The rise of smartphones and the mobile web has helped organizations reach customers and audience segments they never thought were possible. With the rise of digital communications tools and social media, there has been a natural demand for customers to be able to communicate with brands via multiple channels.

Consumer behaviors and expectations are forcing banks to redefine their priorities and transformation strategy. Shifting consumer trends are creating new opportunities for banks. Banks around the world are aggressively driving customer interactions to digital channels to lower the cost of doing business but not every customer is ready to embrace it yet, while digital channels may have created new opportunities for organizations, in branch experience still remains at the heart of the digital transformation.

Speech and text analytics can map-

• Different requirements for different interaction types,
• Stage of the customer journey,
• The complexity of the inquiry and customer preferences

To create a natural demand for analytics led omnichannel engagement which is seamless, personalized and agile.

Banks today generate massive volumes of big data from engagement with customers and employees. The diversity of this unstructured data can pose a huge challenge; minimizing the opportunity for banks to take timely action and increase profitable outcomes.

In addition, the rise of mobility and proliferation of communication channels has made it even more difficult for organizations to manage the people and processes required to respond to consumer expectations in a consistent, personalized and contextual manner. Banks that are not focused on remodeling themselves to respond to new and evolving customer demands do so at their own peril.

It is also interesting to note that for banks compliance and operational efficiency depends increasingly on the performance of the back office operations as well. It is imperative to bridge the front-office and the back-office by creating centers of customer analysis.

Roadmap to create centers of customer analysis-

• Listen across ALL channels – Your customers are more demanding and less patient than they’ve ever been. They expect to be able to provide you feedback whenever, wherever and however they want and for you to listen and take action. Enterprise Feedback Management & Digital Feedback gives your customers the ability to share feedback via multiple channels and in ways that are convenient to them to encourage honest valuable feedback to help identify process/ product /service issues and help you drive operational & digital improvements. Increase Revenue & Loyalty By Uncovering Actionable Customer Insights Across All Channels.
• Use analytics to empower employees – The Aberdeen group acknowledges “Companies using customer analytics report 58% greater improvement in employees’ ability to do their job well.” In the digital age, customers expect employees to be knowledgeable enough to handle anything — and have the authority to do what needs to be done to satisfy customers. Speech Analytics combined with Knowledge Management provides context-based next best action or guidance to the frontline officers to resolve the customer issue driving a better customer experience.
• Analytics enabling efficiency & cost savings – Organizations should use customer insights to improve operations, as well as analyze and benchmark to align internal processes with customer service. In most cases, by benchmarking what optimal customer service looks like, organizations will not only improve service and their bottom line but also improve employee engagement. Use of speech and text analytics is driving operational efficiency and cost savings by reducing interactions ‘Average Handle Time (AHT)/ or repeat interactions.Verint Customer Analytics is helping leading Indian banks to deliver superior customer experience by –
  • driving operational efficiency through Average Handle Time(AHT) optimization
  • deflecting low-value interactions to more cost-effective channels like self-service channels – ~10% of total calls
  • driving digital enhancement – identified nine digital enhancement opportunities
  • improved RTF score – 10% (+6 points)
• Compliance Adherence & Risk –Speech & Text Analytics can help monitor 100% of interactions for regulatory compliance. Reduce risk when breaches are rare but costly and show internal process and solution to regulators. Customer Analytics is helping global banks and financial institutions save million dollars in lawsuit and penalties identifying compliance breaches & mitigating risk.
• Analytics impacting sales/collections Effectiveness and customer satisfaction –Speech & Text Analytics can be used to analyze and compare the linguistic difference between successful and unsuccessful sales/collection interactions; hence creating effective transition timing from service to sales. An Indian bank using customer analytics doubled their sales pitch rate driving uplift in Net Sales Revenue per Full-Time Employee (FTE). Companies need to analyze the customer journey, including customer metadata, key buyer behaviors, purchase histories, interactions, previous survey scores and customer journeys, from both structured and unstructured sources. Speech & Text Analytics can help identify customers at Risk and predict super detractors. Increase understanding of what drives high or low c-sat. Provide relevant engagement with context, not just generic survey. Speech & Text Analytics to spot early warning signals before they go viral on social media.

Analytics is crucial to transforming the way banks operate so that more transactional activities happen away from the branch, while the branches take up the larger consultative role.