By: Marvin York, VP, Member Engagement, Speech Analytics & Quality for Contact Center Services and Solutions, PSCU

Today’s credit unions are inundated with new technology and digital tools, all of which typically offer a myriad of benefits and use cases. But how do credit unions adapt and incorporate these types of tools into the legacy programs and services members have come to know and expect from their trusted financial partner?

The use of speech analytics in contact centers is a good example. Through artificial intelligence (AI), speech analytics technology analyzes and extracts insights from recorded conversations. This newer offering can be applied to fit the needs of a tried-and-true member touchpoint: the contact center.

Benefits of Speech Analytics

PSCU, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider, has seen the following benefits from introducing speech analytics into its contact centers across more than 900 credit union clients:

• Enhanced member service – Speech analytics can help contact centers improve member service by pinpointing areas where agents can elevate and enhance their interactions. For example, it can be used to recognize common member complaints, track how long it takes agents to resolve issues and measure member satisfaction.
• Identify opportunities for improvement – The technology can assist contact centers in identifying areas that could benefit from improved operations, including frequent member issues and the frequency of agent errors, while also measuring the efficiency of the contact center as a whole.
• Agent training – The tool can also be used to train agents on how to better interact with members. For example, speech analytics can highlight best practices for handling common member inquiries, provide feedback on agent performance and create training modules that focus on specific areas of improvement.

Applying the Technology

How does a credit union take advantage of speech analytics and its benefits? 

1. Establish measurable goals. Before starting to use using speech analytics, it is important to set clear goals for what you want to achieve. Do you want to improve member satisfaction? Identify areas for improvement? Train agents? Once you identify what you want to achieve, you can start to tailor your speech analytics solution to meet your specific needs.
    
2. Collect data. Not all speech analytics solutions are created equal, and some solutions are better suited for certain types of data than others. Do your research and choose a solution that can collect the data your credit union needs to achieve your goals.
    
3. Analyze the data. Once you have collected the data applicable to your credit union’s needs, it must be analyzed in order to identify trends and patterns. 
    
4. Take action based on findings. This could involve making changes to your member service policies, establishing a more efficient way of training your agents, or developing new products or services.

Credit unions can use the above best practices to implement speech analytics within their own contact centers, or they can consider partnering with a service provider, such as a fintech CUSO like PSCU, that can help incorporate these tools and act as a true extension of the credit union team. As more technology and offerings like this become available, it will be critical for credit unions to keep a pulse on ways to adopt newer offerings and transform legacy services to meet the needs and expectations of current and potential members. 

Marvin York is vice president of Member Engagement, Speech Analytics & Quality for Contact Center Services and Solutions at PSCU. In this role he is responsible for leading the teams that develop and execute strategies to engage members, improve the consumer experience, and drive business growth. This includes the development and implementation of speech analytics solutions and artificial intelligence initiatives, along with insights and quality programs. 

Marvin’s career spans more than 40 years in the financial call center industry. In addition to this commitment, Marvin is dedicated to fostering personal growth and career development opportunities for diverse communities. He is proud to serve as the strategic lead for PSCU’s African American Business Resource Group, Sankofa, and was recently appointed to the role of Treasurer for the Executive Board of Directors of the African-American Credit Union Coalition (AACUC).