5 Ways Predictive Voice Analytics Can Improve Collection Agencies

By December 18, 2015RankMiner Team Blogs
Predictive analytics improving collection agenies' performance

How can collection agency call centers successfully manage the high-volume of interactions between customers and phone agents on a daily basis?

Through the use of a Predictive Voice Analytics software.

Voice analytics focuses on human emotions and behaviors of your customer and your agent. Converting those voice-based emotions and behaviors to data that can be used to predict future outcomes can be an extremely powerful tool for your Collection Agency.

Predictive Voice Analytics differs greatly from speech analytics, since it actually predicts future outcomes rather than transcribing the spoken word to text which still requires your analyst to manually analyze the transcription.

By ignoring individual words and taking it a step further to identify the emotional behavior and tone of a potential customer, collection agencies can make a drastic improvement in their performance.

Ways that voice analytics software can improve call center performance include:

#1: Predict Which Customers Are the Most Likely to Pay

Phone agents don’t want to waste their time on customers not likely to pay so why give them the same priority? Identify those customers most likely to pay so that you can go after those first and accelerate the time to close. It’s easy for an agent to get wrapped up in conversations that could possibly be going nowhere.

Predictive Voice analytics make it possible to identify which customers are the most likely to pay so that your agents make the most of every conversation. You can also identify the hard “NOs” so that your agents waste less time in the future on these calls.

Using predictive models, collection agencies are able to prioritize each interaction and move forward with those likely to pay. This, in turn, saves time that would otherwise be wasted on calls that would go nowhere.

#2: Measure Every Phone Agent’s Call

It’s easy to view statistics on Average Handle Time, Call Duration, etc. across your entire operation but what about the actual conversations? How can you understand what your customer really meant? Did all of your agents engage your customers in a professional and caring manner?

You can’t afford to listen to every call your agents make. Or, can you?

RankMiner’s voice analytic software evaluates 100% of customer-agent calls to make sure nothing slips through the cracks. Our patented technology goes beyond the words spoken to focus on the real meaning.

Along with analyzing a customer’s emotional behavior, voice analytics software can monitor agent performance. Phone agents make scores of calls every day: some might have good results, and others bad ones. By noticing trends within as they occur, call center supervisors can more effectively identify and share best practices as well as coach those agents who need immediate attention and training on certain topics.

#3: Automate Your Analytics

Once you have the means to monitor every call, you need to ensure that you’re measuring the results in a meaningful way. Monitoring 100% of your calls doesn’t help if you’re not able to measure the results and implement relevant changes.

RankMiner’s predictive models are able to automate the analytical process for you. It’s like having “IBM’s Watson” working in your collection agency to crunch through all of the results on your behalf. Because RankMiner uses machine learning algorithms, it gets smarter and more accurate the more you use it.

You don’t need to hire a dedicated analyst to make the most of RankMiner’s Predictive Voice Analytics.

#4: Increasing Payments

By focusing on the calls with the highest chance of success, identifying your top-performing agents, and matching agents to the calls best suited for their performance level, you can increase the speed and success rate of your collection agency’s payment cycle.

Identifying the real “NOs” sooner and focusing on the “YESes” means less time spent on calls that are on a road to nowhere, and more time receiving payments. This translates into greater conversion rates and faster liquidation being completed by your phone agents for hour their on the phones.

#5: Focus on Retaining the Best Talent and Improving Training Results

Because voice analytics can be used to monitor 100% of agent calls and provide automated assessments of phone agent performance, it’s possible to speed up the process of evaluating performance.

For some call centers, it can take 4-5 weeks and more to establish a particular trend for a given phone agent. With voice analytics in RankMiner’s Agent Insight, meaningful trends can be established in just a couple of days.

This allows you to either focus on improving an agent’s training so they can perform better on future calls. In the case of top-tier phone agents, you can focus employee retention efforts more efficiently for these results-driven individuals.

Using voice analytics can provide many benefits for busy, results-driven call centers that need to increase success and reduce inefficiencies.

 

Debt collection agency DCI increased debt collections by 36.7 percent using RankMiner predictive voice analytics