July 24, 2020
Stay in the Know
Today’s market offers a number of challenges to collection organizations, whether they are first-party collections departments or lenders, third-party agencies, or collection law firms. With a changing economy, high unemployment, increasing competition and consolidation, massive regulatory burden, and evolving legal requirements, the collections call center industry is reacting by embracing new approaches and new technologies to improve efficiencies, boost recovery rates, and beat the competition.
Collection centers have traditionally focused on the best use of their resources and making the most right-party contacts. That has not changed. What has changed is that people no longer answer the phone the way they used to. As a direct result, numerous tools and solutions have emerged to address this issue. Self-service tools are growing in popularity and functionality. Analytics solutions and information-based decision making are becoming prevalent.
Collections call centers in today’s market are interested in doing more with less to build efficiencies. Key among their needs are finding integrated solutions to help improve productivity, use resources more effectively, improve the customer experience, monitor performance and right-party-contacts, enhance debtor activities, preserve existing investments, and provide responsive support.
6 Collections Tools to Improve Operations
1. BLENDED COLLECTION AGENTS for Unified Inbound & Outbound Processing
Blended and omnichannel solutions help collection organizations increase collector productivity by reducing idle time. Collectors assigned to inbound-only campaigns may have a lot of downtime while waiting to receive incoming calls. By ‘blending’ collectors, while waiting for an inbound call, they can make outbound calls or handle interactions on other channels to maximize their talk time.
2. ACCOUNT OWNERSHIP & MANAGEMENT Improves Relationship Building
Account Ownership allows specific consumer accounts and records to be ‘assigned’ to specific collection agents, essentially giving them management of the account for both outbound and inbound activities. It is ideal for enabling collectors to ‘own’ accounts and build quality, one-on-one relationships with customers. Collector-owned accounts maintain the continuity of the customer relationship and personalized service, and account familiarity helps increase customer satisfaction and can improve payment performance.
3. SPEECH ANALYTICS with Data Mining, Analysis & Evaluations
Speech Analytics is one of the collection industry’s fastest growing market segments. Analytics refers to the use of automatic methods to analyze contacts and gain intelligence that you can apply to improve your contact programs and customer service. Speech analytics reviews call audio – either in real-time or after the call – to extract useful information about the content or the speakers. It can also be used to create transcripts of calls for further analysis.
- See 6 more technology tools for collections centers in our Infographic
4. WORKFORCE MANAGEMENT for Forecasting, Staffing & Resource Planning
Workforce Management (WFM) is the art of having the right number of skilled people, and supporting resources, in the right place at the right time to meet the desired service levels for an accurately forecasted workload. WFM tools remove the guesswork from your collections center planning by carefully balancing the demands of business activities, staff requirements, and service level expectations with efficient staffing levels – helping you improve customer service and reduce costs.
5. GAMIFICATION & COLLECTOR ENGAGEMENT to Create Happier Employees – and Happier Customers
A growing number of organizations are adopting Gamification in an effort to help improve employee engagement and morale, especially in the challenging collections environment. Gamification uses game mechanics to drive desired behaviors and leverages science-based motivational techniques to train, provide ongoing feedback to, and reward collectors for reaching goals and business targets. Motivation impacts everything in a contact center. A motivated team of collection agents has a positive cascading effect on call efficiency, cost per call, and overall expense.
6. REAL-TIME MANAGEMENT TOOLS for Reporting & Monitoring
Knowing what is going on in your center is crucial to managing programs effectively and to getting the best results. A package of real-time reporting, monitoring and management tools gives you complete control of your applications with access to information on collection agents, lists, scripts, campaigns, phone lines, resources, and more.
Today’s collections call centers can benefit from increased efficiencies and improved resource management with advanced contact technologies. Learn more in our ebook “Essential Contact Center Technologies for Collections.”