As real-time speech analytics becomes increasingly popular in collections, we wanted to outline the key reasons agencies evaluate it. As a little background, people use real-time speech analytics to mean two different things. In some cases, real-time speech analytics refers to reporting or dashboards that update instantly. These dashboards are intended for manager review and are generally not collector-facing. At Balto, we use this term to describe solutions that provide suggestions live in-call, before the call results ever make it to a dashboard. The ability to guide calls as they occur is the pillar of real-time speech solutions like Balto. Here are the top four reasons collection agency owners approach Balto to implement real-time speech analytics in their organizations:
Great for Keeping Collectors On Track
Reducing compliance deficits is the most common reason collectors evaluate real-time speech analytics like Balto. In particular, collectors use it to ensure that collections calls are always using compliance language and sticking to script; specifically:
- Detect Non-Compliant Language: There are a variety of things collectors just aren’t allowed to say, most of which need no introduction. Tools like Balto are designed to catch all of them - live in call - and help the collector self-correct before the conclusion of their conversation.
- Ensure Collectors Use Disclaimers: Real-time solutions ensure the collectors always read the mini-Miranda, respect 2-party consent rules, and follow other legal requirements within their collections calls. Did a collector forget to mention something important? Tools like Balto recognize the mistake and remind the collector to revisit them before the call finishes.
- Reduce Lawsuits From Litigious Consumers: Collectors often utilize real-time speech analytics to detect calls where the consumer is attempting to lead the call in a particular direction. Tools like Balto help the collector stay on track, remain respectful, and ultimately lead the call to a mutually beneficial result.
Quality Assurance (QA):
Proactively Prevent Quality Issues
Collectors often use tools like Balto for Quality Assurance purposes, correcting communication mistakes like talking too fast, not using active listening or failing to understand the consumer’s underlying issues. On the other side of the spectrum, this manifests itself in the form of foul language, misleading statements, or failing to empathize with the consumer. Some specific examples include:
- Ensure Collectors Uphold Service Level Agreements (SLAs): For third-party collections in particular, upholding the agreements formed with clients with the foundation of a successful relationship. Collection agencies utilize real-time speech analytics to prove that their collectors are using the language that is mutually agreed upon with their customer.
- Ensure Collectors Use Effective Scripting: One of the most frequent challenges in quality assurance is the variety of different communication styles collectors employ, with some working better than others. Real-time speech analytics tracks each call and alerts collectors when they deviate from pre-approved scripting to help them back on track.
- Reduce Collector Mistakes: There are a few moments on every call that play an outsized role in determining whether the call will be successful. Real-time speech analytics make sure collectors say the right things in those high-impact moments throughout the conversation.
Collect As Much as Possible
Another common use-case for real-time speech analytics centers around operations; in particular, collecting the highest average amount possible from each phone call. This is usually a function of two area - improving average liquidation rates and reducing the number of calls required to collect in full. Real-time speech analytics assists with both:
- Enhanced Negotiation Strategies: Tools like Balto detect when a consumer is giving payment objections and instantly prompts collectors with effective negotiation strategies to overcome them.
- Improved Empathy Towards Consumers: Tools like Balto understand when collectors aren’t empathizing with consumers and prompt them with helpful things they can do to improve. This is particularly important, as empathy is a significant factor in collecting as much as possible.
- Better Questions and Listening Skills: Tools like Balto listen for questions, active listening, and dozens of other variables that represent effective calls. When collectors can improve in a given area, real-time speech analytics solutions like Balto prompt them with positive coaching strategies while the call is fresh.
Training New Collectors:
Automatically Train New Collectors
Finally, collectors use real-time speech analytics solutions like Balto to enhance training and onboarding for new collectors. Because these solutions provide in-call alerts, new collectors can learn new skills while also producing revenue for their agency.
- Build Great Habits from Day One: When new collectors hit the phones for the first time, it’s easy for them to pick up bad habits. Real-time speech analytic like Balto ensure that reps pick up the right habits the first time when habit building is most effective.
- Train Collectors Without Losing Phone Time: Traditionally, training new reps also means taking them off the phones. With tools like Balto, collectors can learn new skills while also collecting revenue for their agency. It’s the best of both worlds.
- Increase Confidence Through Better Call Performance: When collectors aren’t successful, they lose confidence which reduces performance and increases employee turnover. Tools like Balto help collectors feel supported throughout their calls.
We hope this helps! As always, please don’t hesitate to reach out if Balto can help with anything.