In addition to cross-selling and up- selling practices, financial services companies implement speech recognition systems to generate added revenue from call centres, according to Cutting Edge Information’s report, ‘Managing Financial Services Call Centres.’ In a recent article from NewsFactor Network, a Gartner research director predicted that the use of analytics, such as speech recognition systems, along with performance management, will separate great call centres from the average ones in 2004.
“Voice recognition systems have contributed to financial services call centres’ transformation from cost to profit centres than any other technology,” said senior analyst, Elio Evangelista. “The automated technology generally improves customer satisfaction by decreasing customer hold time by 35 per cent.”
Cutting Edge Information’s report also reveals that companies with speech recognition technology are better able to route calls and segment customers, which lead to higher first-call resolution rates. Such technology allows service reps to focus more on complex transactions and customer inquiries. While currently contributing to call centre success, speech recognition also offers room for future advances within call centres.