Answering the call: How call recording and speech analytics can enhance regulatory compliance and redefine the customer experience

March 2013
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Answering the call: How call recording and speech analytics can enhance regulatory compliance and redefine the customer experience

At a glance

In this paper, we discuss how financial institutions can use call recording and speech analytics to deliver long-term value in the following three key areas: Strengthening regulatory compliance; improving the customer experience across all channels; and enhancing fraud detection and prevention.

Financial institutions are facing some of their toughest challenges yet as they contend with increasing regulation, growing competition, and more demanding and savvy customers. Now, as companies look for ways to drive long-term value amid this new landscape, they’re finding that a renewed focus on the customer experience is a powerful strategy to distinguish their organization and grow wallet share.

But delivering a differentiated customer experience hinges on understanding customers’ wants and needs — an elusive goal, especially in today’s environment. Customers have grown more financially and technologically sophisticated, they have more choices, and their loyalty is often fleeting. And as service delivery has expanded across multiple channels — including branches, call centers, the Internet, and mobile channels — the business of serving customers, not to mention delighting them, is particularly complex.

In this paper, we discuss how financial institutions can use call recording and speech analytics to deliver long-term value in the following three key areas: Strengthening regulatory compliance; improving the customer experience across all channels; and enhancing fraud detection and prevention.