No organization wants to run a risky business. Doing so can damage relationships, cause lost or missed opportunities, and produce poor financial results. On a daily basis, collection organizations encounter challenges and look for ways to improve contact center collections revenue, and reduce the compliance risk inherent in the debt collection business. So where is the most logical place to look for improvement? Your agents, of course – and speech analytics.
Collections departments and organizations need to follow government and state regulations on outbound calling time windows, the number of outbound calls, and numerous other compliance standards. Simultaneously, they need to manage effective agent productivity to sustain a low margin business.
Contact center managers face a lot of day-to-day challenges in their role, from how to remain compliant to building efficiencies into the business that help the bottom line. With so many responsibilities, how can you be absolutely sure your agents flawlessly follow the script you have laid out, or that they remember the right things to say from the training they received when they were first hired? Can you realistically listen to recordings for more than just a small fraction of agent conversations? The answer for most contact centers is typically “no.”
Interaction analytics for speech and text offers contact center managers an important and valuable tool. By implementing speech analytics, a contact center manager can review insightful reporting and easily monitor agent recordings to improve promise-to-pay rates and gross margins. And, along with an improved revenue collections, you can reduce risk while gaining greater control over compliance. By identifying compliance weak spots with speech analytics, you’ll also achieve better customer service from your agents to reduce FCC complaints.
Digital channels also should be monitored and analyzed via search, categorization and automatic discovery to help your business put more emphasis on customer interactions. That’s another reason why you should be seriously considering speech analytics. It is a vital solution for call center and collection managers focused on debt collections to optimize their organizations and increase positive customer interactions.
Relationships – Improve customer-agent interactions.
While understanding customer inbound calls is important, how effectively your agents interact with customers is key to improving their productivity and ensuring compliance. Speech analytics makes it simple for organizations to identify agents who need improvement so they can then focus efforts on building a better, more repeatable, productive and compliant collections process. For example, you can set up templates that look for the most common weak spots, such as agents needing to always state the mini-Miranda disclosure at the onset of the initial collections call. They are required to do this to identify that they’re attempting to collect a debt and that any information obtained will be used for that purpose. But are they always doing it correctly? Are they compliant? Remove any risk and simplify compliance efforts by creating custom outbound campaigns.
Financial Results – Drive agent productivity and collections performance.
Ensuring agents always ask for a payment in full or that they offer the highest settlement amount to debtors before lower ones will help drive the collection process and improve your contact center profitability. By monitoring usage of these and other critical collections skills (which must be expressed as phrases), and precisely targeting agent training and coaching activities accordingly, speech analytics can dramatically increase your collections revenue!
To learn more about how speech analytics can improve agent productivity and compliance while providing a better customer experience, view our on-demand webinar, Speech Analytics For Collections – Top Tips To Deliver Results. The webinar illustrates not only compliance and agent productivity, but also how Genesys Speech Analytics for Collections has helped customers increase revenue collected by more than 20% and increase compliance from 59% to 99%.