“I need a real estate loan,” or “I want to buy stocks,” or “I need a loan for a new car,” or whatever the request may be. The Spitch software uses spoken language to identify the issue and automatically connects the caller to the appropriate contact person.

Speech Model with the Terminology of Cooperative Banks

“We have our own speech model with the full terminology of cooperative banks. With our language model integrated with a cooperative bank dictionary, the system is able to quickly identify the purpose of each call,” says the provider.

Technically, the speech system is based on speech recognition combined with AI. It is designed to work in all dialects, and whether the caller is brief or elaborates in long sentences, it achieves over 90% accuracy in identifying the reason for the call and directs the caller to the correct person. A bold claim from the company.

Typically, the logical content of the sentence is enough; no exact keywords are required. Over 40 categories are available, such as opening hours, online banking, card issues, investments, safe deposit boxes, real estate, or appointment inquiries.

Customers benefit from being able to reach the right department quickly and easily for their needs. The bank benefits by minimizing “phone misrouted calls,” meaning callers who reach the wrong person. For instance, it prevents an investment advisor from being asked about the nearest ATM or a trainee being asked about financial investments. Depending on the reason for the call, prioritization can be set so customers are connected faster. Additionally, the transfer can be flexibly controlled based on times, business hours, or topic assignments.

Flexible Messages and Meaningful Analyses

The financial institution can independently manage the messages callers hear when no one is available. A new message can be set in under a minute, such as when there is a department meeting (“Available again at 3 PM”). If there are technical issues with backend systems, a message like “Unfortunately, the system is currently down. We are working on a solution” can be played until everything is back to normal.

Also interesting are the analyses provided by the Spitch system. At the push of a button, the bank can find out what topics customers are calling about and at what times, so they can align internal processes and availability accordingly. The analyses can be focused on specific periods, for example, to determine the response to special promotions.

The speech system is a ready-made solution that doesn’t require involvement from the IT department or expertise in computers or telecommunications. The turnkey system operates from the telecom cloud. The bank’s specific requirements are worked out in a one-day workshop; shortly afterward, the “custom configuration” for the respective cooperative bank is available in the cloud. Typically, depending on the availability of the bank staff involved, it takes around four to six weeks from initial contact to implementation.

First Speech System Projects at Cooperative Banks Completed

Spitch is already in use at the following four providers: Volksbank Mittelhessen, Hannoversche Volksbank, BBBank, and VR PartnerBank. The implementation of the system is in preparation or nearing completion at other cooperative banks.