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CallMiner’s speech analytics recognised at Credit Excellence Awards

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CallMiner and Cabot Credit Management won the ‘Best Use of Technology’ Award at the Credit Excellence Awards 2018.

The Credit Excellence Awards recognise organisations that work in a way that is likely to inspire others in the profession to deliver the best possible customer outcomes.

The judges were impressed by the way Cabot uses CallMiner Eureka speech analytics to deliver immediate and sustained benefits to its customers, its people and its business.

The Credit Excellence Awards judges said: “It is an excellent example of the use of technology to enhance the capabilities of individuals in real time, to the benefit of customers. The staff initiative to further utilize this technology to bring back-office and front-office capabilities together further strengthened this entry.”

Cabot uses CallMiner Eureka platform real-time speech analytics to listen to every customer and to understand what they are really saying and what it means to their lives.

This enables Cabot to guide agents on the call with alerts about what to say next to prove they have listened and are tailoring the solution to the individual’s needs.

In addition Eureka supports team leaders and agents for better identification and resolution of particularly complex situations. This means Cabot agents feel more supported knowing they can deliver the right solution to every customer because expert help is always on-hand.

Emma Bantges, Customer Operations Enhancement Manager at Cabot, said: “At a time when technology is under attack for the perceived threat it poses to jobs, we can prove that CallMiner’s platform is invaluable in improving people’s lives, particularly when they are at their most vulnerable. It also provides crucial support to our agents handling these sensitive issues.”

5 Minutes With… Frank Sherlock, VP International, CallMiner

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As part of our ongoing customer care executive interview series, we sat down with Frank Sherlock, VP International at CallMiner, to talk about its latest solutions, Brexit, AI, industry trends and what we can expect from 2019 and beyond…

Tell us about your company, products and services.

CallMiner empowers organisations of any size to extract and act on intelligence from customer interactions for improving customer experience, sales, marketing, and compliance, as well as agent and customer engagement centre performance. We have been honoured with multiple customer achievement awards, including Call Centre Helper’s Top 10 Contact Centre Technology and Credit Collection and Risk Best Use of Technology. CallMiner was also recently named a leader in the industry analyst report Forrester New Wave: AI-Fueled Speech Analytics Solutions, Q2 2018.

What have been the biggest challenges the Contact Centre/Customer Services industry has faced over the past 12 months?

Uncertainty of investments as Brexit rolled on (and on), confusion on AI, machine learning and the new tech jargon and hype, and explaining that data is needed to do any analysis with AI.  The challenge from the Exec level to both CX and Call Centre to deliver aligned reporting on the true engagement experience. The hunger for ‘The Business’ to understand the complete Customer Journey whilst feedback apathy continues to increase

And what have been the biggest opportunities?

WFM, WFO, knowledge management and speech analytics systems to improve and focus coaching and performance to the people who really make a CX difference – the contact centre supervisors and agents. Those that can effectively capture and use data in a quick and efficient manner will win – others will get left behind.

What is the biggest priority for the Contact Centre/Customer Services industry in 2019?

Meeting the omni-channel challenge and the shift in consumer contact points and managing and improving the CX.

What are the main trends you are expecting to see in the market in 2019?

More adoption of analytics, data is a key battleground and source of knowledge on CX, analysing data at scale on all touchpoints will be needed. AI will become more commonplace – it’s already happening with Speech Analytics, Knowledge Management, Biometrics and chatbots, so I expect we will see some integration or at least AI collaboration, analytics helping inform KM systems, Biometrics managing intelligent call steering and speech analytics training chatbots!

What technology is going to have the biggest impact on the market this year?

Omni-channel analytics – speech, web, email, social – and more adoption of real-time conversational analytics. The other area that I think will really take off is Robotic Process Automation (RPA) as the transformation of the front office extends to the back office of contact centres.

In 2021 we’ll all be talking about…?

When is AI arriving?! Seriously though, we will be talking about the volume of transactions with organisations continuing to grow, the successful automation of transactional touch points and the demands placed on our human agents with ever more complex interactions.

Which person in, or associated with, the Contact Centre/Customer Services industry would you most like to meet?

Probably any of the leaders of organisations that supply me with services from broadband, to financial services, to energy – we have so much to improve and I am not sure the leaders always relate to the actual experience a user has when there is a problem or a complaint. I recently had issues with broadband, train and energy and I found the experiences so depressing and frustrating.

What’s the most surprising thing you’ve learnt about the Contact Centre/Customer Services sector?

The constant changes of people, processes, regulations, products and technology that the industry faces. It is probably the most dynamic sector of any in the economy.

You go to the bar at the Call Centre Summit – what’s your tipple of choice?

Good day, vodka and Coke. Bad day, several beers!

What’s the most exciting thing about your job?

Change – every day is different.

And what’s the most challenging?

Also change!

What’s the best piece of advice you’ve ever been given?

You can only ever give your best, it is the maximum you can give. It may not be enough, but if you look in the mirror and say you gave it your best, win, lose or draw, you could not have given more.

Peaky Blinders or The Crown?

Peaky Blinders, of course.

Not valuing customers ‘leads to $136 billion switching epidemic’ in US

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US businesses have contributed to a switching epidemic by not valuing customers or listening to them when they have problems, with the resulting switching by consumers costing firms $136 billion a year.

A report from CallMiner features survey responses from US adults who had contacted a supplier in the last five years and shows that 85% of adults switched suppliers 1.81 times in the last 12 months.

The sectors that top the CallMiner Index over both the last five years and the last 12 months are:

Sector Position Last Five Years Sector Position Last 12 Months
1. Communications companies* (71%) 1. Communications companies (51%)
2. Banks (32%) 2. Insurance caompanies (24%)
3. Property Insurance suppliers (27%) 3. Property Insurance suppliers (20%)

* Communications includes mobile telephone, broadband and landline telephone.

The CallMiner Index reveals that the average switching rate over five years is 0.68 times per annum. The rate for the last 12 months is almost 2.5 times higher at 1.81 times – showing that the pace of switching is accelerating.

The survey also shows that consumers feel new customers are treated better than loyal customers and that suppliers are focusing more on acquisition than retention.

The third highest reason for churn (30%) is that there is no reward for contract renewal, i.e. no reward for loyalty. The fifth highest reason (27%) is that discounts offered to new customers are not automatically given to existing customers. This reinforces the sense that existing customers can feel less valued than new customers.

In fact, the fourth reason (28%) is that consumers feel like they are not being treated fairly. The main actions by suppliers that force people to say goodbye are as follows:

1. Prices are too high or have increased  66%
2. There is a serious problem with the product or service  32%
3. There is no reward for contract renewal, i.e. no reward for loyalty  30%
4. Feeling like you are not being treated fairly  28%
5. Discounts offered to new customers are not automatically applied to your accounts  27%

Scott Kendrick, Vice President of Marketing at CallMiner, said: “A shifting focus on new customer acquisition over customer loyalty is creating a dangerous situation that drove 85% of people to make a brand switch last year. Three of the top five reasons for switching indicate that customers want to feel valued by the companies they choose and will make a change if they feel they are not being treated fairly. Suppliers should take this research into consideration as they review the value they place on customer retention and how much could be at risk.”

The top advice consumers provide on how to keep them loyal accentuates their desire to feel valued. However, the strength of feeling about what is the right thing to do is indicated by the fact that 43% more people on average provide this advice than those that switched for the same reason.

Reason for Switching Advice to Keep Them Loyal
Keep prices the same or better than those for new customers  66%  78%
Reward them for renewing their contract  30%  53%
Automatically apply new discounts to existing customers  27%  50%

The top two reasons to contact a supplier relate to problems that need resolving. The first reason relates to problems with the service or product (60%) and the second reason to problems with the invoice or bill (57%). Both these issues usually require specialized support from a contact center agent.

However, although 40% of consumers said they wanted to be listened to before making a call about a problem, only 23% said they felt they had been listened to after making the call – which may explain why 30% leave frustrated and 24% annoyed, 17% upset and 15% angry.

The survey uncovered that consumers want to stay loyal but are ‘forced’ to switch because of bad or ineffective supplier practices. The total planning to switch is just 57%. The three highest churn rates are for the same sectors as last year but are 22% lower on average than last year.

For example, 40% say they are planning to switch communications suppliers but 51% did so this year. The fact that the intention to switch rates are lower than actual switching for this year might indicate that churn rates are slowing. But it is more likely to indicate that people want to stay loyal and suppliers do something that triggers the desire to switch.

CallMiner advances its speech recognition solution…

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The leading provider of customer engagement analytics and speech solutions, CallMiner, has introduced a selection of substantial developments to its CallMiner Eureka speech-to-text recognition platform; claiming to deliver up to 80-90 per cent word recognition accuracy.

The upgraded service will also allow an improved performance for low fidelity call recordings; in addition of up to 10 times real-time processing speed and a support service in over 20 languages and dialects.

VP, Marketing at CallMiner, Scott Kendrick, told eConnect: “With the wide adoption of voice interfaces and the expanding use of machine learning, there has been substantial improvement in speech recognition technology. CallMiner is taking advantage of these advancements to provide a better speech analytics platform for our customers and partners. The more accurate the speech to text transcription, the less work for our users to analyse their data; meaning faster time to intelligence, action, and business improvement, driving ROI.”

Read more about the developments here

 

Industry Spotlight: Engagement Optimization set to change the customer journey experience…

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Described by its director, Andrew Mishalove as a community for professionals to work ‘collectively to help each other achieve positive outcomes’, Engagement Optimization (EO) – developed by the contact centre enterprise solutions provider, CallMiner Eureka – is a platform for call centre and customer care professionals to proactively communicate on the best tools and practices to incorporate in customer journey strategies.

Open to relevant industry professionals around the world, the concept of the free online platform is for decision makers to network and join discussion boards on topical issues, such as; key performance indicators (KPIs), handling customer complaints, the popularity of omnichanel solutions and the introduction of new software developments.

Coupled with informative webinars and short video blogs, EO also provides a number of opportunities for professionals to learn from the recommended content based on a user’s activity, as well as a chance to keep up-to-date with various international industry events.

Vice president, marketing, Scott Kendrick, details the reason behind the creation of EO and the challenge for contact centres to manage the demands of an effective customer journey: “This creates a huge challenge for vendors as they attempt to transition from a contact centre with siloed channels of communication, to a customer engagement centre. In terms of analytics, transparency and what is happening within customer engagements and across the customer journey is paramount, introducing additional challenges for vendors. Now more than ever is a need to work together as a community of customer care professionals to navigate this sea of change.”

EO has also declared its support of the #WorkingOutLoud campaign, created by John Stepper, and is an initiative created for professionals to openly share knowledge in a ‘narrative and observable’ way and, ultimately, achieve greater trust among peers.

Learn more about Engagement Optimization here