Posted on: 20/09/2019
Financial services organisations are starting to understand the value that analysing voice conversations can bring, with some key areas receiving particular attention from comms and AI vendors, according to Red Box CEO Richard Stevenson.
"Specifically, they’re beginning to act on the benefits that insight brings to the customer experience,” he said. “They’re also able to adhere to regulation on a scale not previously available, which is imperative with the recent introduction, and potentially significant fines, of MiFID II and GDPR.”
Without resilient, high quality voice capture and accurate speech to text transcription services, data sets will not be AI-ready with machine learning and analytics tools hindered in their capacity to deliver, according to Stevenson. “We are seeing significant importance placed on data, AI and analysis,” he said. “But the quality and accessibility of voice data is key. Analysing voice conversations supports a true 360 degree view of the customer, extracting rich sentiment, intent and clear articulation of a customer’s views and wants.”
The requirement to record interactions for regulatory purposes has been a major driver in the past with financial organisations purchasing voice capture technology for compliance, dispute resolution and agent training in the main. “These use cases remain,” added Stevenson. “However, the transition from legacy to IP and cloud architectures, the rise of UC and cloud call centre solutions and new compliance investment are driving technology purchasing decisions.”
Meeting compliance and regulation across every transaction has not been realistically available until the advent of machine learning and AI across voice conversations, noted Stevenson. “Organisations are now able to go beyond what the regulations stipulate, automating and targeting all transactions with great depth and accuracy,” he said. “This largely removes manual effort while increasing detection and reducing overall risk. There are also increased demands to perform this analysis in real-time, with surveillance software fast catching up to enable the requisite real-time action against the transcribed audio.”
Financial organisations are investing in automation and AI technology that processes huge volumes of transactions at scale and with acceptable accuracy. But while there is no shortage of AI and analytics tools on the market, finance sector ICT buyers are met with two key challenges, believes Stevenson. “Firstly, there are issues surrounding the quality of the voice data that fuels the AI and analytics tools they’re looking to implement,” he stated.
"Secondly, ICT buyers are sometimes locked into one provider who adopts a monolithic approach, not allowing for flexibility when it comes to picking and choosing the right solutions for their respective needs.”
Read the full September 2019 issue of Comms Dealer here