Ways to Achieve Compliance and Agent Performance with Speech Analytics
For a long time, collection-focused contact centers have viewed compliance and agent performance as the opposing sides of a seesaw. It is often assumed that when you make a concerted effort to improve agent performance, compliance may suffer and vice versa. The assumption constantly makes many thought leaders wonder if there is a way to de-couple these for steady improvement in both channels. Thankfully, there are steps your agency can take to ensure compliance and top-notch agent performance at the same time. Let’s see how speech analytics can play a pivotal role in driving procedural compliance and improved agent performance, all at the same time.Steps to improve compliance with speech analytics
Today, collection businesses are required to keep up with various federal/state/local laws and regulations in addition to end-client requirements, disclosures, addendums, and closure scripts. However, training agents and keeping them updated on the latest verbiage can be quite challenging especially when your contact center is not monitoring 100% of calls and only auditing less than 1% of them. The more an agent is focused on on-call compliance, the less they focus on an empathetic call resulting in a resolved account.
- Use advanced speech analytics to track specific language and acoustic characteristics while the call is still ongoing. Instantly figure out when and where an agent is using non-compliant phrases, keywords, and behavioral cues, and present the finding to agents when you sit with them for a review with a statistical picture.
- Automatically scan calls and flag incidences of non-compliance related to CFPB regulations, industry rules, and internal policies for future follow-ups. This will reduce the exposure to risk and costs related to potential litigation, damages, and regulatory fines.
- Implement controls, using agent performance dashboards; ensure that each agent is given immediate feedback in case of an on-call compliance issue.
Steps to boost agent performance with speech analytics
By initiating 100% call auditing with speech analytics, you can allow managers to identify specific factors contributing to negative agent performance trends. These trends can give agents the guidance they need to improve their performance, streamline repetitive tasks and boost customer experience.
- Identify key speech performance metrics that will lead to increased or decreased collections performance for each agent.
- Find key training opportunities around compliance disclosures that can’t be missed as per the CFPB regulations. Also, pay special attention to “one-off” issues or systemic mistakes that could be addressed by training.
- Continuously measure all aspects of call monitoring for optimized consumer experience, without having to rely on a tiny call recording sample.
ICAP can help your contact center understand everyday agent-consumer conversations better. By automatically identifying, categorizing and analyzing words and phrases used during a voice call, the cloud-based speech analytics solution can help you unlock trends, opportunities, and areas of improvement for your call center. These insights can then be used to enhance engagement, compliance, operations, agent performance, and overall collection strategies. Learn how Provana can help you make the most of speech analytics and improved call monitoring at your company here.