DCI officials believed that their conversion rate of non-payers-to-payers was satisfactory and little could be done to improve their performance.
Since DCI executives were skeptical that anything could truly be done to increase the number of conversions by its skillful and motivated call center team, RankMiner suggested conducting a test — Apply RankMiner’s Predictive Analytics to a group of accounts and compare the number of payments received from those accounts identified by RankMiner as most likely to pay against all the other accounts.
DCI agreed to the challenge and chose to apply RankMiner to a group of over 70,000 accounts.
RankMiner’s Predictive Model was employed to analyze voice-based emotions and behaviors on those accounts and identified 8,388 accounts as the most likely to pay on future contacts.
In the accounts where RankMiner’s Predictive Model was utilized, the conversion rate was 36.7% while the accounts not using the Predictive Model were converted at a rate of 8.9%. RankMiner’s Predictive Model provided more than 4 times the conversion rate.
According to Gordon Beck III, DCI Corporate Operations Officer, “I didn’t realize how much money was being left behind on accounts that we didn’t collect during the first conversation. The results opened my eyes.”
- Total accounts: 71,603
- RankMiner likely to pay: 8,388
- RankMiner Conversion rate: 36.7%
- Non-RankMiner Conversion rate: 8.99%
- DCI’s conversion rate was 4 times greater on RankMiner identified accounts./li>
- Average Payment Amount: $172.05
- Average Dollar Yield per Payment: $36.65
RANK MINER PREDICTIVE ANALYTICS
Using their averages, DCI generated $13,449 for every 1,000 RankMiner identified accounts against only $3,294 for every 1,000 non-RankMiner accounts.