Compelling Conversations: Debt Recovery Collection Centers Find Value in Speech Analytics

Debt recovery is big business with one in three Americans having past-due payments in collections totaling trillions of dollars for mortgages, car loans, credit cards and medical bills. With no end in sight and people carrying more debt each year, debt recovery collection centers and collections agencies have their work cut out for them.

Collections organizations must maintain a balancing act between increasing recovery rates and staying compliant with industry regulations to avoid hefty fines as well as improve the consumer experience. In recent years, many companies have turned to speech analytics to help maximize recovery and regulatory compliance.

Reduce Compliance Risk and Improve the Consumer Experience

Prior to speech analytics, call center managers would randomly select a number of calls to monitor quality. This time-intensive practice was inefficient and, although it may have identified some regulatory issues, it was impossible to know how pervasive these infractions were. Speech analytics monitors and analyzes every interaction that debt collection agents have with consumers. It allows management to categorize conversations and monitor for specific language that could expose companies to compliance risk and potential litigation.

In addition to identifying specific agents with compliance issues, speech analytics provides trends information across agent populations so that training and coaching can be implemented quickly. It can also uncover successful techniques to ensure compelling conversations that help secure payments. These best practices can then be shared with all agents to improve debt recovery, overall agent performance and consumer satisfaction.

Real-time speech analytics (RTSA) can analyze live interactions while they occur and provide immediate feedback based on what is happening on the call. It acts as a virtual coaching partner for each agent by triggering alerts when certain phrases are detected (or not detected). Reminders and suggestions are then pushed to the agent to provide next-best action guidance. RTSA can even notify managers so that they can intervene when an agent needs assistance.

Boost Recovery Rates and Expedite Dispute Settlements

By automatically monitoring all calls, debt recovery collection centers can gain insights necessary to deliver a positive consumer experience. Most consumers want to pay off their debt, they’ve just gotten themselves in a bind and don’t see a way out. By better understanding their situation and showing empathy, collections agents can help them chart a path to pay off what they owe. Both the consumers they collect from and the client they are collecting for benefit.

Another advantage of speech analytics for debt collections is that it provides data to expedite and settle disputes if there is a compliance hearing. Having the recording is helpful, but being able to leverage speech analytics to pinpoint the exact place in the conversation that supports the company’s position is even better.

Tap into Vital Business Intelligence

There are many reasons why speech analytics has become an integral solution for debt recovery collection call centers and collection agencies. It can dramatically improve adherence to regulatory compliance rules, reducing and even eliminating risk of litigation. It helps guide agents through challenging conversations, accelerates training and provides quick access to business intelligence that is vital for understanding how to improve agents’ performance and the consumer experience.


What benefits from speech analytics have helped improve the performance of your debt collection agents? Read our ebook “Learn from Every Customer Conversation” to find out how actionable insights gained from Noble Conversations Analytics can boost your recoveries and the customer experience.

Learn More:

Webinar on Demand: Adapting Collections for Changing Customer Behavior with Cabot Financial
In this Q&A style webinar, John Smith of Noble Systems chats with Gareth Tomlinson of Cabot Credit Management about their experiences and best practices for addressing their customers’ needs.

Speech Analytics Technologies from Noble Systems
Noble Systems offers a robust conversation analytics platform to enhance enterprise contact center performance. Noble Conversations Analytics helps companies mine data from customer interactions to highlight trends and take a deeper dive to understand sentiments and take action in real-time. Check out these resources to find out more:
Noble Conversations Analytics – Post-call Analytics to identify trends from recordings
Noble Conversations Analytics Insight – Transcriptions and Comparative Cloud to close the gap and improve quality
Noble Conversations Analytics Now – Real-time Analytics to guide agents for a better CX

Video Testimonial: Bayview Loan Servicing
Bayview Loan Servicing has been a Noble client since 2017. The group recently added Conversations Analytics to its Noble Contact Center platform. In this video testimonial, Bavyiew’s Dialer Development Engineer explains how Noble’s flexible technologies allow the servicer to increase list penetration, handle inbound contacts more quickly, and improve agent productivity and workflow compliance.