Banks are often ahead of the pack when it comes to adopting new technology to drive operational efficiencies. Frequently, it’s a case of economics. Many banks have such a large customer base that what might seem like a modest fraud management efficiency, or customer service enhancement, can quickly mount up to huge operational savings when extended out over five million, 10m or even 15m customers.
That’s been a driver for banks implementing new speech recognition technology. After all, it not only enables them to achieved enhanced security but also save time in the ID verification process. In so doing, it potentially allows them to enhance customer satisfaction and therefore reduce customer churn – a key objective for any bank.
These kinds of capabilities can be hugely beneficial for any bank, of course but it’s also worth remembering that the latest speech analytics solutions and real time speech analytics (RTSA) can do so much more for banks than just verify a customer’s identity.
Today, banks and other financial services organisations are increasingly using this innovative technology to deliver a broad range of business benefits including compliance and quality assurance and driving operational efficiencies. And that not only goes for the financial industry. We are seeing a large increase in use of RTSA for regulated and deregulated industries alike. Explore why the Utility industry is behind the curve with customer experience in our white paper and ask yourself if your financial institution is following suit.