Speak Right Up!(bank industry introducing speech recognition technology for customers)

• Author: Bernstel, Janet Bigham

Banks are talking about advanced speech recognition (ASRI), the up-and-coming telephone technology that allows customers to access information through voice--without the need to press buttons. It's a more personal, cutting-edge way to enhance a bank's brand. Customer satisfaction speaks for itself.

In recent years, banks have experienced a sharp increase in the volume of calls to customer service centers. They have responded by introducing automation with touch-tone and interactive voice response (IYR) systems. These approaches have helped to cut down on waiting queues and call durations. Now some banks are taking the next step with new technologies such as advanced speech recognition (ASR).

"Speech recognition is the new frontier," says Dennis Behrman, analyst for Massachusetts-based Meridien Research and author of the recent report, "Speech Recognition Solutions: Say What?" "The technology is gaining momentum in the marketplace. It's not the same type of killer app as email for example, but more like a Windows Media Player. There are pockets of adoption where this will be very big."

Implementing a speech recognition solution is a good strategy for financial institutions for many reasons, says Behrman. Most are software-based applications, which minimizes initial investment for an institution with an existing touch-tone or voice response unit (VRU) infrastructure. Once in place, the technology scales well, able to grow at marginal cost with the customer base. Finally, the payback is quick, reducing labor and telephone expenses while increasing customer satisfaction with immediate, 24/7, qualified problem resolutions.

Speak up far service

Anyone who has called an automated company telephone directory and been asked to speak the name of the desired person has experienced basic speech recognition technology. Directed calls use scripted voice-prompts that lead the caller to specific answers, such as, "Would you like to pay bills, transfer funds or check your account balance?"

More complex speech systems allow open dialog whereby the caller can simply say "I'd like to check my balance and transfer funds from savings to checking" without waiting for prompts. Prompts are invoked when a mistake is made or the system doesn't recognize the request.

While a bank may be delivering the same information it could provide using touch-tone, proponents of speech recognition say it's a more personal approach. Steven Chambers, vice president of worldwide marketing for SpeechWorks International Inc., a Boston-based speech recognition vendor, claims customers feel they're in a conversation with a human.

"It's a more robust, rich, user experience," explains Chambers. "It's also faster, so banks can say, 'We're investing in your convenience. We're giving you time back in your day and making it more productive."'

Banking is one industry in which speech recognition offers a higher-than-average number of benefits to consumers, according to Chambers. He sums them up in these categories:

* Enhances consumer services. "Speech recognition is unique in that it flattens out menus, making it far simpler to issue commands without having to press buttons. It makes your bank or financial service institution easier to do business with."

* Increases call center efficiency. "The software works to route calls more effectively. It delivers speed to the customer, reduces toll costs and expands hours of access."

* Reaches more customers. "With commutes getting longer, people want mobility using just...