Nuance Activity in Financial Services

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Speech allows your callers to
conduct business,
TODAY, over any network
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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

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Why Companies Deploy Speech
Source Kelsey Group ROI Study, June 2002
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Kelsey Group ROI Study Highlights
Source Kelsey Group ROI Study, June 2002
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Speech Delivers Value

• Reduce Costs
• Increase Customer Satisfaction
• Competitive differentiation
• Revenue generation

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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

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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

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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

• 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
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Gartner Customer Satisfaction Study
Satisfaction Comparison
Touch Tone vs.Speech Recognition
Internet vs.Speech Recognition
Note 2 Unsure
Source Gartner SpeechWorks Customer Satisfaction
Study, 2002
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Respondents Top of Mind Reactions
Source Gartner SpeechWorks Customer Satisfaction
Study, 2002
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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

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Competitive Differentiation CIBC
Adopted and deployed speech across 4 business
units

• Speech-activated retail banking allows customers
  to
• Register and pay bills from any phone
• Re-order checks and locate bank branches and bank
  machines
• Speech-activated discount brokerage service
  allows customers
• To place equity trades, review account
  information and open orders
• Speech-activated mortgage service allows
  customers to
• 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
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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

(800) AOL-1234

• Subscription service generates 1 million in
  incremental revenue per month

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Summary of Speech Versus Touch Tone

• Speech Advantages
• More intuitive interface
• Flattens menus
• Facilitates hands-free use
• Easier navigation through commands
• Ease of use
• spelling with touchtone keys
• entry of currencies, dates, etc. with touchtone
  keys

Touch-Tone
Speech
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Thank you!