How AI-Powered Speech Analytics Benefits Financial Firms

The financial services and banking industries have some of the most difficult pain points going against them. Operations and technology can impede the transition to new and efficient forms of business, and navigation of endless compliance terms can be a real hassle. With ever-growing competition in the field, adapting to new and better ways to spearhead these challenges is of paramount importance, and cloud contact center speech analytics is one of the easiest and most effective ways to do that. Let's explore how.

Churn Prevention and Optimizing Sales Opportunities

Consumers today have abundant buying options when it comes to which financial institutions they wish to do business with. If someone finds a provider unsatisfactory for whatever reason, hundreds of other organizations out there are rearing to snatch up the business. Research shows that more than 70% of banking executives worldwide consider customer centricity as important to them, but are they really using all the resources available to be able to provide that customer satisfaction?

In the financial industry, customer satisfaction and increased sales go hand in hand. Everyone knows that it's more difficult to sign on a new customer than it is to upsell an existing one, and this rings true for banking institutions in a big way.

Speech recognition and analytics technology is one of the most convenient ways to ensure that your company is hearing the voice of the customer. With speech-to-text transcription and deep learning capabilities, your contact center can quickly turn into a profit center and become one of your most valuable assets. Creating a massive, automatic, and searchable database of interactions broadens the lens on the customer and creates a more accurate snapshot compared to selective conversation sampling.

Helps You Remain Compliant

We are all painfully aware of the pitfalls that the financial industry has endured in recent years. With mandates like the Dodd-Frank Wall Street Reform and Consumer Protection Act, finance companies have become tangled in a complex web of rules, regulations, and protections intended on safeguarding customer assets and information. "When a company has a better understanding of their consumer complaints, they have a better understanding of their regulatory risk," said Alex Baydin, CEO of Performline.

Your financial contact center is rife with sensitive customer information that you are responsible for protecting. You can pay hundreds of thousands of dollars to have humans manually screen conversations for this sensitive information, but even then, you are lucky to cover 5% of conversations, leaving you prone to countless violation fees.

With APIs such as automated information redaction and phrase flagging, you are able to screen 100% of the calls that come through your contact center. This guarantees that you are covering all bases and remediating any risk, potentially saving you millions of dollars in fines.

To get started with AI-powered speech analytics, an open, reliable, scalable, secure and -- most of all -- cost-effective contact center is key to accessing valuable voice data. Join VoiceBase on Thursday, June 28, at 11:00 a.m. PT/2:00 p.m. ET, for a webinar on how to harness the power of voice technology using Amazon Web Service's cloud-contact center product, Amazon Connect. Register today to start your journey.