As the country continues to ride out an ongoing economic struggle, and the levels of unemployment are still high, one of the major concerns the industry is now facing is compliance risk for those call centers that are in charge of handling debt-collection calls.
According to a Speech Analytics Solutions for Collections video from CallMiner, a provider of call center solutions, last year alone American Express (News - Alert) was forced to pay $112 million to settle debt collection and other charges that it faced. Since 2004, the number of fines against collection agencies has increased with the Fair Credit Reporting Act (FCRA), Telephone Consumer Protection Act (TCPA) and especially for the Fair Debt Collection Practices Act (FDCPA).
Speech analytics can help take the pressure off collection agencies and the challenges it faces from the law by analyzing every agent contact – either during or after the call – to eliminate compliance risk, improve agent performance, and increase recovery rates.
CallMiner (News - Alert) offers a variety of solutions for any size company, from large enterprise collections operations to smaller agencies that are designed to:
- Tag calls that are in or out of compliance
- Identify high risk teams and agents
- Discover the behaviors of the top performing agents
- Provide direct feedback to supervisors and agents.
The speech analytics solution from CallMiner allows organizations to automate 100 percent of their calls and apply compliance and performance monitoring with products like myEurkea, Eureka and EurekaLive. Each includes direct, continuous and easy feedback of agents, automated post-call categorization and scoring and real-time compliance risk alerts while calls are in progress.
CallMiner’s solution also monitors every call for Mini Miranda language, Right Party Contact language, FDCPA, abusive language and other types of risky language. This will ultimately lower the costs and effort in monitoring, helping eliminate fines and lawsuits. To learn how CallMiner can help your business against such compliance risks visit their website for a free demo of its speech analytics solutions.
Edited by Rory J. Thompson