Conversational Analytics / 17.08.2017

Speech Analytics to Identify and Prevent Misselling of Financial Products – auMina to the Rescue

Over the last few weeks, banks have been facing the heat from Reserve Bank of India (RBI) and other regulatory agencies. Banks and Financial companies will now be held accountable for misselling deeds of third party agencies and in-house staff. Aggrieved customers can file complaints under the revamped Banking Ombudsman (BO) scheme against banks for Insurance, Mutual Fund and other financial products sold on the phone and digital channels.

What has Changed?

The Apex Bank on June 24, 2017, extended the scope of the Banking Ombudsman (BO) scheme 2006 by including deficiencies arising out of misrepresented sales of third-party investment products. Following this amendment, BOs can now

  • Pass an award of up to Rs.20 lakh from an earlier limitation of Rs.10 lakh
  • The ombudsman is authorized to award a compensation of up to Rs.1 lakh for the harassment suffered by complainant
  • Customers can now file an appeal against complaints closed by the BO
  • Five new BO offices became functional through this amendment (20 in total)

If we look at the bigger picture globally, regulators from countries around the world have been pushing for stricter controls and penalties.

The “Common” Issue

With tens and hundreds of DSAs assisting banks in discharging in their sales objectives, it’s a mammoth task for the stakeholders to create and operate a well-controlled framework for agencies to operate in. This is where technology plays a crucial role to help point out the shortcomings, misdeeds in sales of financial products and plug leaks.

Data Analytics is one such field which comes to the rescue of bankers trying hard to prevent misselling/misrepresentation of its products.

The “Role” of Speech Analytics

Speech Analytics is a powerful analytics solution which has proven capabilities for definite insights into hundreds and thousands of call recordings. This by-product of Speech Recognition technology has been helping Contact Centers improve quality, optimize costs, prevent fraud and most importantly in this case, “improve regulatory compliance”.

Uniphore’s auMina to Identify and Prevent Misselling

auMina is Uniphore’s flagship Speech Analytics solution available in 80+ global languages (including 17 Indian languages) and multiple dialects. auMina has demonstrated value in detecting anomalies and general deviations in multiple areas of call center interactions, helping decision makers to get valuable business insights.

The solution’s keyword spotting technology offers insights into customer interactions to understand if the agent misrepresented or sold without customer’s consent. Regular MIS reports enable management to monitor calls, identify trends, build forecast models and predict outcomes based on reliable ground-level data.

Customer Sentiment Analysis: auMina’s unique ability to understand the caller’s sentiments allows the system to comprehend his/her understanding of the product and how they reacted to the “Sales pitch”. This feature throws further insights into the conversation and highlights if a product/service was sold against the will of the customer.

To know how auMina can help your organization identify and overcome misselling, request a free POC by contacting us.