Interaction Analytics Solutions

by Industry

Collections and Accounts Receivables Management (ARM) firms face a constant challenge: being able to maximize payments while staying compliant and up to date with new rules and regulations. Interaction analytics can help ease this challenge by analyzing every agent contact – either during or after the call – to eliminate call center compliance risk, improve agent performance, and increase recovery rates. CallMiner offers tailored contact center compliance monitoring solutions for any size company: from large enterprise collections operations to smaller agencies.

Compliance for the Contact Center

There were over 11,000 Fair Debt Collection Practices Act (FDCPA) lawsuits filed by consumers in 2012 according to WebRecon. In addition, cases claiming a violation of the Fair Credit Reporting Act (FCRA) were up 17 percent from 2011; cases claiming violations of the Telephone Consumer Protection Act (TCPA) were up nearly 34 percent. Manual sampling of recorded calls or contacts provides little to no prevention of non-compliant behavior or protection against litigation.

CallMiner Eureka tracks every call for Mini Miranda language, Right Party Contact language, FDCPA violations, abusive language from either party, and other risky language.

Contact Center Compliance Capabilities

Every call is scored to identify relative risk level associated with any aspect of compliance based on the content of the conversation. The result is lower cost and effort in compliance monitoring, faster response times, and ultimately reduction/elimination of fines or lawsuits for non-compliance with Consumer Financial Protection Bureau (CFPB) regulations and the FDCPA. CallMiner also offers real-time compliance monitoring with EurekaLive, which automatically monitors in progress calls for the presence or absence of specific language or acoustic characteristics. This real-time alerting system enables supervisors and quality analysts to review occurrences of infractions such as the absence of compliance script language, in addition to being able to immediately intervene when appropriate.

Collector Effectiveness

Poor collector performance can represent significant risk to the organization; whether within on-premise call centers or through third party service organizations (outsourcers).

CallMiner Eureka and myEureka performance portals introduce a new approach to performance management: allowing contact centers to automatically and objectively score 100% of calls. This ensures agent procedural compliance and reveals behaviors and activities that lead to successful collections. CallMiner Eureka has also helped ARM clients quickly identify specific factors contributing to negative performance trends as well as determine the root causes of issues.

Third Party Collections

By using interaction analytics to improve collection rates and reduce the risk of fines and lawsuits as a result of non-compliance, agencies can consistently place higher in their end-client’s rankings in addition to solidifying those client relationships. The result: a larger collections portfolio and significant revenue growth.

Eureka Essentials for Collections provides a speech analytics solution that is pre-configured specifically for outbound calling in the collections and accounts receivables management industry and packaged to meet the needs of small and medium-sized operations. All of the speed, ease of use, and repository features of the enterprise Eureka solution are included with a feature set scaled for collections calls requirements.

Hand Collecting Money