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Speech Analytics within Financial Services / 2

Speech Analytics within Financial Services / 2

A key benefit of Analytics is that it can incorporate multiple channels. Most vendors today are able to provide true Speech Analytics plus a multi-channel offering. Text Analytics covers email, web chat and social media. To truly map out the interactions for all contact points, multi-channel enables a Compliance Officer to create a forensic timeline of communication for a single interaction including speech, emails and SMS. 

Another significant benefit is the ability to use Analytics not only for historical retrieval, but also for live monitoring. Live monitoring Analytics provide alerts on key phrase triggers while the interaction is taking place, allowing the organisation to be more proactive in correcting behaviours and tackling issues before they escalate.

Can you identify the challenges involved with Speech Analytics, and what are the factors that financial institutions should consider when selecting a new solution?

The first consideration for any Compliance team is to understand what a Speech Analytics solution does, so they can make informed decisions on what they really need from an Analytics tool. Only by working with experienced practitioners like Business Systems, who can help to scope the requirements, will they be able to choose the right solution, specified to the correct level.

Another consideration is the different methods to index voice, such as Phonetics, Speech to Text and hybrid of both. All solutions will provide analytical results but some enable a quicker and more flexible result on targeted searches, whilst others provide less accurate results but index and analyse every interaction. A hybrid of both can provide the best results and depth of analysis. It is fair to state that such options can vary significantly in cost.

A final consideration is the skill set and experience of the provider. Many voice recording manufacturers will not share or will charge a large sum to make their metadata available to other manufacturers. This leads to customer frustration due to the limitation being set in the marketplace. We at Business Systems have come across such challenges many times and managed to successfully overcome them with effective workarounds, matching the best Analytics solution with a customer’s existing voice recording platform, based on the specific requirements rather than the limitations set by the manufacturer. 

Looking ahead, what does Business Systems think are the biggest opportunities for Speech Analytics technology?

Since 2000, fines and compensation payments for non-compliance have cost British banks over £38 billion. This level of regulation is set to continue and therefore, unless Financial Institutions continue to expand their Compliance teams to carry out manual searches, a level of automation is required in the form of Analytics.

Speech Analytics, or Interaction Analytics to include multi-channel capabilities, is a key component alongside any Compliance team, who can utilise the information provided to respond to regulatory requests and allow an organisation to take control and pro-actively manage risk effectively.

What Financial Institutions need to understand is that Analytics is not just a technological change, but also a catalyst for business transformation. Our experience shows that support and best practice, as well as a consultative approach, are fundamentally required to ensure the benefits from Speech Analytics are realised as early as possible.