Speech and Interaction Analytics

Business Systems’ Tim Thurston explains how Interaction Analytics can be used to help comply with the ever tightening regulations within the financial services Industry. Why is the adoption of Interaction Analytics gaining momentum within financial services? In an effort to comply with the ever tightening regulations such as MiFID II, MAR and many others, Financial Institutions have re-focused their efforts on expanding their compliance teams as well as investigating already established technologies to help them on their compliance journey. One...

The mis-selling of Payment Protection Insurance was the first to highlight a need for banks to improve monitoring of customer-agent interactions to ensure compliance was being upheld. Moreover, after the 2008 global financial crisis, consumers have became more aware and open to complain about the service being delivered when and if they feel they are being miss-sold too. Figures published by the FCA regarding consumer complaints in 2018, show how important it is for banks to re-engineer the way they...

[Updated Dec 2019]Contact Centre Managers can face a real challenge when it comes to them trying to reduce cost in the contact centre. To make the most out of every customer interaction requires a balance of productivity, quality and efficiency in day to day operations. Here are our top 5 technologies that can help reduce cost in the contact centre without compromising quality in 2020: 1. Reduce Cost in the Contact Centre with Workforce Management Workforce Management (WFM) technology allows...

Top 6 technologies that will help achieve the required levels of recording compliance for 2017 and beyond.

If the role of technology in business sustainability across sectors is still questioned, the recent report from Marketforce, titled “The Future of General Insurance 2016”, sums it all up. And although the survey is for the Insurance sector, the conclusions have a much broader application. According to the report, 80% of the respondents believe that ‘digitally-enabled new entrants will gain market share through differentiation on factors other than price’. Haven’t we seen this already materialising in the Banking sector? And...

Leaders in customer service are well aware that every customer contact can impact their contact centres bottom line. It is for this simple yet important reason that call quality is increasingly highlighted and monitored within contact centres. Today’s Quality Monitoring (QM) programs however, do not come without their faults, where some of the processes and corresponding functionalities to support these incentives are often outdated. In a market that is rapidly changing due to increased customer expectations, Speech and or Interaction...

Facts: A recent study at the University of Michigan suggests that attention and short-term memory processing are directly affected by a person's surroundings and environment, with noisy environments reducing significantly memory performance The human brain can only hold about seven pieces of information for less than 30 seconds. With those two facts in mind, one can only imagine how tough it can be for call handlers in the police force to gain a comprehensive understanding of the situation and pick...

‘Winning the war’ in terms of speech analytics technology awareness We catch up with Martin Hill-Wilson, Customer Engagement and Digital Business Strategist at this year’s Institute of Customer Service Annual Conference, where he shares his views on the latest in the future and adoption of speech analytics technology. A key point which Martin makes is that organisations are still unsure where exactly speech analytics technology fits into the everyday operation of the contact centre. Although it has many applications, Martin...

With the speech analytics market gearing up to be worth $1.33 billion by 2019* the vast potential for this technology is strikingly high. With plentiful room for growth, which sectors are more inclined to implement speech analytics in their organisation? Here we share some interesting insights taken directly from the ‘The Inner Circle Guide to Customer Contact Analytics’ the must read guide for any organisation looking to implement speech analytics - published by ContactBabel and sponsored by Business Systems. Speech...

[Last Updated: January 2017] THE INNER CIRCLE GUIDE TO CUSTOMER CONTACT ANALYTICS BLOG: 2/7 'The Inner Circle Guide to Customer Contact Analytics' (published by ContactBabel and sponsored by Business Systems) highlights the latest insights on Interaction (including speech analytics) technology. For those with a hectic schedule, we created a short series of blogs covering some of the main points covered in the guide. Please find the second in the series below. ********************************************************************************* Depending on the type of business, the issues...

A recent guide released by Contact Babel on Customer Contact Analytics cites one of the key drivers for uptake of speech analytics being fine avoidance and compliance with legal regulations. Certainly one of the key sectors we are now starting to see some significant growth in is the financial services and trading floor space. Particularly within those organisations governed by the Dodd-Frank Act (DFA). The DFA has enabled regulators to issue trade reconstruction requests, where they want to look more...

There was a lot of shared insight at the webinar we hosted back in May with Call Centre Helper and one of the stand out points for us was the recognition of the rise of the multi-channel contact centre yet the lack of monitoring going on across those channels. According to an audience poll during the webinar only 15% of the audience monitored web chat and only 22% monitored social media - interesting statistics. Understandably, there is just not enough...