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Speech analytics can help collection agencies keep their collection and operations teams on the same page while successfully meeting clients' needs.
Not too long ago, collection agencies filed their clients' account records on paper, updated collector notes manually and worked without autodialers for their phones. Today agencies are equipped with updated computer technology and software designed to help collectors working to collect rightfully owed debt meet clients' needs and ensure that state and federal regulations governing the credit and collection industry are followed.
Speech analytics software is further helping collection agencies bridge the gap between staying up-to-date with the latest technology and compliance requirements while better serving clients and consumers. For instance, agencies can use speech analytics to determine if collectors are stating the mini-Miranda disclosure, noting that the call is being recorded and verifying a consumer's identity.
ConServe in Fairport, N.Y., has a multi-phased approach for delivering speech analytics across the company. While it initially focused on how speech analytics could boost compliance efforts, the company is currently concentrating on using the technology to increase operational efficiencies. It also plans to integrate speech analytics with its training efforts.
"ConServe believes it is only starting to scratch the surface of the potential benefits of using speech analytics but, based on current results, is confident it will be an integral part of ConServe's technical landscape," Vice President and Privacy and Compliance Officer Pamela Murphy said.
Implementing Speech Analytics
While the software can be customized to meet individual agencies' needs, speech analytics overall serves as a tool to complement agencies' call recording systems through the use of keyword queries to track multiple components in conversations between collectors and consumers.
The queries can track words to signal if regulatory compliance requirements are being met and if additional disclosures requested by clients are being stated. The software can also be programmed to track collectors' tone, volume and other signs that show their behavior; caller discontent; customer frustrations or any problems in the way collectors speak with consumers about their account.
After months of research to find the right program, State Collection Service Inc. in Madison, Wis., selected a vendor's speech analytics software to boost the company's call satisfaction rates, help collectors improve their negotiations and keep up...