Even though the speech analytics market is expected to see a compound annual growth rate of more than 18% through 2022, confusion still remains around its benefits and use cases – especially for South African organisations operating contact centres.
Some of the confusion arises from a lack of education around the distinction between voice authentication and speech analytics. Voice authentication is predominantly used to reduce fraud risk and improve compliance. It is an automated method for identifying individuals based on measurable biological and behavioral characteristics, and you will see it most frequently used in the financial services industry. Physical traits (such as vocal tract dimensions) combined with harmonics and speech patterns create a unique digital pattern or voice print that is then used to identify a customer. Although there are other benefits (such as enhanced CX through quicker customer identification), this technology has been primarily used to combat the risk of identity theft through the contact centre.
Speech analytics, on the other hand, automatically identifies, groups, and organises words and phrases used during a voice call to reveal…
