Customer engagement is becoming one of the most important differentiators for many companies. Organizations want to make sure that both self-service and assisted service is contextual, cost-effective and impactful. The field of customer analytics is thus rapidly evolving and one of the most important developments in this area is real-time speech analytics.
Traditional speech analytics has been deployed successfully in thousands of leading organizations around the world and has been one of the fastest growing contact center applications for many years; the introduction of real-time speech analytics allows taking these very important insights and applying the necessary immediate actionable intelligence rather than waiting hours or days.
Real-time speech analytics leverages indicators within the call conversations and analyzes them to proactively identify opportunities and guide these conversations towards the desired outcome that are beneficial to both the customer and the business – as the calls are in progress. This sophisticated analytics solution is instrumental in guiding the contact center agents by providing contextual guidance just at the right instance – when they need it, in real-time. Presenting actionable information in real-time with the right context provides a clear and significant competitive advantage. The solution is especially critical when dealing with compliance, regulations and industry mandates. Increasing customer retention & First Contact Resolution (FCR) is the essential impact of implementing real-time speech analytics.
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Real-time speech analytics is used to monitor calls as they happen by detecting words phrases and key topics of conversation. In addition, the solution can also leverage triggers from the agent’s desktop adding even further context. For example, a specific offer may only be relevant for VIP customers, which can be identified in real time from the agent’s desktop.
Guiding an agent in real-time during a call conversation can be extremely valuable, as long as that information is relevant and accurate. Keeping this in mind, significant planning and analysis needs to be done before setting up these triggers to avoid non-relevant spam like alerts to the agents and supervisors. This is where the integration between post call speech analytics and real-time speech analytics becomes a critical success factor. Post-call speech analytics, also known as advanced speech analytics – provides a very rich “sandbox” to identify and test various scenarios before applying those triggers in real-time. Once these call topics are defined, they can be easily imported as real-time triggers. This unique combination of post call and real-time speech analytics has significantly improved the success rates of real-time speech analytics deployments.
A leading international bank with operations in India and South East Asia ( SEA) was able to improve sales and address compliance issues using real-time speech analytics solution.
The need to deploy real-time speech analytics
The Bank focused on using real-time speech analytics in scenarios involving-
- Lost/stolen credit cards
- Compliance and to improve
- Sales eligibility
Real-time speech analytics also enabled the agents to handle customer objections/rebuttals when a sales pitch was made.
One of the asks was also to evaluate if real-time speech analytics can be used to improve customer experience by managing on-call escalations more effectively.
The real-time speech analytics solution was configured to prompt agents to pitch for key features of the upsell products with an on-screen pop-up message once the customer’s eligibility was positively identified. It was also used to identify customer objections through words and phrases and then prompt the agents with relevant objection handling scripts with on-screen tips. The solution also provided on-screen scripts for liability statements, ensuring that the agents do not miss out on giving this critical piece of information during the call.
Real-time speech analytics was also used successfully to identify if escalation was required during a call and effectively guide the agents to transfer the call to a manager/supervisor if the situation warranted. At the same time, the manager/supervisor also received an email alert informing about the details of a possible escalation.
After a live deployment for several months, it was observed that the sales pitch doubled once real-time speech analytics was used to guide the agents towards pitching the right offer in real-time with
Compliance levels also significantly increased. Customer escalations also reduced and were better managed and tracked with managers/supervisors now being better prepared to take those escalations and with the agents knowing that the situation demanded the call to be escalated, thereby improving customer experience.
Real-time speech analytics coupled with Desktop and Process Analytics (DPA )provided contextual awareness through a combination of agent desktop activity and transaction-related information in order to enhance the real-time triggers, thereby increasing relevance and accuracy.
Real-time speech analytics in conjunction with advanced speech analytics, desktop, and process analytics as well as contextual knowledge is becoming a significant driving force for improving customer engagement for leading organizations. When deployed correctly with the right accuracy and context the solution can be a game changer not only for the contact center but across sales, marketing, compliance, IT and any other customer-facing departments.