As enterprises look for proactive ways to reduce their Accounts Receivables, technologies like Speech Analytics are increasingly being adopted in voice based collection teams. Voice-based collections using smarter Speech Analytics offer unique insights enabling enterprises to scale revenue by ensuring higher collection while retaining loyal customers.
Here are five essential ways in which Speech Analytics provides the x-factor for voice-based collections for businesses.
1: Constructing P2P schedules for easing payment obligations
Many debtors want to repay but are looking at easy repayment schedules or installments. Speech Analytics-based agent calling tools can give the collection agent the best P2P schedule for every individual consumer. The agent can then offer each consumer a tailor-made P2P schedule ensuring periodic partial recovery while the consumer is satisfied with the P2P offering that is pocket-friendly as per his budget.
2: Conducting customer sentiment analysis for prioritization
Speech Analytics can help conduct customer sentiment analysis by mapping every agent-debtor collection call and identifying the sentiment of the customer while interacting with the collection agent. Based on Artificial Intelligence-based algorithms, Speech Analytics solutions can then identify customers most likely to pay and even zero in on their possible payment schedule estimates. Enterprises can enhance their revenue generation by prioritizing on all such debtors who are more likely to pay compared to those least likely to repay.
3: Cross-selling other products to decrease delinquency
Speech Analytics can help agents cross sell or up sell other financial products that may help a consumer repay, ensuring a possible recovery. For example, a bank or financial company can suggest a personal loan by either deducting the recovery amount upfront or offering a P2P schedule for a consumer facing a short term financial crisis.
4: Mitigating compliance risk
Speech Analytics solutions can ensure all calls made by voice agents are compatible as per the legal protection rights of the consumer. Best practices for avoidance of harsh language or use of a mandatory verbatim at the start or end of the collections call to make the call risk mitigation complaint become possible.
5: Deploying high performing agents on tough collections
A smart Speech Analytics-based solution can help track the performance of agents and identify high performing agents. Eventually, such high performing agents can be deployed on calls for tougher collections for higher debtors while low performing agents can be trained to improve their working efficiency.
Suggested reading (Whitepaper): Increase Revenue by Boosting Collections Efforts: Speech Analytics to the Rescue
Speech Analytics is helping enterprises boost their collections in multiple dimensions, leading to improved employee morale and bottom-lines every quarter. For a demo or further information on how we can help integrate voice offerings into your collections strategy, write in at firstname.lastname@example.org