The problem of sales enablement in fintech
Facilitating effective, targeted service, sales enablement has become a favourite amongst fintechs. Providing frontline operatives with the real-time data they need to understand their customers and build a rapport, the technology has the power to dramatically increase sales conversion rates. It’s a near-perfect solution in a fast-paced and rapidly evolving financial market. But how can you be sure that your strategy is ethical? That all of your customers are capable of making the informed decisions your strategy is directing them towards? And that the actions that your business is taking are of equal benefit to your customers.
Right now, there is a potential disconnect between sales enablement and ethical conduct, resulting in a scenario that could quickly become out of hand. With the FCA reporting that 46% of adults display one or more characteristics of vulnerability at one time or another, any customer contact has the potential to be with someone not currently capable of clear decision-making. Whether through stress, illness, or impaired perspective, thanks to a range of causes. And if sales enablement in fintech is not adjusted to work through this lens, to identify and better serve vulnerability, the industry is potentially setting itself up for a development similar to the infamous PPI scandal. So, how can we balance the need for sales and service, with ethics?
Using technology to promote ethical sales enablement
Ethical sales enablement hinges upon the ability to detect vulnerability and to ensure that that vulnerability is never taken advantage of. If a customer with impaired judgement, for whatever reason, is given the hard sell through sales enablement strategies – whether knowingly or otherwise – the integrity of that transaction must come into question. However, if we can use technology to detect potential vulnerability in customers, we can not only ensure that sales enablement techniques are only deployed where they will be most effective and it is morally acceptable to do so but ensure that any customers who need it, are given the additional support they require. The best way to detect potential vulnerability at the present time is through the combined deployment of speech recognition technology and artificial intelligence (AI).
How can speech tech and AI power ethical sales enablement?
Speech AI has evolved dramatically during the last five years. No longer delivering elementary keyword flagging in audio data, speech tech is now capable of the real and near real-time analysis of sales calls. Through Automatic Speech Recognition (ASR) and natural language processing (NLP), machines can ‘understand’ human speech – in all languages and all accents. More than simply understanding the words that are being spoken, it enables the technology to determine the sentiment and intent of every utterance and with AI, NLP enables computers to detect a range of speech features, such as disfluencies, hesitation, reluctance, and vagueness. This can be used for a variety of purposes, including sales enablement, and improved support of customers.
So, when an NLP system detects particular speech features, it is able to alert the sales agent, enabling them to pass the customer on to a more experienced team member better able to support the customer’s needs. Or providing on-screen prompts that will allow the agent to deliver the best possible service for each individual customer, ensuring that no one’s vulnerabilities are ever taken advantage of, as well as safeguarding compliance with Financial Conduct Authority (FCA) consumer protection standards.
It’s a neat solution that allows for the enhanced identification and service of vulnerable customers. But it also provides a means for more responsive sales enablement.
What are the benefits of speech tech in sales enablement?
One of the most difficult things to manage in established sales enablement strategies is the parsing of relevant data and applying it to the current context. This is because customers’ needs and attitudes change and while their previous interactions can provide useful insight, they’re not always the best guide for what any given customer requires in the moment.
Speech AI allows sales enablement to become responsive. It can provide real-time data, insights, and guidance, including the most effective language and conversational style to use at this particular point in time. If the customer’s call to you is the last of a long, frustrating day of chores, then speech AI can use the tone of voice to guide your sales operative towards the most efficient and least-frustrating route for the customer. If the customer is feeling more expansive, speech AI can be used to detect other product or services that may be worth recommending. It’s about combining excellent service and the highest ethical standards.
Speech AI has undergone a transformation in recent years but we’re still only in the early days of the technology. The data and channels it is able to work with, and the areas it is able to be deployed in are growing every day. With applications that are enormously varied, from fraud detection to virtual home assistants, it is empowering the improved interaction between humans and machines. But it can also be used to improve the interactions between people and, so far, it is proving to be the best means of securing ethical sales enablement currently available.
About Author:
Nigel Cannings is the CTO at Intelligent Voice. He has 30 years of experience in both Law and Technology, is the founder of Intelligent Voice Ltd and is a pioneer in all things voice. Nigel is also a regular speaker at industry events. such as NVIDIA GTC.
