Three Ways Real-Time Speech Analytics Can Improve Your Debt Collection Efforts

A major challenge of debt collection organizations is determining which calls to monitor in order to identify potential issues before they escalate, especially meeting critical compliance requirements.

Of all the useful contact center technologies available today, one of the most valuable I’ve seen in addressing this challenge is real-time speech analytics.

The following are three ways that speech analytics can help improve your debt collection efforts and reduce compliance violations.

  1. The ability to identify when debt collectors break the rules. Regulatory compliance is a well-defined problem. Analyzing call recording with speech analytics is an effective way to identify compliance violations. In order to prepare for training needs, search within a speech analytics application for key words and phrases that would reveal non-compliant calls, offending agents, and use of prohibited terminology. Results can then be cited during agent training sessions.
  2. The ability for a supervisor to identify “good” calls. Speech analytics can also be used to identify positive words or phrases during a call. For example, when a caller expresses his or her thanks to an agent for being especially helpful. These calls serve as powerful training aids that can help agents improve their problem-solving skills. They are also important positive reinforcements that can bolster morale and provide greater incentive for good performance.
  3. The ability to target the right calls for monitoring. Contact centers have long struggled to determine which calls to monitor and evaluate. Do you pick the 10 longest calls? Do you always select calls from Monday because that’s peak call volume day? Or maybe afternoon calls because that’s the highest right-party-contact (RPC) timeframe? Real-time speech analytics can offer far more relevant criteria for call monitoring. For instance, how about monitoring every call that included the phrase “I’m going to sue you” (or any variation of it). And if that phrase was uttered by an agent, it can be sent to his or her supervisor. If it was said by the debtor, it can be flagged for follow-up by the legal team. You can see how speech analytics would dramatically fine-tune call monitoring so supervisors are addressing the right calls with minimum effort – the end result being more effective and efficient debt collection efforts while avoiding hefty fines.

Have your collection efforts been helped by other speech analytics capabilities? If so, I’d love to hear about them.

Lesley

A Logical Approach to Setting a Schedule Adherence Goal

The dynamic nature of contact centers require us as leaders to have a keen awareness of what our contact center volume and staffing will be at each daily interval. As a contact center matures, a typical growth step includes the addition of resource planning teams and tools to plan workload and resources needed to meet service goals for each of those intervals.

Agents following an assigned schedule, which is known as schedule adherence, have a profound impact on how well a contact center operation can perform. By using a schedule adherence key performance indicator (KPI) your operation team is able [...]

What Do Consumers Value Most in a Service Experience?

As a customer experience professional, I am always interested in what customers value the most. If we get it right, we can successfully manage our resources, priorities and engagements to ensure we are providing the expected value to our customers and ultimately achieve our respective goals.

To that end, we conducted a study with consumers around the world earlier this year, “Customer Service Experience Study, Wave II“, and in it asked two key questions: “What do customers want in a great service experience?” and “What do companies and customers want from the technology behind that great customer experience?” The respondents [...]

Do you Know the Best Ways to Engage Multi-Generational Customers?

Millennials,  Gen X, Gen Y, Baby Boomer. How do these customer groups interact with organizations in today’s technology-driven markets? Are these descriptions accurate? Some attributes are specific to each group, but many cross all generations depending on the level of technical ability they possess, but more importantly the technology channels they prefer to use, as well as the manner in which they process the information they seek.

As customer experience strategies are developed and implemented across all industries, organizations must fully understand all aspects of how customers prefer to interact. There is a critical need to fully understand social technology [...]

Voice of the Customer – Are you Getting It?

If you’ve read any of my other posts, you might have noticed that I talk about quality frequently. I’m not afraid to say that I think you’re missing out on a huge opportunity to improve your customers’ experiences if you aren’t listening to those calls, chats, emails, etc.

There’s another side to this listening task. True voice of the customer is more than just the conversation they have with your agents. It’s also something you can catch through a post-call survey.

What is a post-call survey, you ask? This is typically an automated survey with just a few questions that are presented [...]

The Future of Customer Engagement Will Look Much More Like This

Earlier this summer, Amazon turned a service failure into a genuine feel-good moment. It was a great illustration of how the art of customer engagement is changing, for the better.

My family had gathered together to watch a movie while away for the weekend in wine country. The choice was finally made (after much debate), seats negotiated, licorice distributed and play button pushed. Suddenly the dreaded “death spiral” appeared on screen as the movie continued to buffer. After putting the room back in order, my family begrudgingly retreated to bed. Before my head hit the pillow, I decided to check [...]

Know and Retain the Next Gen Policyholder

Younger generations including the Millennials and GenY are known as being driven by technology, they want less personalization, and are instant gratification-type generations. They want their information when and how they prefer, and tend to be able to get what they need in a flash. Their communications are based on social, mobile, and instant messaging platforms, and it’s an assumption that personalization isn’t a priority for them. But, is that really the case?

In an effort to better understand these preferences and trends, I pulled together a multi-generational panel that represented various types of policyholders during the insurance track at [...]

Seven Steps Your Contact Center Strategic Planning Process Needs

A contact center strategic plan is critical to ensuring that your week-over-week service delivery is consistent and efficient.  Often called a capacity plan it is the best mechanism for making important operational decisions, like, “should we hire or use overtime to hit our seasonal peak?” or “should we have our customer service phone agents take emails during their downtime?” or “what will happen if the economy rebounds and our volumes increase?”

If plans are efficient, it will mean that week-over-week the center will have exactly the correct number of agents to always hit service goals (service levels, occupancy, abandon rates [...]

Remove These 4 Annoying Emails From Your Workplace

The average person checks email as much as 30 times every hour. For you math wizards out there, that is about once every two minutes. Nobody likes a full inbox to filter through, but we do love that “bing” sound that goes off when we have a new email waiting. Most of us are so impulsive with new notifications that we just have to see what we might be missing.

So just how harmless is an unnecessary email distraction? Can’t we just scan it quickly and delete it? That only takes about five seconds right? Actually, it’s deceiving to look [...]

Six Things I’ve Learned During my Nine and a Half Years at Interactive Intelligence

Nine and a half years is a long time at one company… in the same job. As a result, I’ve learned quite a bit along the way. And while the list of things I’ve learned as chief marketing officer might be longer, I’ve identified six key lessons that I think have been some of the most valuable:

There is no substitute for a visionary CEO. Market conditions are constantly changing. I’ve learned that a good, smart leader can usually get the current conditions right. But the secret to long-term sustained growth is a CEO who is constantly able to see what [...]