The Data Analytics Blog

Our news and views relating to Data Analytics, Big Data, Machine Learning, and the world of Credit.

All Posts

How One Bank Uses Speech Analytics To Improve Customer Loyalty

May 9, 2016 at 3:14 PM

In order to improve customer loyalty, we need to listen to our customers more. Increasing our share of wallet and maximising customer lifetime value (CLV) will only happen when customers are prepared to choose our brands and products over our competitors. Fortunately, businesses are uncovering clues to improving customer loyalty in new places thanks to data and evolving analytics platforms. This led one bank in Canada to turn to the thousands of conversations between its representatives and its customers for new insights into elevating the customer experience.

Learn how Machine Learning is being used in Call Centres to improve the Customer Experience

Listening to your Customer is Loving your Customer

The Bank of Montreal has used speech analytics as a means to boost customer loyalty with great success.  By analysing the phone interactions between its representatives and customers, the bank was able to elevate their contact centre credibility, reduce call handling times and ultimately increase the bank’s Net Promoter Score for customer satisfaction. According to its CIO, Marc Demers," ..anytime you’re making your customers happy and driving their experience, the ROI is immeasurable.” The data showed that the +-2 000 call centre agents, who handle up to 50 000 customer calls each day, needed better product training to expand their knowledge on its suite of available financial products. This newly gained insight helped them refocus their training strategies to turn customer loyalty and satisfaction levels around and gain in-roads to new business.   

Mining Captured Conversations for Golden Nuggets

Bruce Boyle, Operations Manager at Bank of Montreal explains,“The voice of the customer [could] tell us about our products and about the processes and positions we were putting our agents in . Considering that more than 70% of customers still prefer speaking to a company representative on the phone as opposed to using other contact methods, it’s only logical for contact centres to turn to speech analytics as a source of invaluable business insights. Capturing what gets said during these conversations and analysing the questions, feedback and dialogue can help companies detect trends and reveal the insights needed to make big, radical and lucrative changes in their businesses.

Verbal interchanges with customers can also be converted into different formats and indexed for more effective data mining. For example, companies can search entire indexes of text versions of conversations to find keywords that act as indicators of customer sentiment around a myriad of factors. This information, in turn, can be passed on to relevant business units for improved product development, supply chain management, marketing, etc.

Learn how else Speech Analytics can be used to improve Customer Loyalty

Listening is a sign of Respect

As with any human relationship, rapport and trust are built by the sense that your voice matters and that you are being listened to. It’s a simple sign of respect. By using speech analytics to enable them to listen to and understand their customers, the Bank of Montreal is gaining valuable insights about their customers’ pain points and working on minimising them before their customers decide to leave them for a competing bank. Imagine what you could learn from your customers if you truly were able to listen?

Learn how else Banks are using Analytics to improve Customer Loyalty

If you’d like to learn about using analytics to listen to your customers and grow their loyalty to your brand, contact us!

using data analytics for customer engagement

Image credit:

Luke Turnbull
Luke Turnbull
Luke Turnbull was the Head of Customer and Lead Analytics at Principa, until the end of 2017, after which he returned to his home country of New Zealand. He worked in the financial services industry since 1995, during which time he worked in process, strategy and operational design across a range of organisations in New Zealand, the United Kingdom and South Africa. Luke had been with Principa for 9 years and led consulting engagements with Principa’s local retail clients across the customer lifecycle, with a particular focus on customer engagement and lead generation.

Latest Posts

Solving the Credit Unaware Challenge with Psychometrics

At Principa, we engage with clients and organisations across the entire credit lifecycle and track the focus of the South African credit industry. For nearly ten years the focus has consistently been in the collection space, but recently (since early 2021) this has changed and a large number of our clients are focused on acquisitions and originations.

Predicting Customer Behaviour (PART 2)

In Part One of this two-part blog, we started providing a short overview of just some of the propensity models that Principa has developed. In this Part Two, we continue to look at different types of propensity models available across the customer engagement lifecycle that are used to predict behaviour and solve business problems. 

PART 2: How to Cure the Post Pandemic “Collections” Symptoms

In PART 1 of this two-part series, we explored how the current socio-economic climate resulting from the lingering financial hangover caused by the pandemic is negatively impacting the consumer's ability to settle a debt.