It costs an average of $946 to the bank when a financial institution is switched by the customer and thus customer attrition can cost millions to the bank. To gain an advantage in a highly competitive environment, a customer-centric approach is required to be implemented. Similar to other organizations banks also feel this performance pressure. They are constantly striving for achieving service quality, customer satisfaction, and business efficiency. The banks are required to work on some specific pain points like improving customer service, preventing customer attrition, and develop a more competitive offering, and ensuring compliances.
With 100% call analysis and monitoring, Speech Analytics can be the solution for all these requirements.
Do you realize how crucial Speech is in order to understand your customers? About 5,000 words are exchanged between a customer and a contact center agent within 5 minutes. And to explore the power of speech we need an efficient solution like MK SmartSpeech.
In this blog we will discuss some of the pain points of the Banking Industry like-
- Customer attrition
- Handling customer’s frustration
- Sentiment analysis
- Developing competitive offerings
- Compliance to legislation
Prevents customer attrition
It’s a hard fact that today customers in the financial sectors have become less loyal and at the same time regulations have become more stringent than ever.
With its ability to analyze and monitor the entire recorded communication database, Speech analytics solutions like MK SmartSpeech has predefined keywords and phrases which can highlight a negative customer experience and also indicates customers’ intention to switch banks. Evaluation of calls can be done if customers seem unhappy, and agents can be trained accordingly. So that there can be a positive customer experience and customers can be prevented from switching to other banks.
Curtails customer’s frustration
Speech analytics can identify and categorize conversations. By analyzing those conversations, an organization can understand why customers are calling and can find a way of addressing the issue. With the insights from data, a company can improve communications with customers and run campaigns to highlight unclear information, saving the customers’ time and the frustration of searching for particular information and trying to get in touch with the company.
Net Promoter Score (NPS) and sentiment analysis
Through Speech Analytics banks can increase the Net Promoter Score (NPS) of the bank for customer satisfaction by analyzing phone communication between their customers and representatives, then elevate the credibility of their contact center, and cut down the time for call handling. Speech Analytics helps in sentiment analysis, which can be used across the banking organization to assist in managing the customer relationship, training agents, and resolving disturbing problems as and when they arise.
Helps in developing competitive offerings
Generally, customers don’t inform their banks about switching to a competitor. However, it’s quite possible that they would have talked about their intention to switch through a call, web chat, or email in their customer journey. With Speech Analytics insights can be obtained on competitor mentions and what the customers are saying about them. Those insights can be passed on to the sales and marketing departments to develop a more competitive offering so that loss of business can be prevented.
Compliance to legislation
With time legislation like Dodd-Frank Act, MiFID II, MAR, CCPA, and others have become stringent in their compliance requirements. Non-compliance with these laws can lead to the imposition of penalties and fines and can also put a question on the company’s accountability. By monitoring across 100% of interactions Speech Analytics prevents a company from the havoc created by a call for violations and risky language which are often missed in the manual sampling of recorded calls.
In the present times, the way customers communicate and interact has changed a lot. Today there are lots more ways to connect than ever before. Recording all these channels requires a solution like MK SmartSpeech that, at a minimum enables the recording of all channels, extracts valuable business insights, and improves compliance, operational efficiency, and employee performance.[/vc_column_text][/vc_column][/vc_row]