Subscribe for Updates

Privacy Policy(Required)

    Reading Time: 3 minutes

Speech Analytics Tools – Why Every Collections Call Center Needs Them

|

We all know that providing exceptional customer service is crucial to the success of any call center. A recent study shows that “75% of companies said their top objective was to improve customer experience” [1]. The debt collection industry in particular can greatly benefit from focusing on improving customer service for a number of reasons. This blog post explains why customer service is so important to debt collection agencies and how speech analytics tools are essential to improvement strategies for collections call centers.

Exceeding Customer Expectations

People who interact with debt collection agents expect the agent to possess detailed knowledge of the business practices and policies particular to that agency. They also expect the agents to answer their questions in terms they can understand and to efficiently handle any issue or complaint. Because of the delicate nature of debt collecting, agents must consistently convey both professionalism and empathy to customers, particularly while handling difficult conversations.

Call recording and monitoring is one of the most effective ways to ensure quality service. However, the massive number of phone calls that debt recovery call centers handle on a daily basis make it nearly impossible to improve agent performance and meet customer service goals. Manually listening to each conversation is inconvenient, costly, and unrealistic. At the same time, listening to a random sample of calls does not provide enough information to create an accurate picture of the customer experience.

How Speech Analytics Tools Improve Customer Service

Speech analytics tools can solve this problem by applying technology that provides quick access to data specific to the quality assurance needs of collections call centers. How? Speech analytics software rapidly scans thousands of phone conversations for specific keywords and phrases that demonstrate the success or failure of a conversation. Collections agencies can monitor calls to look for specific agent-customer interactions.

Some examples might include:

  • Phrases that indicate a customer’s frustration (e.g. “I don’t understand.” or “I would like to speak with your supervisor.” See more examples)
  • Agent speech patterns that demonstrate helpfulness and empathy, particularly when dealing with sensitive issues such as healthcare billing (e.g. “I understand your frustration.” or “I’m sorry you are having to deal with this.”)
  • Words or phrases that are red flags re: a customer’s satisfaction or dissatisfaction (One study showed the word “ridiculous” in insurance interactions means a customer is 80% more liable to switch carriers within just three months [1].)
  • Recurring words indicating a customer’s confusion over the company’s policies, such as billing or payment schedules

Once the keywords are identified and flagged, they are compiled into designated categories used to quickly generate automated reports. Collection agencies can then use this data to make informed strategic decisions that help guarantee every customer has an exceptional experience. Agencies can also use speech analytics to ensure corporate objectives are being met, maintain compliance and mitigate risks, or even uncover trends that help determine which direction the company needs to take to stay ahead of the competition.

Final Thoughts on Speech Analytics Tools

Speech analytics tools can help debt collection agencies obtain comprehensive insights into the type of customer service they provide. This time-saving technology enables collection agencies to really listen to what their customers are saying, in real time, and identify and resolve any questions or issues before they escalate. This all leads to more satisfied customers, which helps build a strong brand reputation and maintain customer loyalty. Superior customer service is an essential goal for any industry. With the numerous risks involved in debt collection, customer satisfaction becomes even more vital to the debt collection industry.

Learn more about speech analytics technology and how it can improve customer satisfaction.

Sign up for a Free Discovery Session with a CallFinder Analyst.

Sources:

  1. Five Trends Shaping the Future of Customer Experience in 2018

Related Reads

Speech Analytics for Credit Unions: How CallFinder Improves Member Experiences

Give Customers The Best Experience

Infographic: How To Measure Customer Lifetime Value & Improve CX

Guide To Creating Winning Agent Coaching Strategies

CallFinder + Best Dental: Improving The Patient Experience With Actionable Insights

Request a Demo

Let us show you how CallFinder can transform your QA. Book your 15-minute demo today!

"*" indicates required fields

Privacy Policy*