KnowledgeSpace was engaged by a Debt Collection Agency to deliver a managed service speech analytics solution. This Collections Company operates in the highly competitive and regulated debt collect marketplace and wanted us to:
- Increase the percentage of calls during which a promise to pay is asked for and agreed to
- Identify opportunities to ask for higher repayments
- Reduce call length and therefore increase the dialler productivity throughout the day (this ultimately has a positive impact on revenue per head)
- Target training and development based on the behaviours of the most successful debt collectors, and eliminating the behaviours of the least successful debt collectors
KnowledgeSpace was engaged because our service:
- Is platform independent – not requiring any particular type of call recording solution.
- Is flexible and can be scaled up and down to suit campaigns
- Is charged by usage and not by agent licence
What we found
Working closely with our client to model and define successful calls, we analysed each interaction. We identified that 87% of right party connects did not result in a commitment to pay. These unsuccessful calls were categorised as:
- Disputed debt
- Send Documentation
- Hang up / Disconnection
- No outcome
- Language other than English.
We found that no outcome, disputed debt and a small portion of documentation calls could be turned into positive outcomes had the debt collection agent demonstrated correct behaviours.
KnowledgeSpace identified that across all unsuccessful calls:
- 13% could be improved by coaching the agent to ask for a commitment to pay during an appropriate part of the call. These calls were coded as no outcome.
- 8.47% could be improved by improving communication skills; particularly phrasing statements in a positive manner, listening to customer responses and speaking clearly so the customer understands better.
- 2.8% could be improved if the agent used call control, rather than letting the customer direct the conversation.
- 15% of calls could be improved by changing the call introduction.
- The remainder of unsuccessful calls were due to individual agents problems. We provided specific skill gaps for each agent level to help with deployment.
We demonstrated that Managed Speech Analytics for Collections Agencies is:
- More flexible because the service continues even when telephony platform change.
- Able to deliver faster.
- Imperative to identify specific skills gaps and resolve them by getting right to the root causes of non performance.
We have been engaged for further ongoing work. Talk to us to find out what we can do for you! http://www.knowledgespace.com.au