Do you hear that?
It’s the sound of call centers across the country reading up on the necessary policies, procedures, forms, checklists, templates, etc. they need to ensure that they meet call center compliance regulations.
With compliance rules consistently evolving to protect consumer rights, it’s crucial for companies to stay current on regulations such as the Fair Debt Collection Practices Act (FDCPA), the Fair Credit Reporting Act (FCRA), the Telephone Consumer Protection Act (TCPA), and more.
Call center compliance is no joke.
To help shed light on the steps companies can take to ensure compliance, let’s take a look at speech analytics and the pivotal role it plays in driving procedural compliance and improved agent performance overall:
Eliminate Compliance Risk
One of the key benefits of speech analytics software is its ability to automatically score and analyze 100% of calls, resulting in improved agent compliance and reduced risk of fines and lawsuits associated with non-compliance.
But it’s much more than that. While manual sampling of recorded calls or contacts provides little to no prevention of non-compliant behavior, speech analytics software tracks every call for violations and risky language.
Real-time call monitoring solutions such as EurekaLive take this one step further, tracking specific language and acoustic characteristics while the call is still ongoing. This allows managers and supervisors to review occurrences of compliance infractions and intervene when necessary.
Improve Agent Performance
By automatically tracking and scoring calls, speech analytics also reveals agent behaviors and activities that lead to successful collections. Conversely, speech technology allows managers to identify specific factors contributing to negative agent performance trends.
The end result? Agents who are able to work more effectively.
CallMiner, for example, helped Southwest Credit Systems L.P. decrease escalation calls by 66% (in just six months) by employing speech analytics software. The company, a national provider of accounts receivable management services, has also used CallMiner’s speech technology to track agent language and identify training opportunities to improve agent performance for the future.
Drive Revenue Growth
By quickly identifying which agents are in need of training or require more grounding in best practices, speech analytics not only improves agent performance, but can also increase promise to pay ratios. As a result, companies can see significantly increased revenues overall.
“Time is money, especially for call centers,” notes a Call Centre Helper article on debt collection. “By identifying and removing inefficiencies, speech analytics can speed up handle time. Obviously, when operators can take more calls, costs will fall and revenues will rise.”
Speech analytics isn’t just about improving agent performance and ensuring a positive customer experience. It’s also critical in the reduction or elimination of fines or lawsuits related to non-compliance. In short: Speech analytics drives call center compliance and more efficient operations overall.
How has speech analytics helped your organization improve call center compliance?