Conversation Intelligence driving the future of a data-driven BFSI sector
There is no industry vertical today that has been more affected by changes in customer behaviour and preferences than the BFSI sector. As a public services segment, the BFSI industry needs to constantly monitor the evolving market scenarios, challenges faced by the customers, and their evolving needs. While the early onset of this change was facilitated by the emergence of digital technology, it is in the wake of the pandemic that there was a holistic transformation.
There is a humongous flow of conversations between customers and the support team agents every day in the BFSI sector. Therefore, once an enterprise is able to decipher these conversations accurately on desired parameters, it gets ample insights into how things are changing and how it can cater to these efficiently.
This is also an area where BFSI players tend to struggle due to outdated processes. The quality analysts at the contact centers manually listen to conversations, and evaluate them on pre-defined parameters, leading to setbacks like:
- They have limited capacity due to which hardly 2 to 5% of calls are listened to and analyzed. These calls are randomly selected, and they might be irregular in consistently listening to all of them. An agent who generally does well on calls might not be analyzed regularly, and they might get away unnoticed even when an error is made.
- Since the QAs have to repeat the same process on numerous calls each day, there is a greater likelihood of monotony leading to fatigue and inaccurate evaluations.
However, the speech analytics system powered by the Conversation Intelligence platform analyses 100% of customer agent call interactions to derive important call insights and metrics. The AI-powered Auto QA feature surfaces all the important call quality metrics to improve agent’s performance for superior customer service. The changing market dynamics and the evolution of technology have enabled financial sector enterprises to become more competitive and disruptive. To maintain market leadership, enterprises in this segment need to constantly and deeply understand all aspects of customer relationships and engagement. They need to surface trends and topics driving customer calls that shape strategic planning and operational improvements. Which would eventually improve agent performance and compliance regulations.
Customers today need quick, accurate, and friendly responses, that meet their needs and demand. Conversation Intelligence is all set to do that by making well-informed agents who can resolve queries and problems promptly enabling them to retain customer goodwill and brand image. Here is how the technology is fulfilling the customer’s expectations for them.
Quick and helpful response – World-class Conversation Intelligence platforms are integrated with the enterprise CRM. They listen to conversations in real-time. While the agent probes by asking the right questions (based on suggestions provided by the AI), the platform automatically dives into the database and pulls out relevant information. Thus, they can provide resolutions without breaking the flow of the conversation. The outcome is a highly personalized, swift, and accurate response which makes the caller appreciate the service provider’s efficiency.
Reduce customer churn – The Conversation Intelligence platform helps you analyze 100% of your customer agent call interactions to pinpoint broken aspects of your customer service and use it as an opportunity to fix the customer experience. It helps you identify the most common reasons why your customers churn. Then train your agents to handle such concerns better.
To carry out business operations swiftly BFSI enterprises need to reinvent themselves in a digitally-driven manner. Processes, tools, and practices that were used to run operations until now, are becoming irrelevant, slow, and dissatisfactory for the end users. By deploying advanced solutions such as Conversation Intelligence platforms, companies can maintain a distinct market position. Otherwise, there is a huge risk of becoming irrelevant, the way we saw digital technology pushed conventional camera reels and audio tapes out of public memory in the early years of the new millennium!
(The author is Mr. Bhaskar Mishra, Head of Product, Mihup and the views expressed in this article are his own)