Cabot uses CallMiner Eureka speech analytics platform to provide real-time insight and guidance to agents to deliver better outcomes for every customer on every call
Waltham, MA, Oct 23, 2018 – CallMiner, the leading platform provider of award-winning speech and customer engagement analytics, announced today that its customer, Cabot Credit Management (Cabot), has won the ‘Best Use of Technology’ Award at the Credit Excellence Awards 2018 presented by CCR Magazine.
The Credit Excellence Awards recognise organisations that work in a way that is likely to inspire others in the profession to deliver the best possible customer outcomes. The judges were impressed by the way Cabot uses CallMiner Eureka speech analytics to deliver immediate and sustained benefits to its customers, its people and its business.
In regard to Cabot’s use of CallMiner Eureka, the Credit Excellence Awards judges said, “The winning entry demonstrated strong evidence of customer benefits, particularly in respect of vulnerable customers. It is an excellent example of the use of technology to enhance the capabilities of individuals in real time, to the benefit of customers. The staff initiative to further utilise this technology to bring back-office and front-office capabilities together further strengthened this entry.”
The following uses of the technology stood out in the award submission:
Listening to every customer in real time to deliver better call outcomes
Cabot uses the real-time insight provided by the CallMiner Eureka platform to positively change the direction of customer calls during a live interaction or to offer a different solution based on trigger words from the caller.
Cabot uses real-time speech analytics to listen to EVERY customer and to understand what they are really saying and what it means to their lives. This enables Cabot to guide agents on the call with alerts about what to say next to prove they have listened and are tailoring the solution to the individual’s needs.
Enabling team leaders to support agents on a live call
Cabot uses an innovative interface to provide team leaders complete oversight of all live customer calls. The technology alerts team leaders when an agent may need extra assistance. This enables the team leaders to focus their attention on the calls where their experience will help to ensure first call resolution for that customer, during the interaction rather than after the event.
Using technology to ‘bridge the gap’ between subject matter experts and frontline operations
Cabot also uses CallMiner Eureka to enable skilled and knowledgeable staff in back-office functions to give guidance to front-line staff. This enables them to support team leaders and agents for better identification and resolution of particularly complex situations. This means Cabot agents now feel more supported knowing they can deliver the right solution to every customer because expert help is always on-hand.
Emma Bantges, Customer Operations Enhancement Manager at Cabot, said: “At a time when technology is under attack for the perceived threat it poses to jobs, we can prove that CallMiner’s platform is invaluable in improving people’s lives, particularly when they are at their most vulnerable. It also provides crucial support to our agents handling these sensitive issues.”
Frank Sherlock, Vice President of International Sales at CallMiner, said: “We are obviously pleased that the innovative way Cabot uses our technology has been recognised by the judges. But we are more delighted that we have been able to help them deliver on their mission with financial recovery: to help each and every customer in a way that ensures empathy and respect, individual treatment, positive experiences and fair outcomes.”
About Cabot Credit Management
Cabot Credit Management (www.cabotcm.com) is one of the largest credit management services providers in Europe and the market leader in the UK and Ireland, based on expected future gross cash collections. Cabot provides a range of credit management services across a broad client base that includes some of the largest credit providers in Europe. These services include debt servicing offerings such as early stage collections, business process outsourcing, contingent collections, trace services and litigation activities Cabot has credit management experience across a range of both credit providers (including consumer finance, telecommunications companies, retailers, utilities companies and government agencies) and asset classes (including secured consumer debt, small and medium-sized enterprise debt, and high-value accounts). Between Cabot’s inception in 1998 to 30 June 2018, it has invested a combined total of c£2.4 billion in the acquisition of over £25 billion in face value of purchased loan portfolios and has received £2.9 billion in cumulative collections from purchased loan portfolios. As at 30 June 2018, Cabot’s 120-month estimated remaining collections was £2.5 billion, and Cabot’s 180-month estimated remaining collections was £2.9 billion. With 20 years of debt purchase and debt servicing experience, Cabot was one of the first companies to engage in the credit management services market in the United Kingdom. In March 2016, Cabot became the first large credit management service company in the United Kingdom to be authorised by the FCA, and in May 2017 Cabot became the first credit management service company in Ireland to be authorised by the Central Bank of Ireland. Customer service and regulatory compliance are at the core of Cabot’s business and culture and are implemented through its collections strategy. Cabot seeks to treat its customers fairly and offer affordable payment solutions, often through long-term payment plans. Cabot has customer satisfaction scores in excess of all UK banking and building society benchmarks and many leading high street banks, and Cabot believes that it has one of the lowest rates of complaints in the debt collection industry referred to the UK Financial Ombudsman Service. Cabot has won numerous industry accolades, including a 2017 UK Customer Satisfaction Award from the Institute of Customer Service, the CCR Credit Excellence Awards 2016 for Compliance and the Credit Today Award 2016 for Treating Customers Fairly.
CallMiner believes that resolution is the fundamental driver of positive customer experiences. When contact centre agents and others responsible for customer engagement are empowered by insight and feedback in real-time, they can dramatically improve the rate of positive outcomes. With the tagline “Listen to Your Customers, Improve Your Business” our goal is to help companies automate the overwhelming process of extracting insight from phone calls, chats, emails and social media to dramatically improve customer service and sales, reduce the cost of service delivery, mitigate risk, and identify areas for process and product improvement. Highlighted by multiple customer achievement awards, including six Speech Technology implementation awards in the past four years, CallMiner has consistently ranked number one in customer satisfaction, including surveys conducted by DMG Consulting and Ovum. callminer.com.
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