A See-Saw No Longer: Compliance AND Performance with Speech Analytics
For such a long time, we have viewed compliance and performance as the opposing sides of a see-saw. When we make a concerted push to improve compliance, , performance seems to suffer. When we push too hard on the performance lever, compliance has seemed to suffer. Is there a way to de-couple these for steady improvement in both channels? Let's take a deeper dive into what we’re trying to accomplish with each lever.
We have many competing (and sometimes contradictory!) requirements in Compliance. Business owners must contend with Federal/State/Local laws and regulations, end-client requirements, disclosures, addendums, closure scripts… the list goes on and on. From a training perspective, this is a difficult challenge- collectors and agents must be continually trained and updated on the latest verbiage. It is such a challenge though to continuously monitor this, and with most firms auditing less than 1% of their calls, its almost impossible to catch training opportunities. The more an agent is focused on compliance, the less they focus on our intended result: an empathetic call resulting in a resolved account.
Show empathy. Less silence on the line. Better timed payment asks and talk-off. Above all else- make more calls, that equals more money. These are all important performance strategies, because our primary purpose is maximum recovery for our clients. But really, what tools do you have available to help your collectors? You can do more side-by-sides but that is time consuming. You can have collectors listen to good examples, but they can be difficult to find when you are auditing so few calls. How do you effectively push this lever also?
100% Call Auditing with Speech Analytics
Now you have the chance to pull BOTH levers of compliance and performance with 100% call auditing. A speech analytics solution lets you process every single call both outbound and inbound to your call center. This level of data and review gives you a range of new opportunities:
- Identify key metrics that are leading to increased or decreased collections performance for each agent.
- Find key training opportunities on Compliance disclosures… are those mistakes “one off” issues or systemic that could be address by training?
- Continuously measure all aspects of proper call handling and optimized consumer experience without having to rely on a tiny statistical sample
- Implement controls: using per-agent dashboards, ensure that each person can observe immediate feedback in support of all objectives.
Learn about how Provana can help launch speech analytics and improved call monitoring at your company.