How Speech Analytics is used for effective management of collection accounts
Due to the resulting high volume of collections calls, maintaining compliance is critical for staying within state and federal licensing laws. Manual sampling of recorded calls or contacts provides little to no prevention of non-compliant behaviour or protection against litigation. To improve the overall collections process, call centres are increasingly using speech analytics technology. Every agent dialogue is automatically indexed, categorised, and assessed in real time with recommendations for various offerings that will satisfy customers.
Challenges in current process
Debt collection is outsourced to third parties, and third party agents promote client disobedience to the greatest extent possible.
Incorrect charges resulting from inaccurate data
Contacting clients at the inappropriate time and location
Customers feel like third parties are pressuring and harassing them
Coforge Speech analytics offers a platform for agent-debtor interactions and helps collection agencies identify where adjustments should be made to give clients a strategic advantage when bidding for collection accounts.
Solution optimizes the performance of debt collection using Real-time speech analytics and AI. Solution listens to calls which saves hours of listening time, and quickly generates sentiments and recommendations of conversations driving them in real time which maximises profits per agent hour.
Additionally, the solution offers customer and agent scores, which managers can use to effectively track performance and reduce risk.
Significantly reduced manual effort in reviewing/ agent monitoring