The Science of Call Success

Transcription

1 The Science of Call Success Speech analytics for collection performance and compliance 2014 Fair Isaac Corporation. All rights reserved. 1

2 In Collections: People are your strength... You depend on your agents to talk with delinquent consumers and convince them to pay their bills....and your weakness Variation in agent skill and experience levels affect your ability to ensure regulatory compliance and deliver consistently high performance. Some agents are better at handling certain types of situations than others; how do you match them up to increase likelihood of call success? Analytics can help you raise compliance and performance of all your agents. It can help you deploy your resources where they will be most effective. Here s how 2014 Fair Isaac Corporation. All rights reserved. 2

3 Speech analytics gives you automated, data-driven tools for improving agent performance and manageability Percentage of shift manager spends monitoring Business as usual With speech analytics Number of calls covered 2014 Fair Isaac Corporation. All rights reserved. 3

4 It shows you the difference between conversational patterns that achieve your call objectives and those that don t 100% of calls Monitored and analyzed Revealing the phonetic characteristics of: Successful conversations What words and phrases and in what sequence do the best agents use in specific situations? When talking with different types of customers? Problematic conversations Are agents saying the right things at the right times, including required disclaimers? Are threats or inappropriate language being used? 2014 Fair Isaac Corporation. All rights reserved. 4

5 Use these insights to create rules that automatically evaluate and guide agents By emulating your best people, all agents can raise their performance Fair Isaac Corporation. All rights reserved. 5

6 Gain immediate visibility through dynamic dashboards Intervene, when necessary, while a call is still underway. Focus coaching on precisely those areas where each agent needs to improve. Alerts focus attention on urgent needs Dynamic displays track team and individual performance 2014 Fair Isaac Corporation. All rights reserved. 6

7 See clearly how well you re doing Accurate, verifiable statistics on key performance indicators and trends are always up to date. Complete audit data is available to show regulators Fair Isaac Corporation. All rights reserved. 7

8 A leading collection agency needed to solve compliance and payment request challenges... In 40% of calls, agents asked for less than full payment In 60% of calls agents failed to ask for payment = Cumulative result: estimated at $800,000 left uncollected This agency applied speech analytics to a sample of calls, it found over $200,000 in potential violations of Fair Debt Collection Practices Act (FDCPA) regulations. Not only that, but in the majority of calls, agents were failing to ask for payment, resulting in high volumes of callbacks and other operational inefficiencies. When they did ask, they frequently failed to aim initially for full payment. See their solution and results on the next page Fair Isaac Corporation. All rights reserved. 8

9 Their solution: Speech Analytics Within six months of implementing, the collection agency had substantially reduced its compliance risk while achieving: 15% increase in RPC (right-party contact) promise-to-pays 30% increase in cash collected per agent hour 50% supervisor time freed up for other activities 2014 Fair Isaac Corporation. All rights reserved. 9

10 speech analytics + additional analytics more word power 2014 Fair Isaac Corporation. All rights reserved. 10

11 Uncover more precise clues to success 60 Days Overdue For example: What are the conversational characteristics that predict success obtaining a payment from customers whose accounts are 60 days overdue but have no other delinquency over the past 12 months? Predictive analytics mine phonetic data for complex and subtle conversational characteristics, which can be used to predict the probability of specific outcomes. Predictive models score agent conversations on the prevalence or absence of these characteristics, enabling agents to adjust their behavior to the conversational patterns that have been empirically proven to work in certain situations. speech analytics + additional analytics more word power 2014 Fair Isaac Corporation. All rights reserved. 11

12 Learn about each agent s strengths with every call Match up agents with the situations they re best at handling Analytic techniques identify similarities between customers, directing calls to the agents most likely to succeed with specific customer archetypes, such as Recent job loss but committed to repaying debt or Originally intended to pay but considering a strategic default. speech analytics + additional analytics Archetype A Archetype B Archetype C Archetype D Archetype E more word power 2014 Fair Isaac Corporation. All rights reserved. 12

13 Empower agents to make efficient choices Sometimes it makes sense to skip irrelevant steps to reach call success faster. Sometimes, following every step of the prescribed process results in excessive negotiation, long handling times and less than optimal recovery amounts. Analytics-driven decision strategies can pick up conversational characteristics that trigger rules guiding agents to skip over rungs of the settlement ladder when a truncated course of action will be more effective. speech analytics + additional analytics more word power 2014 Fair Isaac Corporation. All rights reserved. 13

14 Use analytics to make your people your greatest strength Learn more: Download the white paper on this topic: Insights #76: Harnessing the Speech Analytics Advantage Find out about the FICO Analytic Cloud: Check out our blogs: FICO Blog For more information North America toll-free Latin America & Caribbean Europe, Middle East & Africa Asia Pacific (0) FICO is a trademark or registered trademark of Fair Isaac Corporation in the United States and in other countries. Other product and company names herein may be trademarks of their respective owners Fair Isaac Corporation. All rights reserved Fair Isaac Corporation. All rights reserved BK 10/14 PDF