Speech Analytics Customer Review for Collections Call Center
- March 3, 2023
- Category: Speech Analytics
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If you are a debt collector, it is highly likely you have encountered multiple speech analytics solutions. And it is fair to assume you know what speech analytics is, what it can do and how it is a game changer for many debt collection agencies. Contact center managers and agents use speech analytics tool to reduce compliance violations, make their quality assurance programs efficient, improve agent performance and increase customer satisfaction.
But today, this write-up is not about the artificial intelligence or tech aspects of the speech analytics software; rather, it is a story about the positive impact it can bring to users in the collection industry. And what’s better than having a conversation with a compliance leader and a speech analytics user in the industry. Dick Williams is the Director of Compliance for Advanced Recovery System, Inc. ARS collections is using today’s technology, industry best practices, and a highly trained staff to maximize recovery, minimize exposure on compliance violations and provide the best customer service to its clients.
Conversation with compliance leader and a Speech Analytics user
In this conversation, we will unearth key insights on the challenges ARS Collections faced prior using speech analytics, problems it solved for them and how do they plan to use it going forward.
AG: What were the challenges prior using ICAP (Provana Speech Analytics)? And why did you choose Provana?
DW: Our prior speech analytics was taking about 7 days to review a list of calls and then start to review the defective calls. In addition, it was not able to customize to our operation in labels and features. Also, the old system had minimal graphic content. These fundamental issues were all solved by the Provana ICAP product.
AG: How has ICAP impacted you or your team at work?
DW: Awareness of issues is critical to process improvement. By using the ICAP features, we have made the individuals see and understand their strengths and weaknesses. We can do this almost in real time as of that day or next day while issues are fresh in their memory. I also spend less time searching for defects and/or accounts to review.
It is essential to understand how important this is for any collection agency. Having a fully managed and customized speech analytics solution gives the flexibility and power to create custom dashboards, automated client scorecards and focus on remediation and operational efficiency without a dedicated analytics staff inhouse
Speech Analytics customer review continues…
AG: Did ICAP give you a new focus last year?
DW: Now, we have a new focus on “silence” time and our collectors’ awareness has reduced this lost time greatly.
Read More on how ICAP can reduce silence time from your collection calls
AG: How was your experience of working with Provana ICAP team?
DW: Fantastic. We set up and installed this relatively quickly and by having weekly meetings the fine tuning was easy and projects we installed and modified to our needs almost immediately.
AG: One word for ICAP?
DW: Effective. The tool is effective in finding and helping train our staff and effective in managing our compliance program. The tool is very cost effective for us.
AG: Recommendations or suggestions for industry peers?
DW: I have spent many years in the industry and dealt with many vendors and platforms. Provana has provided a great product with great service and has been a very pleasant surprise. We appreciate our partnership.
What’s next for the industry?
We appreciate these insights from ARS on how industry leaders are using Provana Speech Analytics solution and the impact it is making. Provana’s fully managed and customizable speech analytics solution, ICAP, has been able to solve key business challenges while enabling compliance investments to generate revenue.
Our clients leverage our end-to-end compliance and performance solution to monitor 100% of calls, enhance agent performance, reduce non-compliance, revamp training frameworks, reduce QA staff, improve customer experience and increase collection rates. As a Partner, Provana is your custodian of ROI and managing your key objectives. Our team of Speech Engineers tune the analysis engine and our dedicated Power BI specialists customize dashboards for every client. Each implementation ensures a valuable experience with speech analytics.
Summing up our conversation is this quote from Dick Williams:
Drop us a line here if you have any question on speech analytics and its implementation.