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A new benchmarking report has been published by 1LoD, which offers a crucial glimpse into the state of voice surveillance within financial institutions. It’s an interesting survey that incorporates insights from over 30 leading global banks and offers an analysis of current practices that are in place around voice surveillance in financial institutions, as well as looking to what the future may hold.   Let's unpack some of the reports key takeaways:   1. Dissatisfaction with Legacy Technology   Legacy...

Many people today are facing challenging circumstances as a result of the cost of living crisis. Contact Centres serve as vital lifeline for many, especially vulnerable customers; be it utilities, healthcare, or housing, contact centres are often the first point of contact for those in need. But with great reliance comes great responsibility. How do we ensure that the services provided by agents are not only efficient but also sensitive to the needs of the vulnerable? Business Systems recently hosted a...

https://vimeo.com/1026159861

Following the publication of the 2024 1LoD Surveillance Benchmarking Survey & Report, which includes feedback from over 30 leading global banks, Wordwatch has helped produce a In-depth Report that outlines the next steps banks should consider to modernise their current voice surveillance practices. The Wordwatch-sponsored paper, “The biggest risk in voice surveillance isn’t surveillance”, looks in detail at both the operational and financial risks of running and maintaining multiple legacy systems, particularly those nearing the end of their life cycle....

Managing risk, ensuring compliance and improving oversight are increasingly challenging tasks. It comes as no surprise that the 2024 1LoD Surveillance Benchmarking Report reveals a significant trend: 74% of banks plan to invest in new voice surveillance technology before 2027. But why is it the next strategic investment for so many financial institutions? Non-compliance is more expensive than compliance Where banks might have aimed to invest as little as they could get away with in the past, this position may...

89% of UK contact centres already use some form of self-service, and 64% plan to deploy AI-based chat and voice-bots in 2024. Despite the technological surge, the January 2024 UK Customer Satisfaction Index revealed a concerning year-on-year decline in satisfaction amongst consumers, plummeting 2.4 points below the January 2022 level. The findings prompt a crucial question: is the pursuit of efficiency driving customer service metrics to an all-time low? Striking the right balance between efficiency gains through self-service and meeting...

In today's data-driven world, organisations seek ways to harness the power of information for better decision-making, improved communications compliance, and enhanced customer experiences. However, the sheer volume and diversity of data, particularly legacy and live interactions records, such as call recordings and instant messages, often pose significant challenges. Those organisations required to retain data for long periods of time, often for regulatory purposes, usually already possess a range of communications recording infrastructure built up over the years, resulting in a...

Ever-evolving technology and customer expectations are driving rapid transformation within the contact centre industry. Learn how to stay ahead of the curve and reshape your CX in 2024

Legacy voice data can be challenging for organisations – often difficult to keep track of, manage, and adhere to regulatory demands. Nevertheless, there are a few key steps that can be taken to simplify legacy voice data management.  1. Consolidate your View of your Legacy Voice Data For organisations with considerable legacy voice data estates, one of the biggest challenges is keeping tabs on many different storage solutions that may be in use simultaneously. Because the nature of voice recording...

Rapid advancements in technology are redefining the ways in which customers and organisations interact. This infographic explores seven digital CX trends in the contact centre for 2024, that present opportunities to enhance customer experience. The Importance of Digital Conversations - 94% of consumers are frustrated by disjointed encounters with organisations. Messaging as a Primary Service Channel - 70% of UK consumers feel more connected to businesses they can message. Service Simplification Increased Personalisation - 78% of consumers express an intention...

Insurance companies are facing more pressure than ever before, in particular when it comes to handling insurance claims. As competition increases and customer expectations rise, it is essential to stay ahead of the curve. One way to do this is to improve the claims journey for customers. Currently, customers are not always updated about the status of their claim, and they may make choices that increase the cost of the claim. This can lead to a negative customer experience and...

The UK's tough economic climate is making it difficult for insurance companies to renew policies. Consumers are cutting back on discretionary spending, and insurance is often one of the first things to go. Research shows that many UK consumers have already reduced or plan to reduce their insurance coverage, with life insurance being the most affected. Insurance organisations are well aware of the challenges of renewing policies. Most insurance companies, large and small, have invested in people, processes, and technology...