Experian, a global information services company that provides consumer information, credit services and marketing services to customers, has a track record of improving its services by embracing new technologies. For example, the company last year updated its online address validation workflow to better accommodate mobile devices, allowing companies to accurately capture contact information from mobile device users.
Now, Experian has adopted a speech analytics solution from Business Systems in order to provide superior service through improved customer understanding, according to Call Center Helper.
In particular, this new speech analytics solution was implemented with the goal of increasing customer retention with Experian's products and services — namely CreditExpert, an online monthly subscription service that helps customers manage and improve their credit report and score, while promising identity and fraud protection. In order to improve customer retention, Experian knew it needed to provide the best possible service, which can be best achieved through understanding of, for example, why customers signed up for CreditExpert.
Previously, the company could only go by what information was gleaned from its telephony and IVR systems, as well as through information shared with agents. By working closely with Business Systems and implementing a proof of concept, Experian found that Nexidia Speech Analytics was able to provide the level of insight desired to improve customer retention — with other benefits, as well.
"When we first started looking at Speech Analytics, our retentions goal was the obvious choice for achieving a return on investment, but, interestingly, the proof of concept uncovered other quick wins such as addressing non-talk time on calls," said Chris Barkataki, strategy manager at Experian. "It made sense for us to implement analytics immediately so that better decisions could be made based on what our customers and employees were saying."
So far, Experian has managed to increase its customer retention by 38 percent thanks to Nexidia (News - Alert) — an annual return of five times the original investment. Other areas improved include reduced silence within calls and decreased on-hold times, for savings equaling the original investment.
Nexidia Speech Analytics has a lot more to offer, however, as Experian's analytics team has begun working with the company's product and proposition teams, leveraging insight to create new products and improve existing services. This insight can also be used to quantify the impact of regional advertising, allowing for more refined campaigns.
Edited by Alisen Downey