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Speech Analytics forBanking and FinancialServicesEnhancing Customer Care inBanking and Financial Institutionsto drive loyalty and impactbusiness outcomessusheel ext@uniphore.com
BANKING AND FINANCIAL INSTITUTIONS - A NOTE FROM HISTORYAncient ages saw grain loans being madeavailable to traders and farmers.Modern banking systems established in12th century A. D. in Italy.Modern banking and financial systems tookshape during 17th century in Northern Europe.Industrial Revolution led to the emergence ofbanks and financial institutions.susheel ext@uniphore.com
BANKING AND FINANCIAL INSTITUTIONS - CHANGES ANDADVANCEMENTSBanking and Financialsector adopts MachineReadable Characters(MICR) in 1959.susheel ext@uniphore.comAutomated Teller Machines(ATMs) appeared in 1960s tochange the dynamics ofcustomer service.The Deregulation of 80sand Globalization of 90sled to establishment ofmodern banks andfinancial institutions.
THE CURRENT GLOBAL BANKING & FINANCIAL MARKETSCENARIO - A SNAPSHOTCommercial banks holdapproximately 64% of total assetsin the Indian financial servicessector.The APAC region registered1 46%( 1.1 trillion USD) profitsover the last decade (2015) and isset to add2 about 300,000jobs between 2016-20.Credits:1. c-banking-review-20162. sight/2016/asia-pacific-banking-report-2016susheel ext@uniphore.comUS financial services sector, thelargest and most liquid in theworld, accounted for 7.3% or 1.4trillion of the US GDP (2016).
GROWING CHALLENGES IN THE BFSI SECTORThe 2008 stock marketcrash forced worldeconomies to take verystringent measures in theBanking, Finance Services,and Insurance (BFSI) sector.In India too, somenationalized banks hit byfraud has declared NPAsrunning into millions. This isleading to growing trustdeficit among public.New age BFSI organizationsare facing challenges in theform of decreasing capital,increasing NPAs, disruptivecompetition, anddigitization.susheel ext@uniphore.comEurope is hit by lownominal growth andinterest rates leading tolow profitability.In US, the sector is facingchallenges in the form ofregulations, legacy systems,disruptive business modelsand competition.
IMPROVING CUSTOMER SERVICE - AN IMMINENT NEED IN A FASTPACED, DYNAMIC BFSI SECTORIn the midst ofsolving pressingissues, customerservice in the BFSIspace is gettingsidelined.Credits:1 agement.aspxsusheel ext@uniphore.comA Gallup1 reportstates that fullyengaged bankingcustomers bring in37% more annualrevenues.
IMPROVING CUSTOMER SERVICE - AN IMMINENT NEED IN A FASTPACED, DYNAMIC BFSI SECTORBanking is going to remain very competitivefor the foreseeable future, and the biggest challengefacing the banks now is to stay engagedwith the customer.Credit: Moorad Choudhry, Author, The Principles of BankingCustomer service is the unequivocal answer to the problems plaguing someof the banks, it forms the fulcrum of banking operations and cannot be neglected.susheel ext@uniphore.com
IMPROVING CUSTOMER SERVICE – ANALYTICS TO THE RESCUEData Analytics helps to store, segregate, analyze,and manage data.Data Analytics play a key role in improvingcustomer service.Modern banks are leveraging analytics to understandcustomers by leveraging their information, with anobjective to serve them better.Data Analytics helps banks deal with the hugevolumes of customer data, enabling banks to sell theright products to right customers.susheel ext@uniphore.comBy leveraging customers’ social mediaprofiles and connecting them to offlinedata, analytics helps banks understandcustomer personas.
IMPROVING CUSTOMER SERVICE - SPEECH ANALYTICS TO THE FOREBanks are now focusingon having an Omnichannel analyticsstrategy to gain bettervisibility of customers.Omni-channel analyticscovers all customer touchpoints, starting fromproduct promotions tocustomer service viacontact centers.Speech Analyticsenable enterprisesimprove on theircross-sell and up-sellsales avenues.Speech is crucial in understanding the customer. Duringa 5 minute call, approximately 5,000 words areexchanged between a contact centre executive and acustomer.susheel ext@uniphore.comOmni-channel analytics isincomplete and insufficientwithout Speech Analytics,since over 90% of customerinteraction happensthrough voice.
SPEECH ANALYTICS - SHOWCASING CONSISTENT GROWTH ANDIMPACTING CUSTOMER SERVICEA Markets and Markets study projects theSpeech Analytics market to reach 2,175million by 2022 from 941 million (2017).Speech Analytics facilitates inharnessing the Voice of Customer(VOC) by analyzing voice-basedcustomer interactions.Speech Analytics also helps BFSI companiesunderstand customer concerns and resolvethem quickly.An Opinium Research LLP surveyshows that 79% of 24,000 customersexpects a direct person contact.susheel ext@uniphore.com
SPEECH ANALYTICS - THE CXO CHOICE IN IMPROVING CUSTOMEREXPERIENCE STRATEGIESAn Opus Research survey of 502decision makers indicates that 43%embraced Speech Analytics.30% of CXOs surveyed have realizedROI in 6 months while 88% realized itwithin 24 months.Download the surveysusheel ext@uniphore.comThese statistics highlightthe growing importanceof Speech Analyticsin businesses
tauMinaTM - UNIPHORE’S SPEECH ANALYTICS SOLUTIONauMina is a SpeechAnalytics softwaresolution forenterprises withcontact centers.susheel ext@uniphore.comauMina minesspeech data andempowers businessanalysts withactionable insights.auMina enables toidentify, analyze,and predict businessproblems.auMina allows thecapture of feedback,helping companieshandle grievancesquickly.
auMinaTM - UNIPHORE’S SPEECH ANALYTICS SOLUTIONProvides insightsfrom businessoutcomesIs an integral partof BFSI Omnichannel analyticsstrategyHas the widestcoverage oflanguages (80international & 17Indian languagesEnsures nearhuman accuracy indetectingconsumeremotionsSeveral business segments have found great use for auMina. It finds effective usein collections and credit contact centers where it helps understand agent behavior(rudeness), analyze risk, and measure Productive-to-Pay (P2P).Pay-as-you-go(SaaS) servicehelpingenterprisesreduce theirCapExsusheel ext@uniphore.com
THE auMinaTM LEVERAGE IN THE BFSI SECTOREnd-to-end visibility of collectionprocess and tracking of CollectionsRisk IndexEnsure agent compliance to followprescribed protocolsIdentify sales conversion drivers anddeterrentssusheel ext@uniphore.comReal time tracking ofagent performanceTrack sales conversion processthrough built-in Sales ConversionIndexPrevent fraud by smartkeyword recognitionand sentiment analysisMeasure customer intentBuild and monitorCustomer ExperienceIndexMeasure Customer EngagementIndex
THE auMinaTM LEVERAGE – BUSINESS USE CASEThe Uniphore team studied an American Financial Services firm’s needs and proposeda three pronged approach consisting of Segmenting, Preprocessing, and Recognition.This enabled some astounding results:auMina tracked specific keywords from audio clips ranging from 15,000 - 100,000 hourswith 95% accuracy (when compared to other solutions which provided only 75% accuracy)susheel ext@uniphore.com
THE auMinaTM ADVANTAGEauMina is cloud based andenables enterprises leveragethe advantage of an effectivescalable solution with 95%accuracy levels.auMina is the best SpeechAnalytics solutions availablein the market today.auMina can help BFSIcontact centers to listen,learn, and serve customersbetter.susheel ext@uniphore.com
THE auMinaTM ADVANTAGEauMina is the go-to-solution for banks and financial institutions since ithelps them understand customers better and deliver enhanced customerexperiences.susheel ext@uniphore.com
NEED HELP? TALK TO USTo know more about the business benefits of implementing auMinafrom Uniphore, reach out to Susheel at : susheel ext@uniphore.comTo read more about how Speech Analytics can influence specific BusinessOutcomes in Banking and Financial Services, CLICK HEREsusheel ext@uniphore.com
Uniphore Sofware Systems is a frontrunner in the Speech Recognition Technology and Virtual Assistantdomains. It partners with over 70 enterprise clients and has over 4 million end users.Uniphore was recognized by Deloitte as a Technology Fast 500 company in Asia Pacific in 2014 and wasalso ranked as the 10th fastest growing technology company in India by Deloitte Fast 50 in 2015.
Omni-channel analytics is incomplete and insufficient without Speech Analytics, since over 90% of customer interaction happens through voice. Speech is crucial in understanding the customer. During a 5 minute call, approximately 5,000 words are exchanged between a contact centre executive and a customer. Speech Analytics enable enterprises
