AI technologies are having far-reaching influence on the transformation in banking, insurance, securities and other financial industries. With the advanced AI technologies, Fano Labs provides smart solutions for customers from finance sectors, including AI Customer Service System and Speech Analytics for compliance, which have greatly enhanced the management capability and business development of banks, insurance companies and so on.
Huge training costs to deal with complicated industry knowledge
High operating costs of customer service center due to high turnover rate
Risk of huge fines, lawsuit, and other compliance issues
Underutilization of the business value of massive data
Providing multi-channel, multi-language intelligent customer service system for banks and insurance industries.
Accurately detecting non-compliance behaviors in the sales process, which reduces financial compliance risks.
Shortening the lengthy authentication process through voice verification with voiceprint recognition technology.
Improving customer’s financial risk-control system with professional knowledge and natural language processing technology.
Insurance company sells their products to potential customers by phone calls. A hard copy of relevant policy will be mailed to customer after his/her order of purchase. As the last confirmation step, insurance company calls their customer again to confirm the Terms and Conditions in the policy to activate it. It is very important to conduct quality control (QC) on the calls to make sure agent covers all the Terms and Conditions and does not oversell, so as to comply with regulatory requirements, and reduce the risk to the company.
The Traditional Way
- Traditional quality control is conducted by randomly extracting a number of calls, which only takes up a very small portion (1.57% in this case) of all calls.
- Even among the inspected calls, only 3.75% of the calls are found incompliant by QC specialists.
Improvement by Employing Speech Analytics
- QC sampling rate improved from 1.57% to 68.2%, increased by 43 times.
- Issue detection rate improved from 3.75% to 15.56%, increased by 4.67 times.
By adopting batch mode Speech Analytics, more calls are covered and inspected, enabling the company to identify non-complaint calls in a more effective way.
Fano Labs provides Speech Analytics System for a commercial bank in Hong Kong.
Fano Labs provides AI Customer Service System and Speech Analytics System for a large commercial bank in China.