Following an unprecedented transformation in customer expectations in the recent past, one of the biggest challenges facing the BFSI industry today is maintaining customer engagement. Without a doubt, customer service is the backbone of BFSI’s operations, and delivering an exceptional customer experience is the answer to all industry engagement challenges. A report states that fully engaged bank customers generate 37% more annual revenue. While there are ongoing discussions about how to keep customers engaged in a digital world, the question is: How to do it ?
Let’s look at an example to better understand the puzzle of engagement in the BFSI space. A client opens his salary account with a bank and carries out transactions. After two years, he takes out a five-year car loan and a 15-year home loan. Although the bank knows enough about this customer, they don’t know what else he needs. In five years, the customer closes his car loan and the bank continues to send information about additional car loans he can obtain from the bank. He’s not interested and the bank keeps sending him information about available pre-approved personal loans, but he still doesn’t accept the offer. In 15 years, he also closes his mortgage.
The problem here is that the bank does not know that he left the organization he worked for and started his business. Now its requirements are different and varied. However, the bank has no idea what it is. Suppose the bank is following this customer and has access to his social media credentials, in this case the bank would know that his customer started on his own. This means that many startup products and business loans would become relevant to him. Imagine if a relationship manager assigned to his account had regular conversations with him, the bank would also know his current needs and could structure the products and offers for that client accordingly.
So the bottom line here is that the more data you extract and analyze, the more avenues you open up for banks to interact with customers. Interestingly, more than 90% of customer interactions in a banking environment are done by voice, according to a study by Juniper Research.
Omnichannel analytics is incomplete without Voice Analytics. According to the Gartner study, by 2023, 80% of consumer applications will be developed with a “voice first” philosophy. The BFSI industry also needs to revamp its digital strategy and embrace conversation-driven banking to deepen customer engagement and differentiate its services.
Speech analysis in the BFSI environment
During a 5 minute call, more than 2000 words are exchanged between a customer and the contact center agent. This would include the positives and negatives, which can be derived from the words and phrases used, and the feelings involved in the call. All calls in the banking environment are stored. Contact center managers only listen to 2% of recorded calls, barring adverse events. Often, adverse events are rarely reported. So the question is what happens to the remaining 98% of the records?
They sit on storage servers and are only listened to when there are complaints. Then you identify what was wrong, but the damage is already done. Banking contact centers leave a lot of money on the table without an enterprise-grade voice analytics solution. Assuming you had a Voice Analytics solution, the scenario would have been completely different. When you run Voice Analytics on all stored calls, you will be able to identify customer concerns and expectations. You can quickly analyze call recordings to identify compliance issues, mis-selling, privacy issues, and new requirements. This would allow you to improve your engagement with customers and find upsell opportunities.
The Growing Relevance of Voice Analytics
The agent may not be aware of the customer’s growing anger, but the computer recording the call would be. It can even analyze whether a customer is irritated, stressed or simply disappointed with their interaction with your bank. Using big data techniques combined with voice analytics, your bank can gain valuable business insights by analyzing a massive volume of call data.
How does a voice analysis solution work?
Voice analytics takes audio from recorded calls and converts it into structured data for research and analysis. The tools also use other associated data, such as customer profile information or when the customer interaction occurred. A text transcript is also extracted from the call. Its features include advanced search and filtering, enterprise-grade voice recognition and transcription, contextual call playback data, tagging and commenting, transcript viewing, and comprehensive PCI redaction.
The search works in a personalized way. It includes a very flexible search engine to quickly and easily find and retrieve calls thanks to the free combination of keywords, phrases, acoustic measurements, filler words and call metadata.
In addition to improving the customer experience, Voice Analytics solutions can help contact center operations immensely. According to a report businesses that successfully translate voice data into actionable customer insights can see cost savings of up to 30%, customer satisfaction improvements of 10%, and more unlocked revenue. Therefore, early adopters of Voice Analytics in the BFSI sector will benefit during global crisis situations such as Covid-19. Equipping call center agents with the right technology tools that will help them navigate customer interactions more efficiently is essential. With integrated platform solutions, call center agents can consider accessing customer information from a single interface, while actively addressing customer feedback, enabling call center agents to handle requests in a timely and strategic manner.
The opinions expressed above are those of the author.
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