Speech analytics for the Financial   Industry

 

 

  OK, Dodd-Frank told the CFTC that you need speech analytics and you need to record everyone (sales, back office, the floor, cell phones, HR).  They want to be able to audit you to know if you are influencing sales or even influencing the market.  And you know this is going to be very expensive.  Here is an idea.  Don’t expand your Nicelog recorder to everyone in your company; the channel license cost would kill you, let alone the cost of Nicelog speech analytics software, additional Nicelog system licenses, Nicelog installation and Nicelog annual maintenance.  You should continue to use the Nicelog recorder recording your floor traders.  Traders use the recorder every day, it works fine and they don’t want any changes.  Let’s put in a large recording system that covers all the necessary phones, including all the calls that go to the Nicelog.  Add speech analytics to all recordings.  This new recorder is not used on a daily basis for order confirmation but it is there when needed and is a back-up to the Nicelog.  This new recording system with speech analytics will be much less expensive than a Nicelog along with their speech analytics application.  The speech analytics is absolutely state of the art (Avaya is behind this product).   It is amazingly easy to use, in fact, there are so many applications in your industry that are of great importance, now or in the future, you can actually use speech analytics for real in-house value.  You can analyze the company activities by HR, sales, marketing, accounting looking for phrases in conversations with customers, prospects, and regulators that can help or hinder your operations.  You can anticipate a compliance review.  You can learn why some sales people are better than the others.  You can use it for employee evaluation based on certain phrases that are found to be important.  This can work all the time in the background analyzing every call and provide reports on a schedule.   Bottom line, you are compliant at a much lower cost than you ever imagined with a very powerful system that can, indeed, add value to your operations.  I suggest it should pay for itself and not really cost you a fortune.

The cost of speech analytics depends on the number of phones to record and they type of phones (analog, digital or VoIP).  Speech analytics can actually be added to your existing recorder, too.  Contact VLR Communications  to discuss your speech analytics needs.