Financial services institutions are sitting on thousands of hours of voice recordings that could hold the key to better understanding customers and improving service.
However, almost 15% of organisations say they plan to make separate, expensive customer analytics investments, rather than reuse existing systems, according to a new TeleWare-sponsored whitepaper.
Financial sector organisations are mandated to record all company calls to comply with Financial Services Authority fraud and security regulations.
The voice recording systems used are capable of complex capture, consolidation and analysis of voice data. However, authors and industry analysts Ovum, found that the same technology is not being used to analyse call content, understand individual customer behaviours, take corrective action and make business improvements.
"Organisations are missing a huge CRM opportunity by not reusing existing compliance-related voice recording and analytics systems,", said Rik Turner, senior analyst and report author, Ovum.
"Customer service typically operates under significant cost constraints, but is under pressure to be more effective. Call analysis can improve efficiency, drive product development and better customer relevancy."
In the whitepaper, Ovum found that around 15% of organisations say they intend to make separate customer engagement technology investments. Re-use of existing voice monitoring and analysis technology, argues TeleWare, would override this fresh and mainly unnecessary spend.
Steve Haworth, CEO of TeleWare, said: "We're seeing a classic case of financial services organisations not knowing what they have. They have voice recording and analysis technology in place to meet compliance requirements, but they don't see how the same systems can extract customer insights that could differentiate service and improve sales."