How Valor Intelligent Processing Uses Speech Analytics to Improve CFPB Compliance and Agent Performance

For the last few years, collection agencies have been using call center speech analytics to help reduce delinquencies, mitigate losses, and maximize their accounts receivable recovery. Having said that, only malleable speech analytics solutions that quickly evolve as per customer preferences lead to better collection yield. Valle Martin, Director of Compliance at Valor Intelligent Processing, was looking for such a solution for call center QA that could also offer her ease of use along with obvious alignment to CFPB, UDAP, and FDCPA regulations. She had another important goal on her mind – helping the Valor’s agents identify performance gaps in a constructive manner. 

Valor is a digital financial support services company that helps businesses recover the money they are owed in a professional and ethical manner at every touchpoint of the collection lifecycle. Valle Martin recently spoke on a webinar about how Provana’s speech analytics solutions helped her team save precious time and establish a solid feedback loop between collection agents and managers. You can watch the webinar on-demand at Beyond the Basics: Using Speech for CFPB Compliance.

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Ease of use and seamless navigation  

It’s possible for a newly trained agent to forget Mini-Miranda, ignore verifying the consumer’s name, or overlook giving the recording disclosure. To put such call ethics and regulation on the front, QA personnel need to listen to all calls to ensure full compliance. The challenge is no collection agency can hire enough QA personnel to listen to every recorded interaction between agents and debtors to catch compliance lapses and instances of professional misconduct. This is where the ease of use and better functionality of a speech analytics platform comes into play.

The "Dispute" tab of Provana’s speech analytics dashboard lists out select calls and respective agents who mentioned the word dispute on their call with the consumer. An auditor or supervisor can go directly to the part of the call where the dispute was playing, which can save time in hours while responding to escalations by clients. In addition to this, the "Risk Mitigation" tab lets auditors easily find recordings with issues. 

Easy export of important information 

Important call center QA data, as well as agent scorecards (internal and provided by clients), can be visualized in Provana's speech analytics via pie charts and other visual means. And, everything can be exported to an excel spreadsheet and be sent out to the team for holistic performance reviews. Many operational and productivity flags can also be found in the system for a better feedback loop between managers and collection agents. The manager can pull any date range to be able to save or export data that makes sense from the performance audit’s point of view, saving a considerable amount of time and cloud space. 

Individualized agent panel 

Multiple scorecards could be set up for each agent in the speech analytics system. The same information can be projected directly to the agent panel, to help them fix their errors during calling a consumer. This way, every morning, agents only see the information pertaining to them, including their overall score for the month which can be based on bonuses and other key performance metrics. 

A great degree of customizability 

Provana’s ICAP speech analytics platform also enables managers to input certain phrases that are often involved in abusive collections. Certain expressions can also be flagged in the system so the auditor can listen for the tone of somebody's voice. This way, auditors know if somebody is really being rude or if they're just having a back-and-forth conversation before passing it on as feedback.