4 Call Recording To-Do's to Transform Your Collection Business

Not long ago, many collection businesses believed that call recording solutions had very little to do with bolstering their bottom line. However, this narrow worldview changed with time. Today, industry leaders recognize call recording platforms’ importance in improving their business operations and collection yield.

Call recording can be an effective tool for your collection business, helping you drive decisions that impact cross-organization performance. It can act as an important deterrent, provide proof in "he-said-she-said" scenarios, and guide you to a goldmine of consumer behavioral data that can help you optimize your collection strategy anytime as long as you follow the below-mentioned to-do’s.

1. Collect data, record history, and retain proof for security and compliance

Depending on the nature of your client’s business, you can often face issues of fraud and cybercrime. In such a scenario, companies must have proper records of business calls. 100% call recordings can be crucial for clarification of details, or for confirming the exactness of the interaction between the consumers and the business agents/representatives. Beyond providing proof of transaction, call recordings are a useful resource for data that can be converted to future calling trends and important business insights.

2. Proactively analyze recorded calls

Ask your QA team to analyze call recordings with clear and specific goals. This will ultimately help you proactively identify gaps, improve processes, and even reduce costs and increase efficiency. For example, if you are experiencing a high volume of repeat calls, analyzing recorded calls can help you spot agents who had a low-resolution rate or were spending too much time solving minor issues. With the help of call recording analysis, you can easily fix such systemic issues and reduce repeat calls by up to 15%.

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3. Improve collection yield with call recording data

Based on data gathered from call recording analysis, you can make changes to your agent scripts and tweak your collection strategy. By recording 100% of your calls and conducting two-layer monitoring by supervisors, you can successfully improve your collection yield as well as overall call center performance.

4. Effectively use recordings for agent empowerment

Encourage your managers and supervisors to use call recordings to empower agents in communication skills, problem-solving skills, technical skills, or soft skills for overall efficiency. Assess the performance of your call center teams by randomly picking recording calls, listening to them, and analyzing them. This should help you assess your agents’ performance and provide them with recorded conversation(s) samples to self-improve their performance.

In Short: Call recording has a much larger role to play in the new-age collection landscape that is tightly regulated by CFPB and other state regulatory bodies. Call recordings are an effective way for collection players to assess the quality of their business operations and identify the gaps, and roadblocks, helping them maintain quality standards across their business. SonicView is one such call recording platform and call monitoring software that is cost-effective, easy-to-install and easy-to-use. If you are willing to transform your contact center into the best version of itself, click here.