In recent times, the financial sector, especially the Banking sector has witnessed a rapid transformation from conventional-banking to convenience-banking. The digitisation of banking system has completely changed the notion of customers’ services. The biggest benefit is that now it’s anytime-banking rather than physical-banking, says Sanjay Gupta, Managing Director, South Asia, Middle East, NICE Systems, in an interview with Rakesh Roy of Elets News Network (ENN). Excerpts…
How big is the Analytics, Big Data and Robotics market in India?
Today, there is a lot of interaction-data being generated by customers (via multiple touch-points) which are in the form of unstructured data. However, the real benefit of this data is attainable only when we are able to derive actionable insights out of this and use it for enhancing productivity and customer experience. The market of analytics and Big Data is huge with a variety of solutions emerging out of this space.
NICE focuses on speech and text analytics in the context of current environment related to contact centres. It offers solutions to enhance customers’ experience by predicting the consumer behaviour based on the customers’ past interactions. Our solution also identifies the amplitude of customers’ voice in terms of satisfaction that helps the organisation in taking corrective measures. NICE Analytics helps quality management at contact centres in filling the quality forms of customer conversation automatically. Furthermore, it analyses all the conversation and tags the portion of the conversation which needs attention.
In the current digital era, things are happening very rapidly. With the increase in transactions, organisations are increasing their workforce to cater to the growing demand. Here, robotics plays a key role in optimising the costs by automating all the repetitive processes and keeping the customer expectations non-negotiable. Robots are certainly able to perform the work faster and without any errors.
NICE provides software robots in back-office and front-offices to enhance customer-experiences and improve productivity. NICE is unique in offering two different types of robotics-assisted and unassisted. Robotics is now not only limited to BFSI sector but we can observe a huge interest about it in all the sectors.
What are the transformational changes that the financial sector has witnessed due to the advent of digital technologies over last few years?
The financial sector, especially the banking sector, has witnessed a rapid transformation from conventional banking to convenience banking. The digitisation of banking system has completely changed the notion of customer service. The biggest benefit is that now it is anytime and real-time banking rather than physical-banking. Now more customers adopt and choose self-service options through Mobile Apps, Internet banking, ATMs, Kiosks and Social media tools etc.
With the availability of newer technologies impacting customer experience, banks have turned more competitive. The main differentiating factor now is ‘Customer Experience’ and banks are increasingly adopting newer technologies to achieve this.
Would you shed some more light on the case study prepared by NICE along with CITI Bank?
NICE provides end-to-end customer experience solutions to enhance the customer journey by analysing every interaction and providing insights to improve customer satisfaction and employee productivity. In the BFSI vertical, NICE offers real-time authentication (RTA) solution commonly known as Voice Biometrics (VB). Voice biometrics is now gaining popularity in the BFSI sector due to its data security features. The software securely authenticates customers in real-time instead of asking various security questions. The new technology allows clients to use their voiceprints (voice password) for authentication rather than having to remember multiple PINs or respond to questions used for verifying their identities. This also improves time to service while improving fraud-protection.
NICE is helping leading financial institutions, like Citi®, make voice transactions faster and more secure. The solution strengthens and streamlines the authentication process by utilising voice biometrics to authenticate customers in real-time, during their conversation with an agent.
Please share with us the future plans of the company in terms of technological expansion and business growth?
In terms of investment in technology expansion, NICE is always at the forefront to not only enhance its existing solutions by better technology adoption but by also improving itself through customer feedback. NICE model of growth strategy consists of developing and leveraging partner ecosystem with our focus on deeper engagement with our customers by giving latest consumer engagement solutions in an efficient manner.
With the changing customer expectations, we are always open to investments aimed at bringing newer and enhanced products which impact the business of our customers in a positive way. NICE is certainly committed to innovations in this space.