Solutions > Operational Efficiency
Helping Collections teams maximise debt recovery performance - to the highest standards of compliance
Whether you’re running an internal contact centre or operating a dedicated debt collection agency, it can be tough to hit consistently high results while treating customers with the care they deserve. Voyc provides the detailed insight and feedback you need to get the balance just right.
Collecting overdue payments from customers has always been a challenging task – even for specialised debt collections agencies offering the service through dedicated contact centres.
Often, the customers involved are faced with personal problems that can involve a range of practical and emotional issues - making the calls especially demanding for the agents handling them.
What’s more, industry regulators are increasingly focused on the need to treat customers with care, especially when it comes to individuals who are, in any way, vulnerable.
Operating successfully under these conditions demands a careful balance between customer empathy and a practical approach to maximising collection success.
Voyc’s AI-powered speech analytics solution enables you to monitor 100% of all customer collection calls, with bespoke and detailed reporting from day 1.
This enables you to understand and promote the words and behaviours that your agents should use to deliver the best outcomes.
And very importantly, Voyc will raise an immediate and precise alert whenever it “hears” anything from either the customer or the agent that demands the attention and action of your contact centre management team.
How Voyc helps drive the most successful call outcomes in debt collection
Voyc monitors 100% of every interaction between your collections contact centre and customers.
This lets you analyse and compare the calls handled by your most successful agents against those handled by the agents who don’t perform so well.
And because Voyc monitors 100% of your contact centre interactions, it also releases your QA and supervisory team members from much of the heavy workload of simply listening to calls.
This means that they can focus on the more productive activity of helping underperforming agents become more successful - by developing the skills and behaviours that Voyc highlights amongst your best performing agents.
Deep insights into what makes the vital differences in agent performance
Voyc makes it easy to analyse and understand the factors that separate your most successful contact centre agents from the rest.
You can compare calls based on important outcomes such as “promise to pay” (PTP) and conversion to bank debit payments, both of which are important drivers of high-quality debt collection.
In fact, the difference between the best and worst performing agents on measures such as these can be dramatic - as high as 10 times. Voyc can let you understand clearly the words and style that drive the best results – and so help every agent to deliver the best performance they are capable of.
Great for your agents and great for your business.
Fixing a negative situation with a positive approach
Let’s face it. Debt collection calls, although vital for good business, are never likely to be welcomed by customers. Being in payment arrears is not a happy situation.
However, the learning we’ve already acquired through analysing many thousands of collections calls, shows that when the debt is at an early stage, a positive approach on the part of agents can have a very positive effect on results.
In fact, calls in which the agent stresses the benefits of paying (such as a clear credit balance to use for new purchases) tend to be far more effective than calls where the agent focuses on the negative consequences of not paying (such as interest, penalties and additional charges).
Voyc can let you see clearly which agents are correctly adopting this positive approach to customer calls – and where additional coaching and training could be valuable.
Voyc can also clearly identify which agents typically have the highest levels of “dead air” in their calls – and why this is happening. This is a frequent issue with collections calls, often related to a high incidence of voice mail connections or negative agent behaviour whereby agents stay on the line after the debtor has left the call. For businesses with high volumes of consumer credit, focusing on dead air can significantly reduce call lengths and drive operational efficiencies.
Caring for customers and achieving high compliance standards
Contact centres handling consumer debt collection are clearly very close to a major focus for financial services regulators today: treating customers with care, especially vulnerable customers.
Getting this area of operations right is critical for regulatory compliance and, indeed, for the reputation and goodwill of collections businesses of all kinds.
Every Voyc installation is set up with a bespoke (and flexible) range of words and phrases which can indicate a potential compliance issue or other cause for concern in any call.
Whenever Voyc “hears” one of these words or phrases, it sends an immediate alert to team members designated to respond to that particular issue. And because Voyc monitors 100% of your interactions, you can rest assured that potential problem situations and compliance breaches can be dealt with without delay.
By alerting appropriate team members when this happens, Voyc allows you to take action to help your customers and support your agents. This can also potentially avoid the issue becoming a formal complaint or even being escalated to an ombudsman - which could put your license at risk and result in a penalty far greater than the collection revenue.
Ensuring quality data capture
Data is the bedrock for a successful collections operation.
Voyc can identify incorrect dispositions so that they can be corrected. This has an impact on agent commissions and the reliability of your data which influences your collections strategy.
For example, Voyc helps correct cases where the right party contact was reached but the call was marked as voice mail. Or calls that actually went to voice mail but were marked as cases where the client had promised to pay back.
Alerts can also be set up to highlight the wrong contacts being called. These numbers can then be blacklisted and removed from the calling queues, to help ensure that collectors focus their time on dialing the right parties.
“We’re delighted to be working with Voyc. Their responsiveness and ability to customise the software at short notice to our systems is a real breath of fresh air. Firm results have already made Voyc a valuable business partner of VeriCred Collections - in less than 6 months”.
— Johann Olivier, Director, VeriCred Collections
Ensuring transparency in the relationship between agents and their supervisors
Voyc monitors 100% of interactions between agents and customers. So your agents can be confident that any evaluation of their performance is based on all their calls - not just those that a limited QA team is able to listen to.
This can significantly reduce or even remove the potential for disagreement between agents and QA assessors that inevitably exists in contact centres without such comprehensive monitoring.
In the emotionally demanding conditions in which collections contact centres can sometimes operate, the accuracy and impartiality of a Voyc solution can be a critical support system to ensure effective teamwork and productivity.