The need for 1st office controls is in the here and now. More and more financial institutions are being focused on effectively controlling non-financial risks in their frontline businesses. The importance of front office controls has moved beyond its teenage years and come into the light of maturity where operational risk failures of one kind or another have cost major banks some dollar 320 bn since the end of the financial crisis. Drivers of this increased attention include regulatory pressure for greater accountability, well-publicized conduct issues, and recognition that the front office activities required a detailed application of three lines of defense control principals across non-financial risk types.
With the evolution of front office controls, there is an observed trend towards 1st line accountability. Several surveys have led to results to that point of opinions which state that business function focusing on client risks such as KYC and client screening have moved or are moving from 2nd line to 1st line. Regulatory reporting and control assurance testing are also quite likely to be found in the 1st line of defense. Similarly, incident management is increasingly facing a shift from 2nd to the 1st line. The role of 1st line control monitoring in surveillance is active and increasing, given regulatory requirements and a shift of these requirements from the 2nsn lines. More than half the banks from the EY Survey (Feb 2017) say surveillance monitoring is requiring the highest level of effort from their team. The existing and future of 1st line monitoring and surveillance with mandate increased investment in data integrity, and bring into focus a specialized role of the CCO (chief control officer). However, the best of staffing cannot account for managing the huge amount of data created at touchpoints, especially false positives thrown up during surveillance. Thus, we are to expect a continued focus on enhancing technology solutions to support ongoing monitoring and “testing-reading” workflow – i.e. creating work trails that will make testing activities more efficient.
The need to do more and more to provide reassurance both internally and externally that risk and control frameworks are robust arrives at a time of generational shift in the power of technology. What can be checked and monitored by machines is now infinitely greater than even five years ago. Data can be managed, trades can be monitored and personal behavior can be overseen with a degree of comprehensiveness that would boggle the mind of a compliance officer from 10 years ago.
We are only at the frontiers of what AI and machine learning can do in the field of front office controls. With Cognitive View, you can now manage control and compliance risks using next-generation AI, Machine Learning and Big Data Analysis. We equip businesses with automated Conduct Risk Analysis and Compliance Monitoring functions apart from Regulation Management Applications, which protects your organization from probable risks and compliance issues minus the hassles of manual data handling procedures.
It is no secret that the Australian banking and insurance sector is taking a beating for gross misconduct and malpractices recorded and reported by customers across financial platforms, amounting to significant losses on the consumer’s side. In the wake of the investigation by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services followed by the publication of the Final Report, it has become clear that the act of indiscriminately incentivizing insurance sales, notorious known as ‘commission selling’ has resulted in instances of flouting conduct regulations. Inquiries have revealed that agents have been openly taking advantage of a loose compliance regulatory infrastructure by way of making unsolicited, and potentially fraudulent sales call to potential consumers where individual remuneration-led interests gained the unfair edge over customer needs.
Keeping the gravity of the situation in perspective, the Royal Commission has, in its Final Report come up with a total of 15 recommendations specific to the insurance industry and 76 recommendations in total across the banking, superannuation and financial services. Broadly speaking, these recommendations look to a complete upheaval of the Australian Financial Compliance and Regulatory Codes, often bordering on extreme suggestions of banning commission selling, enforcing legal changes to making financial institutions completely accountable for their Point of Sales practices.
In sum, however, it can be accepted, that compliance is here to stay and your firm has to catch up in the here and now. Conduct Risk Analysis and making your firm aligned to dynamic compliance specifications of the country can be challenging. Even more so when the face of most financial firms is a call center potentially generating an infinite cloud of data in way of voice calls to and fro between agent and customer. Unmonitored, these calls have the risk of flouting industry regulatory standards, leading to flawed customer experience, hurting goodwill and repeat purchase decision, other than of course attracting the ire of the Regulatory Authorities. The future of Conduct Risk Analysis and Conduct Management for your firm is to install an automated and integrated Compliance Regulator Platform.
Below are 5 reasons why you should consider automating conduct related risks:
1.Conflict of Interest: Aligned to modern regulatory specifications, this platform will help you identify and prevent conflict of interest at any/various control points
2.Process Adherence: Prebuilt libraries with compliance processes and procedures mean that your compliance regulation is completely monitored
3.Deceptive Conduct Analysis: Ensures individuals and leadership are responsible and accountable for deceptive conduct
4.Service Obligation: Converts the traditional QA interactions into an insight mining process which provides agent, business, operational and customer level insights to build on for future compliance risk mitigation
5.Legal Obligation: Aligned with regulatory directives in combating conduct risk and thereby safeguarding customer interests, as part of customer-centric policies devised for regulatory health of the firm and the overall financial sector
Good news is that most of these automated regulatory platforms are optimized for call centers, chatbots, digital & paper-based forms as well as Emails – which means, all consumer touchpoints are taken care of and you can now safely put regulatory and compliance risks at bay! Welcome to a world of hassle-free compliance risk management.
It wasn’t so long ago that businesses were forced to manually score sales and customer service calls to unearth valuable keywords and sentiment data.
This was a very inefficient process—converting speech-to-text and identifying keywords and phrases was incredibly time-consuming, and often only a small percentage of calls would be screened. Now, highly sophisticated speech analytics software offer an array of services that enable enterprises to quickly make sense of these conversations, opening up more possibilities for understanding and improving the overall customer experience.
SPEECH ANALYTICS SOFTWARE; AN INVESTMENT
Investing in speech analytics software is the best way for businesses and enterprises to drastically enhance overall performance and customer satisfaction. Below are just three ways this technology can help you achieve that.
Improve service quality.
There are likely hundreds or even thousands of calls going in and out of your organization on a daily basis. And buried within those conversations are countless bits of information that can help you better understand what is working and what is not. Speech analytics software is the key to unlocking that information.
“The use of automated bots and enhanced contextual communications for business continues to grow, as does the demand for new and innovative ways to better engage with their customers for deeper relationships and more meaningful connections,” says Omar Javaid, chief product officer at Vonage.
When you adopt a speech analytics solution, you are readily able to track and monitor both customer and agent interactions simultaneously. This opens up a myriad of opportunities for a manager for agent coaching, script analysis, and workflow improvements. It can also help you spot particularly difficult interactions so you can anticipate similar calls, leading to a more seamless experience.
Additionally, analytic software can be automated to target key phrases and emotionselicited by the customer. This allows a business to analyze a customer’s mood, interaction, and overall satisfaction in real-time, allowing for quicker alternative strategy adoption.
Bolster customer retention.
As stated above, speech analytics can offer integral insights into what converts interactions into sales. But just as important is its ability to help you decrease your customer attrition rate.
In a study released by Dimensional Research in 2013, participants ranked customer service as the top factor in gauging vendor trust. Additionally, 66 percent of B2B and 52 percent of B2C customers stopped buying after a bad customer service interaction. With a speech analytics solution, you can help deter these bad consumer interactions by studying key words and phrases that lead to a positive experience for the customer. Furthermore, you can identify conversations that elicit negative responses and rework your strategy to avoid these altercations in the future.
So, what should you be looking for in these conversations? We have identified seven key categories of phrases that can help you decode customer calls. Anything from statements of opinion to the use of profanity can help you understand your problem areas and ensure customer retention in the future.
A lot of your success in landing a sale can be found in the nuances of sales calls. Aside from the identification of phrases and sentiment as aforementioned, a lot can be gleaned from the agent’s side of the conversation.
We’ve already determined a few important parameters to customer turnover using speech analytics. For example, through extensive call analysis, we’ve found that salespeople who speak for less than 50 percent of the call are more likely to close a sale. The number of times that price is brought up is important as well—salespeople who discussed price three or four times during their pitch were more likely to close the sale.
These findings all come back to a common advantage of adopting a speech analytics solution: a greater return on your investment. The speech analytics industry is at a pivotal point of proving its worth, and this is reinforced by the fact that every dollar earned during a monitored call can be directly traced back to the investment of the software.
“Because these [real-time speech analytics tools] are expensive, most early use cases were around revenue generation,” says Ian Jacobs, principal analyst at Forrester Research. “It’s a lot easier to justify the purchase if it’s generating revenue.”
SAVE TIME & MONEY WITH SPEECH ANALYTICS TECHNOLOGY
The investment in speech analytics technology provides a clear advantage to improving nearly all aspects of your business. It will save you time and money from countless hours of manual call analysis, help you improve your overall customer interactions and relations, and will have a near-direct impact on your ROI. Contact Cognitive Insights today for more information.
Till date, call centres remain to be the most important touch point in any organisation. If you are a business owner in this day and age, you cannot over-stress on the value of a flawless agent- customer interaction, simply because these conversations directly impact business revenues as they are often the redressal chambers for customer complaints, and hence prized opportunities for delivering the perfect customer experience.
What ails call centres is similar to the burning issue in almost all industries today – the responsibility of optimally managing data. Data presents Customer Service Managers with the potential for quality checks and employment of best practices – but there is simply too much to analyse manually! While it may be possible to manage quality for a single executive by listening to previous phone recordings, it is absurd to do this process for the astronomical amount of calls that go in and out of a call centre during the course of a single working day.
So what’s next? How can you make the voice of your customers work for you? How can you scientifically mine unstructured call data and come up with insights that will help you set best practices to ensure complete customer satisfaction against every call?
Sentiment and Tone Analysis using Natural Language Processing
Taking the call centres by storm, are the Sentiment and Tone Analysis applications that use Natural Language Processing technology to detect the tone, mood, emotion in the voice of your customer. Based on this analysis, ticketing/scores are made which in turn can be used by Customer Service Managers for quality controls, implementing compliance, reducing risks and customer attrition and mostly, ensuring stellar customer experiences.
Sentiment Analysis: Sentiment Analysis works to answer the question “How do they feel?” for telephonic customer interactions. Platforms such as Cognitive Insights use deep learning AI technology to analyse customer responses for various attributes:
· Identifiable ‘entities’ within customer responses which can be linked to actionable steps. These are words/nouns mentioned during the conversation that may point out to a specific problem. For example, for a telecom company trying to fight their attrition rates, it might be helpful to know under what circumstances their customers mentioned their competitor’s names – was it during billing information, refunds or a threat of defection? Analysing these trends may help the company focus on what’s really ailing them.
· Looking for ‘themes’ in conversations. This is an exercise in inferring the “feel” of the conversation even if the trigger words are not mentioned. For example, SA system employed at an airline should be able to detect buzzwords and phrases such as “being stood up”, “been here forever” and so on and link it to “airline delays”.
· Finally, Sentiment Analysis plays a vital part in identifying “categories” in conversations, that is, analysing data for detecting the exact context of the problem. For a retail chain, this may be “customer service”, “stock piling” and so on.
Tone Analysis: It is almost natural for a customer to call in frustrated. But it is important to analyse the tone progression of the client through the conversation. If the customer sounds dissatisfied at the end of the conversation, it isn’t good news for you.
The Cognitive View platform analyses the customer’s voice for tones such as, frustrated, sad, satisfied, excited, polite, impolite and sympathetic. A thorough analysis for these tones from the voices of both the agent and customer can lead to actionable insights for Customer Service Managers based on questions like: do the agents need more training in content/communication styles? Are there any recognisable patterns in the voices of successful agents? If so, can these be replicated en masses? Are the tones of agents predictive of the results of the conversation? And so on.
What’s in it for you?
Employing a Sentiment and Tone Analytic platform such as Cognitive Insights can be game-changing for your business in more ways than one:
· Help deliver personalised interaction: based on group and individual interactive trends analysis
· Help Prioritise Calls: Judging from tonality for levels of dissatisfaction and urgency
· Improve Call Centre Productivity: Reducing costs due to lesser attrition and spends on support staff, better returns from each call made, better customer retention and compliance protection
· Improve Customer Experience: As a result of precise call data monitoring, best practices are employed towards ensuring excellent customer experience
Sentiment and Tone Analysis Technologies are fast becoming prerequisites for a smart and productive call centre, functioning at its peak capacity.
As AI and Natural Language Processing gets more and more precise, conversations will be micro-managed and dealt with more and more personalised treatment, ensuring better returns for the company and memorable experiences for the customer.
Gone are the days when providing the best customer experience was a matter of intuition or experience. In this day and age of cut-throat competition among corporates to reduce customer attrition, cut overheads and maintain profitability, Speech Analytics may be the answer you’re seeking to keep your business relevant, productive and smart.
If customer-centricity is on your mind, then you might be well aware of how far the world has come in ensuring stellar customer experiences that begin at your contact centers. Gone are the days of manually scoring calls and sifting through astronomical amounts of data to cull relevant insights. Enter Speech Analytics – a technology that creates meaningful voice data that can be used to assess interaction trends and help companies improve services, reduce costs and grow their revenue.
Here are some reasons why you should invest in a Speech Analytics Program:
Improve Customer Experience
If you’re a modern business owner, a typical day in the office will entail uncountable calls going back and forth between your agents and the customers. From sales calls to customer complaints, each of these calls has the potential to improve the next customer interaction but induce considerable profitability in your business. Speech Analytics Technology helps mine through the data generated from each call, analyze it for detecting emotion, tone and stress in the customer’s voice, the reason for call and satisfaction, products mentioned, customer reaction and much more.
A consistent and intelligent monitoring of this data can help your business to identify customer needs, gauge expectations and therefore be the perfect foundation to plan out best response strategies that will ensure customer satisfaction and reduce attrition levels.
Reduce Costs & Increase Revenue
If reducing operating costs and increasing revenues are the flip sides of the same coin, then Speech Analytics is here to make a mark. Here’s how the tasks are achieved:
- Headcount reduction through automation for call monitoring and compliance checking
- Call volume reduction due to optimization of call strategies resulting from intelligent call monitoring and insight collection
- Reduced cost of quality assurance and monitoring
- Waste reduction for non-compliance
- Increase in sales conversion rates due to the application of best practices
- Optimized marketing messages through instant customer evaluation
- Better retention of customers and possibilities for referrals
Better Business Practices
More than just transcribing calls to text, Speech Analytics enable managers to mine through thousands of calls to procure relevant insights on customer retention, agent training practices, and operational strategies. Here’s how the technology actively participates in driving better business practices in corporations:
- Operational efficiency: Improves departmental efficiencies through reduced Average Handle Time, Call Deflection, First Call Resolution, Transfers and so on
- Quality Monitoring: Exposes inherent quality issues at call center management by reviewing all calls against a fixed set of employee skills and producing actionable information for Quality Management teams
- Compliance and Risk Control: Analyzing call data against compliance standards
- Sales Optimization: Improves sales strategies by extracting critical intelligence from sales calls that helps in revising sales strategies and increasing conversion rates
It’s no surprise that the Speech Analytics market has grown from a mere 24 customers in 2003 to more than 3.5 million in 2015—around 20% of businesses that have contact centers.
An investment in Speech Analytics Technology may just be one of the game-changing decisions you make for the health of your business. From cost reduction to opening up unlimited possibilities to elevate customer satisfaction levels that have a direct impact on your ROI, this is one of the most promising technologies on the corporate horizon today.
According to the Harvard Business Review, historical evidence shows that companies have little to no control over their customer’s experience with their brand.
This is because one can define customer experience as the sum of all of your customer’s emotions, interactions, and unexpected behaviors, and it simply cannot be empirically controlled.
While there may be some truth to the randomness of your customer experience, the advent of accurate speech recognition technologies in recent years is looking to buck the difficulty of the unknown with your customer interactions. Cognitive Insights is looking to give you a comprehensive understanding of the voice of the customer to interact with confidence and transparency, allowing you to provide the ultimate customer experience.
Your customers value customer experience—it has been found that 86 percent of people will pay more for a better experience with a business. With this in mind, it should be your goal fully understand the voice of your customer, and our speech recognition API is the key to helping you provide exceptional service. Here’s how!
Understand each individual customer.
Differentiated value and customer loyalty critically depend on treating each customer interaction on a case-by-case basis. It creates a perceived value to brand that will keep your customers coming back again and again. This approach only makes sense, too—more often than not, each situation from customer to customer is going to be slightly nuanced in how they are handled.
The customer’s voice is imperative to handling situations with ease, and speech recognition is the new norm to obtaining these insights. By having a record of every phone conversation with every customer automatically transcribed and broken down into its valuable parts, you are more readily able to comb these interactions for information that can lead to better experiences for future customers.
Identify keywords that recur in your interactions.
While each customer conversation is inherently unique, there are certain topics that you can more than likely group together. This can include categories such as “customer concern” or “hot lead” that can better equip you to direct service more accurately. By grouping individual conversations into broader topics, you can easily differentiate between what a customer has contacted you for in order to provide a more seamless experience for them.
This is where speech recognition can also play a huge role in deciphering the voice of the customer. Identifying key words and phrases about the intentions of your customer—such as “I wish,” “I want,” and “I need”—you can start to develop a voice strategy to better handle the customer’s desires.
React quickly to your customer’s needs.
At the end of the day, it’s all about a quick conversion for the customer. Whether that be the completion of a sale or resolution of an issue, being able to solve problems quickly is paramount to customer retention and loyalty. The combination of catering to each individual’s needs while identifying recurring events in your conversations with your customers will give you the unparalleled power to creating a unique and unified customer experience.
Transform Customer Experience
Are you ready to tap into the raw power of the voice of the customer? Let Cognitive View show you how speech recognition technology is the key to creating the ultimate customer experience!