How can speech analytics software help to prevent misselling?
In recent years there have been several misselling scandals, ranging from endowment mortgages to payment protection insurance, and from interest rate swaps to identity protection insurance.
The lesson to be learned is increasingly clear: while instances of misselling may go unpunished in the short term, there can be a billion-pound cost to pay further down the line.
Even on a smaller scale, poor sales practices undermine entire contracts, and can risk giving unhappy customers a fee-free get-out rather than them having to leave their contract in the agreed way and pay any necessary costs.
Preventing this from happening can be a challenge in itself, particularly in larger call centres, where you might feel as though it would be impossible to monitor all of your call operators throughout the entire course of their shift.
Speech analytics software can do just that, monitoring calls, flagging up causes for concern, and keeping a record for you to refer back to – not to mention generating reports of your best (and worst) performers so coaching can be directed to where it is needed the most.
How does speech analytics software help?
The first thing speech analytics software does is to generate an admin trail, so if you face an unjust claim of misselling later on, you have the records you need to help you prove that your sales procedures are ethical and appropriate.
In this way alone, you can feel more confident in your business practices, and defend yourself against initial accusations – potentially preventing litigious ex-clients from pursuing an opportunistic claim.
But it’s not just about fending off the litigious advances of former customers; speech analytics software also helps to flag up any genuine instances of possible misselling so that you can investigate them and take prompt action.
For instance, certain words and phrases might not be considered an accurate description of your goods and services – the software can alert you to calls in which these words are detected.
It can also flag up instances of overly emotional speech patterns, which could be an indication of a member of your sales team taking the ‘hard sell’ to an unacceptable extreme.
Calls can be ranked, so that you can focus your manual monitoring on the worst performers in your call centre, as well as identifying the best calls as examples of good practice.
And with continual monitoring of every second of every call, there should be no risk of an isolated case of misselling slipping through the net.