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3 Quick Ways to Achieve Regulatory Compliance with Speech Analytics

Since the establishment of the Consumer Financial Protection Bureau (CFPB), adherence to consumer protection and regulatory compliance has become a vital aspect of all collection-focused call center operations. In today’s Reg F regime, you not only need to analyze regulatory measures through a microscopic lens but also ensure your agents are trained to communicate with consumers as per Reg F’s 7-in-7 rule.

Today collection agencies are required to walk a fine line with their call center operations. They are tasked to optimize agent productivity with the looming task of ensuring CFPB compliance, all while being sensitive to consumer preferences. The only way to truly manage these elements is to gain full transparency into call center operations and find the right balance between compliance and operational efficiency. A commonly used solution that can help you achieve that balance is speech analytics (SA).

Speech analytics software, by design, records 100% of agent-consumer conversations, allowing call centers to safeguard against compliance risk. SA improves compliance by automatically monitoring every call, transcribing it into searchable data, and scoring each call. It monitors and analyzes calls for a set criteria of keywords or phrases that are established by the CFPB and your agency’s QA personnel as "non-compliant". In this blog, we will learn how speech analytics can help your agency limit instances of non-compliance and reduce the risk of fines in three simplest ways.

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1. Monitor Every Call

Every inbound and outbound call from your call center must be monitored to mitigate compliance risks. To do so, speech analytics can help you scan every agent-consumer conversation for specific keywords and phrases that could otherwise expose your business to regulatory risk or cause a compliance misstep. If any negative words are used in any of the calls, the speech analytics software will automatically flag the conversation to be reviewed.

To further guarantee that the compliance error is addressed in the future as well, leadership can also be notified of the flagged call in real-time. This helps everyone ensure corrective action is taken quickly in the future in event of the same or similar compliance lapse.

2. Score All Calls

With speech analytics in place, all calls can be monitored for positive/negative keywords, phrases, silent time, and inflections of voice. After the completion of each call, a score metric is assigned to each call per "how well an agent was aligned with the set criteria during the interaction." At the end of the call, agents also get instant access to their personalized scorecard which helps them identify key areas for improvement as well as self-learning opportunities.

3. Keep Agent Training Standards Current

Whether your call center consists of 5 or 50 agents, keeping them up to date on compliance standards is critical in the post-Regulation F ARM industry. When flagged keywords are mentioned during a call, a call center is put at risk for lack of compliance. An advanced speech analytics software lets managers receive a notification instantly once such a keyword is used via the compliance monitoring feature. These notifications, in turn, allow managers to review the call promptly and allow them to immediately navigate to the occurrence of the violation with training intervention.