A couple minutes each day focused on the latest developments in a segment of your industry is worth its weight in gold. While it can seem daunting when the topic is outside your area of expertise, that makes it all the more worth while. Speech analytics is a relatively newer technology that is quickly becoming a necessity in an industry filled with litigious consumers.
Collection Advisor went to an expert on the subject to discuss the implementation of speech analytics and what they can mean for your bottom line.
“Collection call speech analytics measures several key metrics directly relating to compliance,” said John Ripa, president and COO of Castel Communications. “They can be customized to align with specific needs of individual collection cell centers, including borrower verification, call disclosures, and payment request, among others. Tracking and acting on these metrics positively impacts the volume of debt collected.”
However, watching the bottom line is only half the job of an accounts receivable professional. The other half is protecting his or her organization from the threat of legal infringement.
“Speech analytics helps avoid lawsuits by approaching compliance from live monitoring and post-call perspectives,” said Ripa. “Live monitoring tracks keywords denoting compliance events in real-time customer conversations. Post-call review tracks compliance success by agent once customer conversations have concluded. Both combine to allow for real-time compliance assurance and best practice development that dramatically mitigate the development of lawsuits.”
Maintaining working relationships with technology partners is paramount when optimizing an agency’s tools. It can help you track your software’s efficiency and provide insight into the latest technological developments.