Why Bother with Call Transcription?  
Banking

Why Bother with Call Transcription?  


The ability to draw information from conversation with customers is crucial in the contact centre. Converting raw audio calls into searchable, auditable, and insightful scripts ensures business leaders can learn more about their target audience, maintain high levels of compliance, and boost team performance. However, transcription technology is often overlooked.  

In a rapidly-evolving world of new and disruptive CX tools, like conversational analysis, IoT, and chatbots, it’s easy to underestimate the power of the right transcription technology. However, transcription tools have the ability to transform the entire contact centre, particularly when infused with the right features.  

The technology can form the foundation of training initiatives, provide useful insights for conversational AI tools, and drive businesses towards the next stage of their digital transformation. 

The Importance of Call Transcription 

Call transcription, otherwise known as “speech-to-text” technology, is the process of converting voice conversations into written, searchable words. With call transcription software, companies can automate the transcription process, and access a range of benefits like: 

  • Enhancing Customer Records: Transcripts can add data and insights to customer conversation records which allow agents to pick up discussions where the previous interaction ended.  
  • Increasing Searchability: With transcripts, it’s easier for contact centre teams to scour through conversations to find specific keywords, phrases, and pieces of vital information.  
  • Ensuring Compliance: Companies can use call transcription tools to create an auditable log of conversations, ideal for gathering proof about what occurred in an interaction.  

Call transcription also makes the raw data from customer calls more accessible to businesses, so they can protect themselves from common legal issues, and learn more about their audience. 

MiarecHowever, as many organisations are beginning to discover, these tools can also be an effective method of super-charging agent performance.  

Improving Agent Performance with Call Transcriptions 

Upskilling and reskilling contact centre professionals is essential at a time when customer service and client demands are constantly changing. However, it is often difficult to determine exactly what kind of training and support employees need to thrive in the contact centre.  

Thankfully, transcriptions can pinpoint useful strategies which effectively convert, delight, or impress customers. In addition, companies can collect valuable information about how to enhance customer conversations and share that data with colleagues during training sessions. It’s also possible to use transcripts from negative calls to offer agents insights into what problems they need to avoid. 

These examples are just the tip of the iceberg. As Gennadiy Bezko, CEO of MiaRec, says:  

“Transcription is at the core of most of the new tools on the market aimed at improving CX, but transcription can do so much more including helping to mitigate risk and compliance issues.” 

Indeed, call transcripts also allow employees to develop their own skills, by assessing their previous conversations, and determining their strengths and weaknesses. If a call ended up with an angry customer, an agent could look at what they said before they issue escalated, and try to determine where they can avoid similar problems in the future.  

When converted into real-time captions, call transcriptions also make it easier for anyone in the service team to understand what is being said in a conversation. Someone listening to a customer on a poor-quality connection or dealing with a client when hard-of-hearing can still have a clear view of exactly what is going on. This can reduce the risk of mistakes, and ensure consumers don’t have to repeat themselves when seeking help.  

Unlock the Complete Power of Transcription with MiaRec  

Innovators at companies like MiaRec are beginning to draw attention back towards the benefits of call transcription for both customer and agent experience. By leveraging state-of-the-art technology, such as machine learning and artificial intelligence for speech recognition, MiaRec can make it easier to transcribe speech more accurately into valuable text.  

Such use cases are exciting, as Besko says:  

“Transcription is a key capability enabling the cutting-edge AI that ultimately produces the visibility and insights needed to improve performance at the scale companies are looking for.”

What’s more, because today’s companies need to be cautious about the information they collect and store during customer interactions, MiaRec also provides more control on the kind of data teams can collect. Brands can choose to transcribe all call recordings automatically, or they can transcribe select calls based on specific criteria, such as the disposition.  

Yet, through MiaRec’s intelligent speech-to-text technology, companies can do a lot more than simply convert spoken words into more searchable content. The solution comes with built-in voice analytics capabilities, such as: 

  • Automated Keyword Extraction: Automated extraction allows users to examine how often customers mention a specific product, an issue, or even a competitor. Plus, it’s possible to organise conversations into categories for storage and training purposes. 
  • Trend Identification: By tracking the number of times a specific issue is mentioned in a certain period, companies can detect emerging patterns and trends. This can allow for a more intelligent response to emerging customer issues.  
  • Searching: If an agent needs to check back on what was said during a conversation in client follow-up, they don’t need to listen to an entire call. They can simply click on a keyword to see the part of the transcript they need.  
  • Visual Sentiment Analysis: The MiaRec call transcription solution can colour-code the conversation held with a customer based on their perceived sentiment. This makes it easier to see when certain phrases or actions have improved or harmed the interaction. 
  • Automatic Agent Scoring: For quality management purposes, companies can easily and automatically score agent performance based on all their recorded calls. This makes it easier to determine who the top performers are in a team, and who needs extra help. 

Unlocking the True Power of Call Transcription 

Call transcription software might not be the most exciting new technology to emerge in the contact centre landscape as of late. However, this doesn’t make the solution any less important. The right technology can simultaneously enhance employee and customer experience, driving better results for every business.  

With intelligent call transcription from MiaRec, business leaders can get to the bottom of common trends and patterns in the contact centre, and make intelligent decisions on how to improve CX. It’s even possible to make training and compliance strategies more effective.  

Learn more about the transcription services from MiaRec here 

 

 



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