It's no secret that the accounts receivable industry has taken a beating in public perception. As the collections business grows – during a recession, people run up a lot of debts and often find themselves facing collections agencies – so too do reports of abuses by some players in the collections industry, and complaints by consumers to the federal agencies that oversee fair debt collection practices.
One solution is a robust call recording, monitoring and analytics solution that can help collections companies maintain clean business practices that comply with the law, providing them with recordings that can be used in a company's defense in case of accusations or law suits.
Accounts Receivable Management Inc. (ARM (News - Alert)), a provider for receivable management solutions, and speech analytics solutions provider CallMiner, have deployed CallMiner Eureka to automate call monitoring of every ARM collections call.
With increasing collections activity amid the recession, the industry's reputation and public perception has been marred by poor collections practices, often which have come under the scrutiny of regulators.
ARM will leverage CallMiner (News - Alert) speech analytics to automatically analyze calls for fair collections practices and compliance to improve consumer experience and satisfaction.
"Prior to deploying CallMiner speech analytics, we would sample calls in an effort to monitor and enforce compliance and best practices,” said Joe Burch, chief operating officer at ARM. “This simply wasn't an effective way to measure agent performance and mitigate our risk."
ARM provides collections services to a wide spectrum of various market sectors.
"Our clients in different sectors have different needs. We chose CallMiner Eureka because it allows us to tune our analysis to ensure we are delivering high-quality, customized programs for each of our clients,” added Burch.
"The collections and receivables management industry continues to be a strong market segment for us, with a clear and proven ROI for speech analytics,” said CallMiner's president and CEO Terry Leahy. “ARM's selection of CallMiner shows their continued commitment to leading edge technology to better serve their clients.”
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Edited by Braden Becker