Today, customer experience (CX) is quickly becoming the key differentiator between brands, and a powerful way to stand out in the marketplace. In fact, you could even make the argument that establishing a holistic CX strategy has become even more important than the product or service you may be selling. 

But what exactly does an effective CX strategy look like? Well, the answer lies in being able to listen and respond to the precise wants, needs, and pain points of your customers. And that’s where real-time speech analytics comes into play. 

What is real-time speech analytics? 

Real-time speech analytics is a powerful technology that enables speech recognition to be layered with natural language processing (NLP) and machine learning algorithms to help organizations be able to quickly and accurately identify, extract, process and understand the sentiment of conversations that are happening in real-time. This allows enterprises to rapidly respond to customer feedback and provide highly personalised, targeted support live on the call. 

By utilising real-time speech analytics capabilities, businesses can gain an unprecedented understanding of their customers, enabling them to craft experiences tailored to each individual’s needs – ultimately fostering greater brand loyalty and increased revenue growth. With this in mind, let’s take a look at the key benefits of real-time speech analytics when it comes to enhancing the customer experience. 

Identification of vulnerable customers 

According to the FCA guidelines, “when consumers are in vulnerable circumstances, it may affect the way they engage with financial services. Vulnerable consumers may be significantly less able to represent their own interests, they may have different needs and may have more behavioural biases that negatively affect their decision making.” 

With an estimated 1 in 4 (24%) UK adults demonstrating low financial resilience, and with the new Consumer Duty regulations coming into play this July, it’s never been more important for businesses to be able to quickly identify vulnerable customers so that they can adjust their service delivery in order to offer the appropriate support. Utilising real-time speech analytics technology, businesses equip their call handlers with all the necessary insights to be able to recognise and respond in an effective manner. 

Improved first-call resolution 

First-call resolution (FCR) is the gold standard of customer service, and with real-time speech analytics, businesses are be able to quickly and accurately identify customer issues and provide tailored support on the first call. This, in turn, results in improved customer satisfaction and a reduction in future call volumes – ultimately driving down costs and boosting profitability. 

Meeting compliance and regulatory standards 

Real-time speech analytics systems are able to flag specific words, phrases or topics for further review, helping ensure that all customer conversations adhere to any necessary compliance or regulatory requirements. On top of this, if an agent breaches compliance, speech analytics systems can be used to detect the breach in real-time and alert a supervisor. This adds an extra layer of protection to the customer and ensures that all conversations are taking place within the remit of regulatory standards. 

Personalised customer service 

Customers don’t just want to be heard – they want their voices to be acknowledged. With real-time speech analytics organisations have unprecedented access to insights regarding each individual customer’s needs and preferences – enabling them to craft personalised experiences tailored to each person’s unique requirements. Whether it’s providing tailored product recommendations, offering customers more attractive deals, or simply providing a more personalised level of customer service – real-time speech analytics systems can help organisations to create experiences that leave customers feeling heard and valued. 

The benefits don’t stop there 

The potential of real-time speech analytics is tremendous. By giving organisations the ability to unlock actionable intelligence live on the call, this technology can help turn customer conversations into tangible opportunities to drive growth and profitability. With the right tools in place, businesses have the means to create a truly differentiated customer experience – helping to foster long-term loyalty and build valuable relationships.

Get in touch for a chat with one of our consultants. We will take the time to understand your challenges and unique needs. Then, we can pinpoint where exactly real-time speech analytics would make the biggest difference and how it could improve your operations.