Putting speech analytics to work in contact centers

Today’s credit unions are inundated with new technology and digital tools, all of which typically offer a myriad of benefits and use cases. But how do financial institutions adapt and incorporate these types of tools into the legacy programs and services members have come to know and expect from their trusted financial partner?

The use of speech analytics in contact centers is a good example. Through artificial intelligence (AI), speech analytics technology analyzes and extracts insights from recorded conversations. This newer offering can be applied to fit the needs of a tried-and-true member touchpoint: the contact center.

Benefits of speech analytics

We’ve seen the following benefits from introducing speech analytics into our contact centers:

• Enhanced member service – Speech analytics can help contact centers improve member service by pinpointing areas where agents can elevate and enhance their interactions. For example, it can be used to recognize common member complaints, track how long it takes agents to resolve issues and measure member satisfaction.
• Identify opportunities for improvement – The technology can assist contact centers in identifying areas that could benefit from improved operations, including frequent member issues and the frequency of agent errors, while also measuring the efficiency of the contact center as a whole.
• Agent training – The tool can also be used to train agents on how to better interact with members. For example, speech analytics can highlight best practices for handling common member inquiries, provide feedback on agent performance and create training modules that focus on specific areas of improvement.

Applying the technology

How does a credit union take advantage of speech analytics and its benefits? First, establish measurable goals. Before you start using speech analytics, it is important to set clear goals for what you want to achieve. Do you want to improve member satisfaction? Identify areas for improvement? Train agents? Once you identify what you want to achieve, you can start to tailor your speech analytics solution to meet your specific needs.

From there, make sure you are collecting the right data. Not all speech analytics solutions are created equal, and some solutions are better suited for certain types of data than others. Do your research and choose a solution that can collect the data you need to achieve your goals.

Once you have collected the right data, it must be analyzed in order to identify trends and patterns. Next, and most importantly, take action based on your findings. This could involve making changes to your member service policies, establishing a more efficient way of training your agents, or developing new products or services.

Credit unions can use the above best practices to implement speech analytics within their own contact centers, or they can consider partnering with a service provider, such as a CUSO, that can help incorporate these tools and act as a true extension of the credit union team. As more technology and offerings like this become available, it will be critical for credit unions to keep a pulse on ways to adopt newer offerings and transform legacy services to meet the needs and expectations of current and potential members.