Speech Analytics for Banking and Financial Services

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1 Speech Analytics for Banking and Financial Services Enhancing Customer Care in Banking and Financial Institutions to drive loyalty and impact business outcomes

2 BANKING AND FINANCIAL INSTITUTIONS - A NOTE FROM HISTORY Ancient ages saw grain loans being made available to traders and farmers. Modern banking systems established in 12 th century A. D. in Italy. Modern banking and financial systems took shape during 17 th century in Northern Europe. Industrial Revolution led to the emergence of banks and financial institutions.

3 BANKING AND FINANCIAL INSTITUTIONS - CHANGES AND ADVANCEMENTS Banking and Financial sector adopts Machine Readable Characters (MICR) in Automated Teller Machines (ATMs) appeared in 1960s to change the dynamics of customer service. The Deregulation of 80s and Globalization of 90s led to establishment of modern banks and financial institutions.

4 THE CURRENT GLOBAL BANKING & FINANCIAL MARKET SCENARIO - A SNAPSHOT Commercial banks hold approximately 64% of total assets in the Indian financial services sector. The APAC region registered 1 46% ($1.1 trillion USD) profits over the last decade (2015) and is set to add 2 about 300,000 jobs between US financial services sector, the largest and most liquid in the world, accounted for 7.3% or $1.4 trillion of the US GDP (2016). Credits:

5 GROWING CHALLENGES IN THE BFSI SECTOR The 2008 stock market crash forced world economies to take very stringent measures in the Banking, Finance Services, and Insurance (BFSI) sector. In India too, some nationalized banks hit by fraud has declared NPAs running into millions. This is leading to growing trust deficit among public. Europe is hit by low nominal growth and interest rates leading to low profitability. New age BFSI organizations are facing challenges in the form of decreasing capital, increasing NPAs, disruptive competition, and digitization. In US, the sector is facing challenges in the form of regulations, legacy systems, disruptive business models and competition.

6 IMPROVING CUSTOMER SERVICE - AN IMMINENT NEED IN A FAST- PACED, DYNAMIC BFSI SECTOR In the midst of solving pressing issues, customer service in the BFSI space is getting sidelined. A Gallup 1 report states that fully engaged banking customers bring in 37% more annual revenues. Credits: 1

7 IMPROVING CUSTOMER SERVICE - AN IMMINENT NEED IN A FAST- PACED, DYNAMIC BFSI SECTOR Banking is going to remain very competitive for the foreseeable future, and the biggest challenge facing the banks now is to stay engaged with the customer. Credit: Moorad Choudhry, Author, The Principles of Banking Customer service is the unequivocal answer to the problems plaguing some of the banks, it forms the fulcrum of banking operations and cannot be neglected.

8 IMPROVING CUSTOMER SERVICE ANALYTICS TO THE RESCUE Data Analytics helps to store, segregate, analyze, and manage data. Data Analytics play a key role in improving customer service. By leveraging customers social media profiles and connecting them to offline data, analytics helps banks understand customer personas. Modern banks are leveraging analytics to understand customers by leveraging their information, with an objective to serve them better. Data Analytics helps banks deal with the huge volumes of customer data, enabling banks to sell the right products to right customers.

9 IMPROVING CUSTOMER SERVICE - SPEECH ANALYTICS TO THE FORE Banks are now focusing on having an Omnichannel analytics strategy to gain better visibility of customers. Omni-channel analytics covers all customer touch points, starting from product promotions to customer service via contact centers. Omni-channel analytics is incomplete and insufficient without Speech Analytics, since over 90% of customer interaction happens through voice. Speech Analytics enable enterprises improve on their cross-sell and up-sell sales avenues. 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.

10 SPEECH ANALYTICS - SHOWCASING CONSISTENT GROWTH AND IMPACTING CUSTOMER SERVICE A Markets and Markets study projects the Speech Analytics market to reach $2,175 million by 2022 from $941 million (2017). Speech Analytics facilitates in harnessing the Voice of Customer (VOC) by analyzing voice-based customer interactions. Speech Analytics also helps BFSI companies understand customer concerns and resolve them quickly. An Opinium Research LLP survey shows that 79% of 24,000 customers expects a direct person contact.

11 SPEECH ANALYTICS - THE CXO CHOICE IN IMPROVING CUSTOMER EXPERIENCE STRATEGIES An Opus Research survey of 502 decision makers indicates that 43% embraced Speech Analytics. 30% of CXOs surveyed have realized ROI in 6 months while 88% realized it within 24 months. These statistics highlight the growing importance of Speech Analytics in businesses Download the survey

12 taumina TM - UNIPHORE S SPEECH ANALYTICS SOLUTION aumina is a Speech Analytics software solution for enterprises with contact centers. aumina mines speech data and empowers business analysts with actionable insights. aumina enables to identify, analyze, and predict business problems. aumina allows the capture of feedback, helping companies handle grievances quickly.

13 aumina TM - UNIPHORE S SPEECH ANALYTICS SOLUTION Provides insights from business outcomes Is an integral part of BFSI Omnichannel analytics strategy Has the widest coverage of languages (80 international & 17 Indian languages Several business segments have found great use for aumina. It finds effective use in collections and credit contact centers where it helps understand agent behavior (rudeness), analyze risk, and measure Productive-to-Pay (P2P). Ensures near human accuracy in detecting consumer emotions Pay-as-you-go (SaaS) service helping enterprises reduce their CapEx

14 THE aumina TM LEVERAGE IN THE BFSI SECTOR End-to-end visibility of collection process and tracking of Collections Risk Index Real time tracking of agent performance Track sales conversion process through built-in Sales Conversion Index Ensure agent compliance to follow prescribed protocols Prevent fraud by smart keyword recognition and sentiment analysis Measure customer intent Identify sales conversion drivers and deterrents Build and monitor Customer Experience Index Measure Customer Engagement Index

15 THE aumina TM LEVERAGE BUSINESS USE CASE The Uniphore team studied an American Financial Services firm s needs and proposed a 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 hours with 95% accuracy (when compared to other solutions which provided only 75% accuracy)

16 THE aumina TM ADVANTAGE aumina is cloud based and enables enterprises leverage the advantage of an effective scalable solution with 95% accuracy levels. aumina is the best Speech Analytics solutions available in the market today. aumina can help BFSI contact centers to listen, learn, and serve customers better.

17 THE aumina TM ADVANTAGE aumina is the go-to-solution for banks and financial institutions since it helps them understand customers better and deliver enhanced customer experiences.

18 NEED HELP? TALK TO US To know more about the business benefits of implementing aumina from Uniphore, reach out to Susheel at : To read more about how Speech Analytics can influence specific Business Outcomes in Banking and Financial Services, CLICK HERE

19 Uniphore Sofware Systems is a frontrunner in the Speech Recognition Technology and Virtual Assistant domains. 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 was also ranked as the 10 th fastest growing technology company in India by Deloitte Fast 50 in 2015.