Speech Analytics: Increase collections while reducing compliance risk

Presenter photo

Presenter photo

Speech AnalyticsIncrease collections while reducing compliance risk through automated

call monitoring

Scott Kendrick

VP, Marketing

Founded in Fort Myers, FL – 2002 Speech/interaction analytics specialists Headquartered in Waltham, MA Offices in Nottingham & Sydney 40% of clients in accounts receivables

Automated agent monitoring & performance feedback

Customer engagement analytics & intelligence platform

A Bit About CallMiner

Proprietary & Confidential, CallMiner Inc.3

The “Who” and “Why”

By Industry By Initial Use Case

Debt Collection Regulation

Written notice Follow up after 6 days Contact within certain times Restricted use of language

‒ Intimidation‒ Threats‒ Profanity‒ Coercive language‒ Unreasonable pressure

Consumer Debt/Risk

167.6%consumer debt to income ratio

+7.8%consumer

insolvency vs. ‘Q215

credit market debt to GDP

100.5%

Maximize revenue collected while remaining compliant, and treating consumers fairly and with respect.

Compliant Effective

Ensuring consumer data is…Ensuring our agents are…

Protected

An Illustration of the Issues with Manual Monitoring

20 30 40 50 60 70 80 90 100 1100

20

40

60

80

100

120

R² = 0.0210908594677209

Dec Vs. Feb Manual Scores

DEC Y1

FEB

Y2


What if you could…(automatically)

Tag calls that are out of compliance Identify high risk teams or collectors Identify behaviours that lead to collection Alert managers, guide agents in real-time Identify consumers likely to pay Redact sensitive data

…for all calls?


(With metadata) Transcription& acoustic

measurements(redacted)

Automated categorization & tagging

(language patterning)

Compliance, behavior and

targeted coaching insight

Automated scoring & tracking

100%Interactions Transcript Categorization &

TaggingScoring &Tracking

Insights

How Speech Analytics Works


Transcription & acoustic measurements

(redacted)

Automated categorization and tagging


Compliance, behavior & targeted coaching insight

Configurable automatedscoring & tracking

100%Interactions

AudioValues

MetadataValues

AgitationChats

Surveys

Text Messages

Emails

Twitter

Word TempoSilence

Agent InfoIVR DetailsCaller InfoCRM DataWFO Data

Calls

With metadata






Configurable automatedscoring & tracking

100%Interactions

With metadata Transcription & acoustic measurements

(redacted)

Good morning. Is this Gabriel Nelson of 1255 Elm Street?

Yes. If you don’t stop calling me I’m going to contact my attorney.

I must inform you this call is on a recorded line and this is an attempt to collect a debt.

I’ve already paid my bill in full. I do not understand why you people keep harassing me!




Configurable automated scoring & tracking

100%Interactions

With metadata Transcription & acoustic measurements

(redacted)



Proper Greeting

Right Party Contact

EmpathyPaymentLanguage

Dissatisfaction Recording Disclosure

PolitenessLegal Threat

CloseLanguage


Good morning. Is this Gabriel Nelson of 1255 Elm Street?

Yes. If you don’t stop calling me I’m going to contact my attorney.

I must inform you this call is on a recorded line and this is an attempt to collect a debt.

I’ve already paid my bill in full. I do not understand why you people keep harassing me!



(redacted)




100%Interactions

With metadata

AGENT QUALITY

82

CHURNRISK

HIGH

CUSTOMERSATISFACTION

36

EFFICIENCY RATING

Optimal

COMPLIANCERISK

Low

SALESEFFECTIVENESS

Low

Configurable automated scoring & tracking




(redacted)

Automated categorizationand tagging


100%Interactions

With metadata Configurable automatedscoring & tracking


Real-timeMonitoring

Search, Trend, DiscoverCompare, Report

ALERT ANALYZEAutomated Quality or

Performance Management

FEEDBACK


Exporting Data to 3rd Party Applications

API

Post Contact Analytics

Agent performance evaluation Trend tracking/analysis Ad hoc search, investigation Root cause analysis Omni-channel, journey analytics Predictive modeling

Monitoring, alerting Next-best-action guidance Supervisor shadowing Escalation, call intervention

Real-time Analytics

We're monitoring calls in a way that we just weren't able to before for things like

compliance, professionalism, and courtesy.

Tracy DudekVice President, Operations

“Hours/Yr Saved4000

Improvement in FCR23%

Revenue/Agent/Month$2,278Average Silence

12%

More than 70 fields [of metadata] are utilized within CallMiner to generate predictive

guidance for account management prioritizing, along with words to use to make conversations

with debtors more productive.

Richard BrittDirector of Consumer Data

Management & Strategy

“Unproductive Hours

72%

Revenue Increase$5.9m

Conversion Rates7.8%

Hang-ups18%

Reduce QA & Operating

Cost

Accelerate Agent Ramp

Optimize Outcomes

Higher Client Satisfaction

Increase Productivity

Mitigate Compliance

Risk

Benefits of Interaction

Analytics for ReceivablesManagement

Proprietary & Confidential, CallMiner Inc.

"CallMiner", "Eureka", "Eureka!", "MyEureka", "EurekaLive", the "CallMiner Eureka" logo, the "CallMiner MyEureka" logo, the "CallMiner EurekaLive" logo, "Listen to your customers. Improve your business.", "Feedback Is A Gift", "Listen", "Engagement Optimization", the "Engagement Optimization" logo, and "EO" are trademarks or registered trademarks of CallMiner, Inc. in the United States and foreign jurisdictions. Other product names mentioned herein may be the trademarks of their respective owners.

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781-547-5666

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Speech Analytics: Increase collections while reducing compliance risk