Speech Analytics is crucial for businesses like banking where customer service is of utmost importance for driving better results. The latest iteration of Speech Analytics is poised to enhance the value and performance of customer interactions across the banking sector. Here’s a quick insight into how this technology has been helping the banking industry derive better business insights from customer interactions.

Sentiment Analysis

Sentiment A

Sentiment analysis is a critical aspect of customer experience management as it provides insight into the emotion that is hidden behind the customers’ words. It analyses whether an expression is neutral, negative or positive, and to what extent. Speech Analytics helps in sentiment analysis, which can be used across the banking organization to assist in managing customer relationship, training agents, and resolving disturbing problems as and when they arise.

100% Call Analysis

The latest advancements in Speech Analytics allow integration of Machine Learning and Artificial Intelligence with the new tools. This helps in analyzing customers on the calls and finally predicting the behavior of customers. This helps the banking agents to solve issues even before they emerge, thus leading to a smoother customer experience. It’s a great technology for banking agents who are underperforming or tend to stray away from the script. Such performance and operational issues throughout the bank can be tracked easily and managed appropriately so that customer service quality is enhanced across the bank.

Net Promoter Score (NPS)

NPS

There are several banks that use Speech Analytics as a way to enhance customer loyalty with abundant success. Banks can analyze the phone communication between its customers and representatives, and then elevate the credibility of their contact center, cut down the time for call handling, and finally increase the Net Promoter Score (NPS) of the bank for customer satisfaction. With NPS turning out to be the key metric for assessing customer satisfaction, it is no doubt one of the most crucial benefits of speech analytics in the banking sector.

Compliance with Processes

Speech Analytics plays a pivotal role in driving process compliance and enhanced overall agent performance. Since it automatically scores and analyzes all the calls, there’s decreased the risk of penalties and lawsuits related to non-compliance.

Develop More Competitive Offerings

No customer would inform his bank of his decision to purchase a service from another bank or why he has changed to a competitor. At one point or the other, he might have given a hint of his intention through an email, web chat or call. Speech Analytics can help in identifying such conversations and pass it to the sales and marketing department so that they can devise a more competitive product or service, thus avoiding unnecessary business loss and enhanced customer satisfaction.

Recommended: To know more about how Speech Analytics can uncover specific business insights for companies operating in the Banking and Financial Services sector, click Speech Analytics Augmenting Customer Experience for Banking and Financial Institutions

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