21st December 2016

Making it natural: the power of speech analytics in customer service

Written by Tripti Tapuriah Modi, Senior Consultant, Spitch

Quality is experienced rather than measured. Getting it right in improving customer experience increasingly relies on the rapid development of speech analytics and voice biometrics technologies.

More and more, chatbots are being developed to improve the user experience. Chatbots can automate self-services effectively, but let’s be honest: it’s hardly possible for a chatbot to deliver a smooth customer experience without a finely tuned voice user interface.

It’s not just because of those small buttons. Nothing could be more convenient than operating chatbots and personal assistants with your voice, and having your identity verified online by means of voice biometrics, as some existing systems already support.

At this point you may be recalling your Siri experience and asking whether the level of accuracy is sufficient to make use of such technologies in banking without embarrassing mistakes, caused by the low accuracy of speech recognition. Valid point.

The answer to that is machine learning with client data, as well as the application of systems that are specifically trained to recognise and understand your customers, using training data that reflects the target of your application. This level of bespoke service is not on offer from Apple and Google, and increasingly appears to be the only realistic way at present to ensure near-perfect customer experience.  At Spitch we make this approach a core tenet of our strategy, but one that happens quietly, continuously and efficiently in the background, ensuring that your experience – and that of your customers – only gets better with time.

In 2017-2018, a growing number of consumers will access financial products, get concrete answers to questions, and more—all made smoother and more natural by talking to an automated call centre agent via a mobile app.  Of course you will still often be able to talk to a fellow human being, as many people traditionally prefer, but you can expect your call to be augmented with automated analysis, helping call centre agents to come up with prompts, personalised answers, and services quicker and more effectively.

This can even be done through social networks. American Express has a Facebook Messenger chatbot that lets its customers request receipts, track charges, and redeem reward points. A range of retail banks are pioneering Facebook and Twitter banking with varying degrees of success. At Spitch we see voice-driven user interfaces as the key to unlocking the full potential of this domain.

If you would like to hear more about how to improve your Customer Experience Management (CEM), operational efficiency and Net Promoter Score (NPS), regulatory compliance, and move forward with your digital transformation utilising the advantages of speech analytics and voice biometrics technology, please sign up for our webinar ‘Customer Experience for Banks: Can we do better & lower costs by using speech technologies?’ in cooperation with the BBA. The webinar will be held on Tuesday 24 January 2017 at 10.30am GMT. Please find the registration link here.

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