Transcript Nuance Activity in Financial Services

Speech allows your callers to
conduct business,
TODAY, over any network
just by talking!
SpeechWorks at a Glance

Founded 1994, Headquarters Boston, MA (SPWX)

Core Software:
–
Automated Speech Recognition (ASR)
– Text – to – Speech (TTS)
– Speaker Verification

Technology Origins: MIT

320+ people around the world

Market Leadership 2001 #1 in market share* (2001 Rev. 45m +49% growth)

Vertical Focus:
– Tier 1
~ Financial Services
~ Healthcare
~ Travel & Hospitality
~ Telecommunications
– Tier 2
~ Retail
~ Utilities
~ Government
Why Companies Deploy Speech…
Justification
Rank
Reduce Operational Costs
1
Increase Successful Call Resolution Rate
2
Increase Revenue Per Agent Interaction
3
Increase Customer Satisfaction
4
Increase Self-Service Options for Callers
5
Reduce Capital Expenses
6
Ability to Deploy Additional Apps More Quickly
7
Source: Kelsey Group ROI Study, June 2002
Kelsey Group ROI Study Highlights
Critical Metrics
Findings
Average Annual Savings per Deployment
$1.02 Million
ROI Met or Exceeded Your Expectations
100% - Yes
Average Cost Recovery (Payback)
9.5 months
Fastest Return on Premise Based Solution
Respondents Recovering Costs in 12 Months
or Less
Increased Automation over Existing IVR
(Touch-Tone)
Source: Kelsey Group ROI Study, June 2002
6 months
90%
30 to 55%
Speech Delivers Value
1. Reduce Costs
2. Increase
Customer
Satisfaction
3. Competitive
differentiation
4. Revenue
generation
Reduced Costs: Amtrak
 Before
– Annual call volume: 2.8 million calls
– Touch Tone VRU handled 42% of all train status calls (1.2 m calls)
 After
– Speech-activated train status app deployed September 2001
– Speech handling 72% of calls
Application
Additional Automated
Calls (Annual)
Savings
per call
Annual
Savings
Train Status
850,000
$1.60
$1.36 million
Reduced Costs: United Airlines Flight Information
“United Airlines flight information system has taken
over 50 million calls since it went live at the end of
1999 and has saved UAL over $25 million.”
-Bob Bongiorno, UAL - Managing Director of Customer Service
SpeechWorks 2002 Global SpeechDays Event
Purdue University Banking Call Center Study
According to a benchmark study on bank call centers
by the Center for Customer-Driven Quality at Purdue University…
 Speech-enabled calls…
 …improve Customer Service and save time.
– Speech interaction reduces call time by 35%, compared to touchtone
 …provide compelling cost savings.
– Agent-assisted calls cost ~ $4.00
– ASR calls cost only 45 cents!
 …free agents from low-value calls, which…
– …can last almost five minutes
– …have an abandon rate of almost 6%
– …have an average hold time of 37 seconds
Source: Purdue University, December 2001
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
Agent
Agent
SpeechRec
SpeechRec
Gartner Customer Satisfaction Study:
Satisfaction Comparison
Touch Tone vs.
Speech Recognition
Internet vs.
Speech Recognition
47%
50%
45%
45%
36%
40%
40%
35%
35%
30%
30%
25%
25%
20%
49%
50%
20%
15%
15%
15%
10%
10%
5%
5%
0%
0%
Much More
Satisfied with
Touch Tone
27%
Neutral
Much More
Satisfied with
Voice Recognition
14%
Much More
Satisfied with
Internet
Note: 2% Unsure
Source: Gartner SpeechWorks Customer Satisfaction Study, 2002
Neutral
Much More
Satisfied with
Voice Recognition
Respondents ‘Top of Mind’ Reactions
Voice Recognition
‘Likes’
 It’s quick (32%)
Voice Recognition
‘Dislikes’
 Nothing negative about voice
recognition (28%)
 Easy to use (15%)
 Answer all questions, get
 Impersonal, prefer live person
(19%)
needed info (12%)
 Don’t have to wait or be on
hold (11%)
 Works well overall (8%)
 Can take more time (14%)
 System can have difficulty
understanding me (14%)
 System couldn’t answer the
specific question (10%)
Source: Gartner SpeechWorks Customer Satisfaction Study, 2002
Customer Satisfaction: Citibank Germany
 Expected results for stock quoting/trading application
– Ramp-up rate was based on experience in persuading
customers onto existing Touchtone IVR Systems
Year 1
30%
Expected Takeup Rates
Year 2
40%
Year 3
50%
Year 4
60%
Year 5
70%
 5 Year Target Reached in 5 Months – and still rising!
31
29
31
27
29
25
27
23
Weeks Since Deployment
Weeks
Since Deployment
25
21
23
19
21
17
19
15
17
13
15
11
13
9
11
7
9
5
7
3
5
1
Buy & Sell Orders Placed by Phone
3
100
100%
90
80
70
60
50
50%
40
30
20
10
10%
0
1
Percentage of Orders
of Orders
Percentage
Executed on IVR
Executed on the IVR
Buy & Sell Orders Placed by Phone
Competitive Differentiation: CIBC
Adopted and deployed speech across 4 business units:
1.
Speech-activated retail banking allows customers to:
–
–
2.
Speech-activated discount brokerage service allows customers:
–
3.
To place equity trades, review account information and open orders
Speech-activated mortgage service allows customers to:
–
4.
Register and pay bills from any phone
Re-order checks and locate bank branches and bank machines
Obtain current mortgage rates and comprehensive information
about a specific mortgage
Embedded Text-to-Speech in ATMs (Speechify Solo)
Have received press and analyst praise for
innovative customer service
Revenue Generation – Voice Portal: AOL
 Ten speech applications in
service
– Check email, weather, sports,
stocks and news
 Members can customize the
weather, stock and headline
news information
 Can default to weather
information based on area code
from where call is placed
 Over 200,000 members have
signed up for AOLbyPhone and
agreed to pay $4.95/month for
service
 Subscription service generates
$1 million in incremental
revenue per month
(800) AOL-1234
Summary of Speech Versus Touch Tone
Speech Advantages
Touch-Tone

More intuitive interface

Flattens menus

Facilitates hands-free use

Easier navigation through
commands

Ease of use
Speech
–
spelling with touchtone keys
– entry of currencies, dates, etc.
with touchtone keys
Thank you!