Noble Systems' (News - Alert) Contact Center Solution (CCS) has been combined with Nexidia (News - Alert) Speech Analytics to offer recording and quality monitoring of all calls to and from the call center operations of Cabot Financial. The solution also features a predictive dialer allowing Cabot to contact specified individuals at times determined by their customer profiles to maximize sales and collection opportunities.

Cabot Financial is a subsidiary of Cabot Credit Management, along with Apex (News - Alert) Credit Management. According to the company, Apex Credit Management has already attained “outstanding revenue collections and compliance improvements” with CCS. The Cabot Credit Management Group specializes in debt purchase, contingency collections and customer tracing. United Kingdom-based Cabot has more than three million customer accounts, valued at more than £6.5 billion. The company maintains more than £1 billion in contingency business assets and takes in more than £17 million in cash collections every month.

The companies noted that the Speech Analytics solution permits monitoring and analysis of all incoming and outgoing call center calls, compared to competing solutions which only analyze a small percentage of calls. Total call analysis yields more precise results that can impact compliance, performance management and overall call handling. Cabot and its subsidiaries have reporting that with the CCS solution, its agents have improved cash collected by each agent per hour by 30 percent. Cabot also noted a 15 percent rise in conversion rates and a reduction of 30 hours a month, on average, for call center team leaders at its Apex subsidiary. The gains were realized within the first seven months of CCS implementation, the company said.

"Speech Analytics has such a proven success in Apex that it was just common sense to bring it into the Cabot Financial business," said David Connell, director of sales at Cabot CM, in a company statement. "The lessons learned in Apex on how to maximize collections revenue through right party connects, targeted coaching and increasing conversion rates will enable us to maximize the return on the substantial investment of our purchased debt. Plus, the ability to demonstrate compliance on 100% of our calls is now vital as it will play a key part of every purchaser audit. Ultimately, we envisage all 530 collections staff using the system."

The Nexidia Speech Analytics solution embedded in CCS can identify and locate specific examples of particular behavior on call center communications. The tool allows the company to pro-actively implement best practices and correct errors at its call center operations, anticipating and mitigating customer complaints.

"The substantial performance improvements made in the first few months at Apex have developed throughout its full implementation, with the best practice changes now embedded throughout the organization. The combined solution across the whole group, which should be fully operational and integrated within six months, will certainly reaffirm Cabot Credit Management's position as the UK's leading purchaser and manager of consumer debt,” said Jonathan Wax, vice president EMEA at Nexidia, in the statement.