Interaction analytics has always provided CX orientated organisations with a great way to draw insight from your customer conversations, and with the Financial Conduct Authority’s (FCA) new Consumer Duty regulation looming, there’s mounting pressure on retail financial organisations to put consumers at the heart of their products and services or risk facing hefty fines from the regulator.

Being positioned as an enhancement of the FCA’s Treat Customers Fairly (TCF) principle, the new Consumer Duty will centre around the actual outcomes experienced by consumers when using financial products, leading financial services organisations to shift their mindset to be more consumer aware. However, businesses will need the right solutions and tools to help them action real change and adhere to this new regulation – and that’s where real time interaction analytics can make a big impact.

If you work in contact centre operations, there’s many ways you can advance your insights, deliver improved customer service, as well as improve compliance and sales, drive efficiencies within your business and ensure you are identifying and treating your vulnerable customers fairly. We’ve put together 7 reasons why real time interaction analytics solution will change your contact centre operations.

1. Real time analytics tech has never been better (or more market-ready)

The interactions analytics market has grown increasingly competitive, which is good news for you as it has given rise to new and improved technology that can be quickly deployed, typically via the cloud and often open source with accessible APIs. This gives you the pick of the crop with vendors as the market leading solutions work seamlessly with most contact centre tech, so are likely to be compatible with your existing infrastructure.

2. Prices have dropped as marketplace competition surges

With a more competitive technology marketplace and new innovative disruptors entering the market all the time, legacy prices are under pressure. Couple this with more accessible hosting solutions, and it’s no surprise that the total cost of ownership (TCO) for analytics solutions is much lower. In addition, implementation is much easier, negating expensive system integration and maintenance costs, so again, reduces your TCO.

3. Customers expect information NOW and you need to step up

Customers have always been demanding, but the need for personalisation and immediacy has grown even more in the social media age. Real time analytics helps your agents to meet customer demands. The solution will prompt agents, in real time, to what it thinks the customer needs, by analysing the language during the interaction – this might be to prompt the agent to trigger an automated (RPA) routine to speed up handle time or prompt the agent to follow a workflow relevant to the conversation. There’s no doubt that having the combined power of both human intelligence and artificial intelligence is a much more powerful way to meet customer expectations.

4. Boost your revenue from sales through service

As well as prompting your contact centre agents with process steps to follow, how about presenting relevant cross-sell or up-sell products or services to the agent to promote to the customer based on the live conversation? Real time analytics allows you to do this and the data and insights will tell you which agent out-performs the others and why as well as telling you which products and services are really resonating with your customers

5. Improve agent competency, fast

Over the last few years, we’ve seen a dramatic shift in the workplace environment, with many contact centres embracing hybrid working. Whilst there are notable benefits, one thing that has lost its impact is hearing conversations on the contact centre floor and delivering live coaching and support. Real time analytics can help bridge that gap and implement agent support when it is needed most – as well as the system prompts (covered in number 3), high risk contacts can also be flagged to supervisors. For example, if a customer is getting irate, a prompt can be sent to agents and warning alerts can be sent to supervisors for interception – handling an irate customer within the contact is a better outcome for the customer, the agent and the business if it reduces formal complaints and customer churn.

6. Nail down quality and compliance in all customer interactions

In highly regulated markets, improving compliance is goal for everyone, and using clever tech to help you do this essential. Real time analytics will monitor that your agents have completed all the expected processes as part of your customer interactions, for example, it will check identification & verification has been completed (or will alert the agent if it hasn’t been done within contact). The system will also prompt your agents with relevant compliance statements when key activities have taken place, for example, when a change to an account has occurred or a sale of a new product. The system will also monitor if the agent acted on the prompt and if they adhered to the specific language in the compliance statement.

7. Identify vulnerable customers and be there for them

And finally, the very important subject of vulnerable customer identification and treatment. The real time analytics solution will detect language triggers that identify a vulnerable customer and will alert the agent in case it was missed. The analytics system can prompt alerts and measure the treatment that has been provided to the customer, for example measurement of adherence to the TEXAS model. In extreme cases, such as a customer disclosing feeling suicidal, reporting domestic abuse, or a significant life limiting health problem the system can alert these cases to supervisors or coaches for agent support, both during the contact itself and employee wellbeing afterwards.

If you’re interested in how a cost-effective real time analytics solution could be a gamechanger for your organisation, please get in touch.

Lee Mostari
Director of Insights & Analytics
lee.mostari@davies-group.com
https://www.linkedin.com/in/leemostari/