Reverie Redefines Communication: The Business Impact of Code Mixing in STT for Banking and eCommerce

In today's fast-paced world of banking and eCommerce, customer experience is everything. As customer bases grow more diverse, especially in multilingual markets like India, businesses are faced with a unique challenge:?

How do you connect with customers who effortlessly switch between languages in their everyday conversations??

That's where code mixing and code switching come in, transforming Speech-to-Text (STT) technology and giving industries that rely on precise communication a major edge.

The Role of Code-Mixing and Code-Switching in STT for Banking & eCommerce?

1. Enhancing Customer Service:?

In multilingual markets, customers often switch between languages or mix them within a single conversation. For instance, a customer might start a query in English and switch to Hindi to ensure their point is understood. Traditional STT systems, designed to process a single language at a time, often struggle with these language transitions, leading to errors and misunderstandings.

Example: Imagine a banking customer service scenario where a client says, "I need to transfer funds to my account, par mujhe samajh nahi aa raha hai ki kaise karoon" (I need to transfer funds to my account, but I don't understand how to do it). A system that fails to recognize the Hindi phrase might miss the crucial part of the request, leading to frustration and a poor customer experience.

By integrating STT technology that supports code mixing and switching, banks and eCommerce platforms can capture the full context of multilingual conversations, leading to more accurate responses, reduced resolution times, and ultimately, happier customers.

2. Business Benefits: ROI and Customer Engagement

Supporting code mixing and switching in STT technology offers tangible business benefits.

• Increased Customer Satisfaction: When customers feel understood, their trust in the brand increases. For instance, in eCommerce, accurately capturing a customer's needs, regardless of the language used, can lead to quicker solutions and more satisfied customers, increasing the likelihood of repeat business.
• Higher Conversion Rates: In banking, clear communication is essential for guiding customers through complex processes. An STT system that accurately transcribes multilingual instructions (using Indian Language Bots) can help customers complete transactions or sign up for new services more easily, leading to higher conversion rates.
• Operational Efficiency: By reducing the need for manual intervention in multilingual communications, businesses can streamline operations, allowing customer service teams to handle more queries efficiently and reducing overall costs.

3. Seamless Integration: Implementing Advanced STT Technology

One of the key concerns for any business looking to adopt new technology is how it fits into existing systems. Reverie’s Speech-to-Text solutions are designed with integration in mind, ensuring a smooth transition with minimal disruption. These solutions seamlessly integrate into apps, websites, and systems with the help of comprehensive documentation and SDK files, making the integration process both straightforward and efficient.

• Compatibility with Existing Platforms: Reverie’s STT technology can be integrated with popular CRM systems and customer service platforms, enabling seamless communication across languages without needing a complete system overhaul.
• Ease of Implementation: The implementation process is straightforward, with dedicated support to help businesses configure the technology to meet their specific needs, ensuring a quick and efficient setup.

4. Compliance and Regulatory Considerations

In industries like banking and eCommerce, compliance with data protection and privacy regulations is non-negotiable. Integrating STT technology that supports multilingual interactions must also ensure that it meets stringent compliance requirements.

• Data Security: Reverie’s STT technology is built with robust security protocols to ensure that customer data is protected, regardless of the language used. This includes encryption and secure data storage, aligning with industry standards like DPDPA.
• Regulatory Adherence: The technology is designed to comply with local regulations, ensuring that businesses can confidently use it in the market, knowing that they are meeting all legal requirements.

5. Speech-to-Text Technology in Banking and eCommerce

Banking:

• Studies suggest: that implementing STT technology in call centres of the banking sector can provide a 20% reduction in average call handling time and a 15% increase in first-call resolution rates, leading to a significant boost in overall customer satisfaction. Additionally, integrating STT technology into mobile banking apps enables customers to use voice commands for transactions, resulting in a 30% increase in app usage and a 25% reduction in transaction time, thereby enhancing customer engagement.

eCommerce:

• Studies suggest: incorporating STT technology with code-mixing capabilities on an online marketplace in India could potentially see a 10% increase in voice search usage and a 12% boost in sales among non-English-speaking customers within three months of implementation. Similarly, an eCommerce platform could anticipate a 15% increase in completed voice-assisted transactions and a 20% reduction in cart abandonment rates among users who prefer interacting in regional languages after integrating multilingual STT technology into its shopping app.

6. Gaining a Competitive Edge: Why This Matters

In today’s competitive markets, offering superior customer service is a key differentiator. Businesses that adopt STT technology capable of handling code mixing and switching can set themselves apart by offering a more personalized and culturally relevant customer experience.

• Market Leadership: By embracing multilingual communication, businesses can position themselves as leaders in customer service, particularly in regions with high linguistic diversity.
• Customer Loyalty: Providing a service that aligns with how customers naturally communicate fosters loyalty. Customers are more likely to stick with brands that understand and respect their linguistic preferences, leading to long-term business growth.

Case Study: Empowering a Leading eCommerce App with Multilingual Voice Search – A Showcase of Reverie’s Speech-to-Text Efficiency

Client Overview: A leading eCommerce app in India offers a comprehensive platform for services such as recharges, UPI payments, device management, entertainment, news, games, and more. With a stellar app rating of 4.6/5, the app caters to millions of users across the country. Since January 2023, the company has partnered with Reverie to integrate multilingual support, ensuring a seamless experience for its growing base of native-language users.

The Need for Localisation: Recognizing the diverse linguistic landscape of India, the company understood the importance of localisation in enhancing brand value, expanding its reach, and boosting customer satisfaction. To address the needs of a vast user base that communicates in multiple native languages, the company determined that a robust localisation strategy was essential.

Challenges Faced: Despite its comprehensive offerings, the app faced challenges due to the linguistic diversity of its user base. The app’s ability to engage users and provide a satisfying experience was hindered by its limited support for native languages, leading to reduced user engagement and satisfaction. The company sought to address these challenges by implementing a more inclusive approach that could resonate deeply with its diverse users.

Reverie’s Proposed Solution: Reverie identified a need for a holistic localisation strategy that not only addressed linguistic nuances but also embraced technological advancements. The solution included localising the app’s voice interface and content into eight Indian languages: Bengali, Gujarati, Kannada, Marathi, Tamil, Telugu, Odia, and Punjabi. Moreover, to tap into the growing trend of voice interactions, Reverie enabled a multilingual voice search feature within the app.

Technology Implementation – Voice Search Enablement: Understanding the rising preference for voice-based interactions, Reverie equipped the eCommerce app with voice search functionality powered by state-of-the-art APIs supporting native languages. This integration involved the use of advanced Speech-to-Text (STT), Natural Language Understanding (NLU), and Text-to-Speech (TTS) technologies. These tools ensured that users could interact with the app intuitively and seamlessly, using their preferred languages.

Outcome and Results:

1. Growth in Native Language Users: The introduction of localised voice search led to a significant increase in the number of native language users. The app’s ability to resonate with diverse linguistic preferences allowed it to better serve a broader audience.
2. Enhanced Customer Satisfaction: The localisation efforts, particularly in voice interactions, resulted in a marked improvement in customer satisfaction. Users could now engage with the app effortlessly in their native languages, leading to a more enjoyable and user-friendly experience.
3. Improved App Rating: The impact of these changes was reflected in the app’s rating, which climbed to an impressive 4.6/5. This improvement highlighted the positive reception of the localisation and voice search features among users.
4. Technological Robustness: Despite the surge in native language users, Reverie’s APIs demonstrated remarkable efficiency. Over the past year, the APIs managed over 8.5 million calls for Speech-to-Text and Text-to-Speech functionalities without compromising performance, underscoring the technological strength of Reverie’s solutions.

Reverie’s strategic localisation and innovative voice search enablement in native languages have empowered this leading eCommerce app to overcome linguistic barriers and foster inclusivity for its diverse user base. The results, as evidenced by the increase in native language users, improved customer satisfaction, and technological efficiency, highlight the success of this comprehensive localisation initiative. As the app continues to evolve, the strong foundation laid by Reverie ensures that users across various linguistic landscapes will enjoy a seamless and enriching experience.

Key Metrics:

• Languages Supported: 8
• API Calls (12 Months): 8.5 Million
• App Rating: 4.6/5

This case study serves as a powerful example of how Reverie’s Speech-to-Text technology can enhance customer experiences in eCommerce by providing robust, multilingual voice interaction capabilities, paving the way for greater engagement and satisfaction in diverse markets.

Incorporating code mixing and code switching into Speech-to-Text technology is not just a technical upgrade—it’s a strategic business decision that can revolutionize how banks and e-commerce platforms interact with their customers. By enhancing customer service, driving operational efficiency, and ensuring compliance, businesses can unlock new levels of customer satisfaction and loyalty.?

With Reverie’s advanced STT solutions, the future of multilingual communication is here, ready to elevate your business to the next level.