Why voice and speech recognition play a key role in customer contact

“How can I help?” – a simple question that will no longer be asked only by humans in the future. Voice and speech recognition technologies have developed rapidly in recent years. The chapter title “Voice and Speech Recognition for Banks and Insurance Companies” highlights the immense potential of these solutions, particularly in the context of customer relationship management (CRM).

What I took away from the chapter:

• Speech recognition technology is no longer a novelty; it is now ready for productive use, especially in banks and insurance sectors.

• The integration of Automated Speech Recognition (ASR), Voice Biometrics, Text-to-Speech (TTS), and Emotion Detection offers entirely new customer experiences.

• When implemented correctly, this technology can reduce costs and greatly enhance customer experience, e.g., by minimizing waiting times and simplifying the authentication process.

• The chapter examines the limitations and challenges associated with these technologies, including data protection, training data, and the delicate balance between security and user-friendliness.

• Two real-life use cases from Switzerland illustrate that the technology is already in use and effective, even when dealing with dialects and more complex processes.

My conclusion: Anyone who still considers voice interfaces as a distant future concept is overlooking what is happening in the present. Voice-based interactions are set to become an integral part of omnichannel communication, provided they are designed intelligently. This chapter serves as a solid, practical, and critically reflective foundation for understanding this shift.

🔗 To the book on Springer

This blog post is based on the chapter „Voice and Speech Recognition for Banks and Insurance Companies“ by Jürg Schleier and Jakob Hauser from the book "CRM Goes Digital – Design and Use of Digital Customer Interface in Marketing, Sales and Service," published in 2024 by Springer Gabler Publishing House.