AI-Enabled Speech Analytics Drives Financial Business Success

Speech analytics may sound like a niche technological solution, especially with the rise of digital self-service today. In reality, though, smart speech analytics is imperative in today’s customer experience landscape. It analyzes voice calls, of course, but also many of the self-service options, like chatbots, sms, or social media interactions. Speech analytics is for both verbal and written language.

Sofia Ali, a research analyst from Quadrant Knowledge, spoke with me recently about the specific reasons that brands are opting into speech analytics to improve their operations.

• Monitor and store data in real time
• Quickly reveal customer issues by understanding their sentiment and tone of voice
• Improve the self-service experience
• Comprehensive analytics for company planning
• Automation of call transcriptions
• Rising use of omnichannel platforms for customer service
• Desire for just-in-time information to key stakeholders on customer experiences
• Targeted training to foster employee engagement
• Allocation of agents to channels according to their strengths
• Support of data privacy

With all these reasons, what company doesn’t need a speech analytics solution? As for the financial sector, there’s another major reason that a smart speech analytics program is good for business—complying with government regulations. Running afoul of regulations runs big risks for financial businesses, from heavy fines to reputational damage. But by analyzing each consumer complaint automatically, businesses can be sure to handle consumer complaints appropriately and stay on top of any burgeoning problems with their products or services. After all, monitoring the status of consumer complaints is one of the primary ways regulators gauge how well a brand is fulfilling its service obligations.

NICE’s Enlighten AI for Complaint Management uses speech analytics and artificial intelligence at the highest levels to achieve superb regulatory compliance. And the upshot? It improves CX for the company, too, going above and beyond the goal of merely staying in compliance.

One company was able to turn complaints into business success after partnering with NiCE’s Enlighten AI. They used Enlighten AI Complaint Management as part of their analytics program, and from there, they were able to see that 33% of their complaints had poor sentiment, so they targeted those complaints to improve customer sentiment and satisfaction.

They also discovered that 24% of the complaints were not being escalated properly because agents had to do it manually. With an automated workflow put into place, those complaints were then directed up the chain.

Overall, they reduced manual analysis of complaints, which allowed the brand to catch issues that used to slip through the cracks. They were able to improve agent performance too because they could more thoroughly and quickly analyze their interactions and give feedback.

Finally, they were able to reduce customer churn, because they were able to develop a better workflow for those customers that called in to threaten to cancel their services, as well as solve the root problem that made them want to leave in the first place.

You can read more on exactly how Enlighten AI for Complaint Management works. And you can take in the full NiCE Talk “Create ‘Wow’ Experiences with AI-enabled Speech Analytics” with Sofia Ali and me on speech analytics.