For collections contact centers as well as Accounts Receivables Management (ARM (News - Alert)) firms, maximizing payments while staying compliant and up-to-date with today’s rules and regulations is quite a challenge. It can be hard to strike a balance between the two, as poor collector performance can seriously sacrifice the state of the organization – whether it be an on-premise call center or through a third party service organization, like an outsourcer. In 2012 alone, there were over 11,000 Fair Debt Collection Practices Act (FDCPA) lawsuits filed by consumers according to consumer reporting agency, WebRecon. Now the question is: did you know that speech analytics can help truly transform the state of your collections center?
Let’s take a look at a real-time example. In a webinar last month from CallMiner (News - Alert), a leading speech analytics solutions provider, it was discussed that last year, American Express paid a steep $112 million based on non-compliant behavior, while Discover and CapitalOne dished out a whopping $200 million each. This, according to the webinar, happened due to reportedly deceptive marketing and selling practices that were in place, among other things; however, they were not a direct result of collections practices.
Traditional forms of compliance and performance monitoring tend to be costly and inefficient; they require manual auditing, which is labor intensive, as well as produce oftentimes inaccurate results in a slow and non-actionable manner. Understandably, it takes a lot of time, effort and resources to manually review, score and provide feedback this way.
Conversely, with a robust speech analytics solution in place, you can:
- Tag calls that are in or out of compliance
- Identify high risk teams and collectors
- Discover the behaviors of top performing collectors
- Provide direct feedback to supervisors and collectors
- Alert analysts to escalating calls in real-time
And this goes for 100 percent of your calls, which is truly most outstanding of all.
“Speech analytics can track every call for Mini Miranda language, Right Party Contact language, FDCPA violations, abusive language from either party, and other risky language. Every call is scored to identify relative risk level associated with any aspect of compliance based on the content of the conversation,” the company further explains in a recent blog. “The result is lower cost and effort in monitoring, faster response times, and ultimately reduction/elimination of fines or lawsuits for non-compliance with Consumer Financial Protection Bureau (CFPB) regulations and the FDCPA.”
And in the case of AMEX and companies practicing non-compliant behavior, CallMiner explains that “by tracking 100 percent of calls, contact analytics ensures agent procedural compliance and reveals behaviors and activities that lead to successful collections.”
In short, speech analytics can help ARM clients quickly and efficiently identify specific factors contributing to negative performance trends as well as help determine the root of the most impacting issues at hand.
The question now should be: Are you relying on speech analytics to help keep your collections center compliant?
Edited by Allison Boccamazzo