Machine Learning algorithms can hugely impact the sector of e-commerce by categorizing and recommending…
Contact centres are the first line of customer assistance. Everyday, they receive millions of customer calls regarding various issues. The amount of data that they deal with is humongous. While this data asset can unlock valuable intelligence to help them deliver superior customer experience and drive profitability, meeting compliance guidelines while handling this data is a challenge.
Compliance regulations are more stringent than ever and for contact centres, in particular, compliance is a critical business aspect. Failing to meet compliance can result in hefty fines and severe penalties by regulatory bodies. The cost and risk associated with customer data only increase with the size of customer base.
Thanks to speech analytics, compliance leaders can now prevent legal and regulatory implications by keeping a real-time check on compliance. It is reducing the concerns associated with script compliance, agent monitoring, and regulatory guidelines such as HIPAA, FDCPA, CFPB, and so on. Here is how it helps:
The volume of calls made from and received at a contact centre is enormous. Auditing every call manually is near impossible. Generally, it’s only a small sample of the total calls that are analysed because of time and resource constraints. The problem with this approach is that such a sample may not represent the entire call volume accurately, especially when there are multiple departments with a wide variety of customer interactions.
Using speech analytics, you can monitor every interaction between the agent and the customer, across all departments within the organisation. Using speech analytics, you can run a complete call audit using the existing resources.
In addition to script adherence, it monitors and scores every agent based on their usage of specific keywords, phrases, language patterns, and length of silence. The final scorecard identifies the key strength and development areas for agents.
Even a small sample of total call volume is quite large, and it’s time-consuming to analyse. Not only does it take a sizeable number of staff-hours, but it also fails to provide supervisors with timely insights to take preventive measures.
Using speech analytics, supervisors can now monitor every call and get accurate understanding in real-time in terms of call compliance. They can instantly figure out when and where an agent is using non-compliant phrases, keywords and behavioural cues, and present the finding with a statistical picture. Such timely insights enable supervisors to intervene even when the call is in progress. They can take proactive rather than reactive measures.
When it comes to developing intelligent apps, Azure Cognitive Services are spearheading the innovation. They are responsible for several advancements in the area of cognitive apps. With abilities like face detection, speech recognition, computer vision, and language understanding, they are enabling applications to respond and interact in an almost human-like manner.
These services are APIs and SDKs that help developers add cognitive features to applications so that they can emulate human intelligence and interact with users through natural ways of communications i.e., seeing, hearing, speaking, comprehending, and even reasoning to some extent.
Many a time, customers are required to share their confidential information with agents during a call. This includes social security number, Tax ID, credit card details, etc. Contact centres are responsible for safeguarding this information and keeping it safe. While there are measures like encryption to protect sensitive data, they aren’t enough as they don’t fully assure the prevention of access to such data.
Speech analytics software eliminates the possibility of a data breach in such scenarios. It removes sensitive information from call recordings or mutes it so that it becomes inaccessible for a hacker. It can even replace the sensitive part of data with a generic and safe term. This way, it significantly minimizes the risk exposure for a contact centre dealing with confidential customer data.
Speech analytics promises a fool-proof and comprehensive audit and compliance process in contact centres, enabling them to avoid costly mistakes. Besides being able to analyze 100% of calls at an unprecedented accuracy, reduces the cost of operations for organizations by eliminating the need for large monitoring staff. Additionally, it also helps deliver an enhanced customer experience by cutting down call waiting time and faster responses from agents.