Speech Analytics – How Financial Services Can Maximise The Opportunity

With banks increasingly using voice recognition to drive up security, it’s worth remembering that this technology is also an enabler for more complex solutions, including real time speech analytics (RTSA). Here we provide top tips, highlighting how financial services businesses can best benefit from this exciting new application.

• Monitor scripted calls to stay compliant – Few sectors are as regulated as financial services and it’s a burden that has been growing more onerous over time. RTSA indicates, in real-time, if important information has been missed or incorrectly stated. This ensures legal certainty with script adherence, and makes certain contract terms are correctly explained.

• Use RTSA to measure emotion – RTSA can be key in monitoring the emotional content of interactions. The best systems evaluate calls to identify cross-talking or changes in tone and stress levels. This data can be examined to see what behaviours deliver optimum results, enabling agents to adjust their approach accordingly.

• Use self-coaching to drive up quality – The latest RTSA systems offer a checklist for every call and key indicators, providing live warnings to agents so they can stay compliant. By delivering live feedback, RTSA is able to improve performance but also increase training efficiency by enabling agents to self-coach.

• Combine RTSA with business analytics – Use business analytics to identify your star performers. Then link your business analytics to RTSA to identify how these people position services for customers, and what they do that puts them ahead of the pack. These learning points can then be incorporated into training programmes and poorer performers brought up to speed.

 Today, with processing power accelerating, RTSA technology is going mainstream. And over time we expect to see more and more moving over to it to deliver a mix of high-quality interaction, compliance, agent training and emotional intelligence.