all reduce costs and boost profits for the business.

Improved Customer Experience Over the Phone- Thanks to Speech Analytics!

Every day, customer expectations rise. Therefore, it is very important for businesses to be concerned with the customer experiences they deliver over the phone and to enhance them using cutting-edge speech analytics.

Greater customer happiness, fewer costs, lower employee churn, and improved revenue are all benefits of this strategy.

Click here to find out how Mattsenkumar’s Speech Analytics and conversational intelligence technology aid in enhancing customer service in the banking industry.