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SCIENCE AND TECHNOLOGY

How voice analytics technology is helping the financial sector during COVID-19

How voice analytics technology is helping the financial sector during COVID-19
The Siliconreview
14 August, 2020

The financial sector has seen a huge surge in demand during the months of the pandemic compared to last year. From customers needing financial advice from their banks, to businesses hiring accountants to squeeze every last penny out of new procedures that have come to light during this time.

Though this high level of demand has not been met without difficulties. Call centres have been inundated with calls from customers seeking help. This is why we are here to discuss the importance of voice analytics technology and how this is aiding more than ever during coronavirus.

Face-to-face customer service has dramatically decreased due to lockdown and even with the reopening of many businesses, many members of the public would still prefer to gain access to professionals from their own home for fear of the virus.

The UK has seen a rise in demand for financial services by 175% compared to last year, with the USA rising by 47% in the same time period. Without a depleted workforce, it’s important to utilise every tool available for call agents in order to provide the best customer satisfaction, while also mitigating the pressure on call centre agents as numbers of calls increase dramatically.

What Is Voice Analytics?

This is technology integrated within call centres that analyses the voice of a calling customer, whether this is live or from a previous recording.

Voice analytics interprets a customer’s emotions through words, phrases and tone of voice throughout the conversation.

This helps keep track of how satisfied customers are upon commencement of calls and upon finishing their experience, allowing managers to determine if there are any patterns within their agents and provide feedback and training where needed.

How Does This Aid The Financial Sector?

As previously discussed, the financial sector is experiencing a huge surge in demand for their services, so the use of voice analytics can aid a customer’s experience when calling in the following ways.

Prevent Attrition

Voice analytics can analyse previous phone calls to pick out words and phrases used that present a negative emotion from a customer, including their intention to switch providers.

Managers can then quickly listen to these calls, without having to crawl through hundreds of hours of recordings.

Team members can then be provided with the relevant training in order to prevent these customers from becoming so disgruntled and unsatisfied in the future and maintain these accounts.

Without the presence of voice analytics, these calls could be missed, especially if the previous practice was to monitor quality using sampling.

Reduce Hassle For Customers

Voice analytics can interpret data from phone calls to identify customers who have felt the calling process to be arduous or time-consuming.

Calls that could have been addressed elsewhere can be picked up. For example, the call may have been prevented if certain information was available online or features added to apps.

By categorising phone calls with certain phrases, businesses can find a solution for these customers before they feel the need to call.

By creating actionable insights from this data, this can prevent customer calls in the future, reducing their time taken to find the answer they were looking for and freeing up agents for other customers, therefore, reducing the overall wait time for each phone call.

Remain Competitive

It is unlikely a current customer will call to let the agent know they are considering a product from another service provider.

However, this may have been mentioned previously, within emails, live chat or a previous call. Finding these competitors' names within previous conversations can help an agent refer to sales or marketing teams to help rethink strategies and remain competitive within the market.

Compliance

Remaining compliant to rules and regulations is key within the financial sector. If any provider is seen not following these, it can be detrimental to the business and lead to catastrophic consequences.

Although rare, there can be instances where agents could offer the wrong advice that breaches these regulations and without voice analytics, this may not be picked up.

This is rarely a conscious error made by an agent, rather, they may require retraining or further clarification on procedures.

It can be hard to pick up on these mistakes with a random sampling of calls and could go unmissed for weeks or even months, while an agent continues to use the incorrect information, leading to further breaches in compliance.

Voice analytics can pick up any indication of these breaches and flag this with managers in as quickly as a few hours, meaning swift rectification.

Deliver a Faster Service

With automated lines that require customers to voice their requirements before being put through to an agent, this can pick up commonly asked questions that may not require human input.

This can then forward these calls to pre-recorded information that can clarify any questions without the need of an agent. This provides the customer with fast answers, without the need to be on hold, while also keeping agents available for the customers with more complex needs.

Aid Training

Voice analytics is not just to be utilised to pick up imperfect calls. It can also be used to pick out calls in which customers are left elated and highly satisfied.

Not all agents will voice when they have provided excellent service and finished a call with a more than satisfied customer, but these calls are crucial.

Voice analytics can determine when these calls have happened and managers can use them as examples of good practice when training.

Not only can they be used for training, but also general praise of employees, something that can go a long way, even the smallest recognition for good work can boost morale within these agents and give them the confidence that they are performing well.

These are just some of the cases to be argued for the need for voice analytics within the financial sector. It can extrapolate data that would have otherwise been lost without the use of this technology, but also improves efficiency and ensures compliance across the board.