The Infosys Labs research blog tracks trends in technology with a focus on applied research in Information and Communication Technology (ICT)

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Voice Analytics in Financial Services

Voice analytics is the use of a voice recognition tools to analyze a spoken conversation. The technology has the potential to increase the performance of client facing operations and the value of every customer interaction. According to Grand View Research, the voice analytics market to reach $1.64 billion by 2025 and Opus Research expects companies 57% of companies to increase sales and collections.

Customer satisfaction is one of the key drivers of voice analytics, the technology offers the capability to understand the emotions hidden behind the customer's words and analyses whether an expression is neutral, negative or positive, and to what extent. The solution offers a trustworthy alternative for post-call surveys and helps identify where agents fall short and excel to help analyze and tweak agent performance in real time. An example is ING Bank, the bank has leveraged voice analytics to uncover issues that require improvements in customer experience, agent performance, sales potential, and service quality. In addition to enhanced customer experience, the bank the solution reduced telecom costs thanks to shorter calls.

Increasing regulations is also a critical driver of voice analytics. Voice analytics based compliance is a trending topic which helps banks by offering risk-based quality monitoring. The solution leverages analytics to identify phrases that indicate mis-selling or other compliance failings. The banks can then isolate, follow up and remedy the issue, within hours. Another aspect of compliance where the technology has great potential is authentication, voice analytics helps banks to provide faster access to services by verifying customer identity in an ambient and seamless process. For example, Barclays reduced the authentication process by an average 20 seconds using voice recognition. It minimized identification and authentication issues which resulted in increased customer satisfaction.

In conclusion, voice analytics is set to radically change the way we interact with customers. While offering enhanced insights into their customer's satisfaction and interests, the technology also helps banks adhere to regulatory protocol. Hence, the adoption by banking giants such as Ally bank, ABN AMRO, US Bank, TD Bank, Santander, Citibank and Bank of America.

 

References:

https://callminer.com/blog/what-is-voice-analytics-definition-tips-best-practices-and-challenges-of-voice-analytics/

https://www.grandviewresearch.com/press-release/global-speech-analytics-market

https://www.uniphore.com/landingpage/executive-survey-on-speech-analytics-2017

https://www.businesswire.com/news/home/20180223005685/en/2.17-Billion-Global-Speech-Analytics-Market-2018-2022

https://www.uniphore.com/blog/2018/04/top-5-ways-speech-analytics-is-helping-the-banks-offer-better-customer-service

https://www.spitch.ch/blog/the-competitive-edge-speech-analytics-in-banking-customer-services/

https://www.uniphore.com/blog/2018/04/top-5-ways-speech-analytics-is-helping-the-banks-offer-better-customer-service

https://www.bai.org/banking-strategies/article-detail/speaking-up-looking-up-why-banks-need-real-time-speech-analytics-for-compliant-customer-interactions

https://www.businesssystemsuk.co.uk/blog/2017/05/03/using-speech-analytics-retail-banking/

https://www.businesssystemsuk.co.uk/blog/2017/05/03/using-speech-analytics-retail-banking/

https://www.theglobaltreasurer.com/2016/09/29/applying-speech-analytics-to-financial-services/

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