A Collection Agency Uses Speech Analytics To Increase Agent Performance And Compliance

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A tech-enabled Accounts Receivable Management (ARM) company with headquarters in Jacksonville, Florida provides enterprise-level first and third-party solutions for every stage of the customer account life cycle i.e., debt collection, custom contact center, Business Process Management (BPM), and digital financial support services.

“We saw multiple products, but nothing impressed me as I had already seen Provana. Provana helps us minimize risk due to non-compliance, identify opportunities to coach our agents, and integrates seamlessly with IPACS, Provana’s Compliance Management System (CMS) to enhance operational excellence.” 

Director of Compliance 

Challenge

The Collection Agency did not have enough people to listen to all the calls and check for compliance issues. They could hire more people, but that means added payroll, training, and retention. Another major drawback of manual call review is that it does not provide the kind of detailed call analytics that an automated solution can. They wanted a speech analytics solution that is customizable and aligned to CFPB, UDAP, and FDCPA regulations. 

Solution

The Collection Agency saw many speech analytics solutions, but Provana stood out from the rest for the following reasons.

  • Ease of use: View raw data in the form of insights, apply filters to narrow down relevant information, export data for further analysis etc. 
  • Custom dashboards: Get customized dashboards containing call metrics, report type etc. as per your requirements. 
  • Agent scorecards: Enhance agent productivity with the help of scorecards giving an overview of their performance and highlighting areas where they need coaching. 
  • Risk Management: It is possible for an agent to forget Mini-Miranda, ignore verifying the consumer’s name or overlook giving the recording disclosure. ICAP highlights these discrepancies automatically to supervisors. No need to spend hours listening to each call. 
  • Excellent Customer Service: A dedicated business analyst assigned to us helps in case we need to implement any changes to our dashboards or address additional requests. 

Results

  • 100% call monitoring: Able to monitor 100% of calls automatically. 
  • Boost agent productivity: Identify opportunities where agents need more coaching, track their performance through scorecards and take corrective actions. 
  • Save time and money: No need to spend money to hire and train new employees. Also, save time on manual quality assurance of calls that can be utilized to focus on other core business areas. 
  • Data-driven decision making: Get a holistic overview of overall operations, helping us leverage data to reduce delinquencies, mitigate losses and maximize account receivable recovery.