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 face some of their toughest challenges yet contending with increased regulation, growing competition, and demanding and savvy customers. As companies look to drive long-term value amid this landscape, many find that a renewed focus on the customer experience is a powerful strategy to distinguish their organization and grow wallet share.
Delivering a differentiated customer experience hinges on understanding customers’ wants and needs — an elusive goal, especially in today’s environment. Customers are more financially and technologically sophisticated, have more choices and loyalty is often fleeting. 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.
Many financial institutions are finding that the advanced speech analytics capabilities in today’s call recording technology can unlock a wealth of insights shared by customers every day through their call centers. Allowing companies to not only listen to their customers, but also really understand their needs and make significant inroads to deliver a defining customer experience.
What’s more, the focus on the overall customer experience is in line with regulatory expectations. Regulators have asked some financial institutions to demonstrate that they’re recording and storing a larger sampling of inbound and outbound customer calls to monitor adherence to consumer protection rules. Speech analytics can help companies comply with regulators’ expectations of customer treatment as well as systematically mine customer sentiments that, until now, have been largely out of reach on such a large scale.
In this paper, we’ll 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; & Enhancing fraud detection and prevention.