speech analytics: increase collections while reducing compliance risk
TRANSCRIPT
Presenter photo
Presenter photo
Speech AnalyticsIncrease collections while reducing compliance risk through automated
call monitoring
Scott Kendrick
VP, Marketing
Founded in Fort Myers, FL – 2002 Speech/interaction analytics specialists Headquartered in Waltham, MA Offices in Nottingham & Sydney 40% of clients in accounts receivables
Automated agent monitoring & performance feedback
Customer engagement analytics & intelligence platform
A Bit About CallMiner
Proprietary & Confidential, CallMiner Inc.3
The “Who” and “Why”
By Industry By Initial Use Case
Debt Collection Regulation
Written notice Follow up after 6 days Contact within certain times Restricted use of language
‒ Intimidation‒ Threats‒ Profanity‒ Coercive language‒ Unreasonable pressure
Consumer Debt/Risk
167.6%consumer debt to income ratio
+7.8%consumer
insolvency vs. ‘Q215
credit market debt to GDP
100.5%
Maximize revenue collected while remaining compliant, and treating consumers fairly and with respect.
Compliant Effective
Ensuring consumer data is…Ensuring our agents are…
Protected
An Illustration of the Issues with Manual Monitoring
20 30 40 50 60 70 80 90 100 1100
20
40
60
80
100
120
R² = 0.0210908594677209
Dec Vs. Feb Manual Scores
DEC Y1
FEB
Y2
Proprietary & Confidential, CallMiner Inc.8
What if you could…(automatically)
Tag calls that are out of compliance Identify high risk teams or collectors Identify behaviours that lead to collection Alert managers, guide agents in real-time Identify consumers likely to pay Redact sensitive data
…for all calls?
Proprietary & Confidential, CallMiner Inc.9
(With metadata) Transcription& acoustic
measurements(redacted)
Automated categorization & tagging
(language patterning)
Compliance, behavior and
targeted coaching insight
Automated scoring & tracking
100%Interactions Transcript Categorization &
TaggingScoring &Tracking
Insights
How Speech Analytics Works
Proprietary & Confidential, CallMiner Inc.10
Transcription & acoustic measurements
(redacted)
Automated categorization and tagging
(language patterning)
Compliance, behavior & targeted coaching insight
Configurable automatedscoring & tracking
100%Interactions
AudioValues
MetadataValues
AgitationChats
Surveys
Text Messages
Emails
Word TempoSilence
Agent InfoIVR DetailsCaller InfoCRM DataWFO Data
Calls
With metadata
How Speech Analytics Works
Proprietary & Confidential, CallMiner Inc.11
Automated categorization and tagging
(language patterning)
Compliance, behavior & targeted coaching insight
Configurable automatedscoring & tracking
100%Interactions
With metadata Transcription & acoustic measurements
(redacted)
Good morning. Is this Gabriel Nelson of 1255 Elm Street?
Yes. If you don’t stop calling me I’m going to contact my attorney.
I must inform you this call is on a recorded line and this is an attempt to collect a debt.
I’ve already paid my bill in full. I do not understand why you people keep harassing me!
How Speech Analytics Works
Proprietary & Confidential, CallMiner Inc.12
Compliance, behavior & targeted coaching insight
Configurable automated scoring & tracking
100%Interactions
With metadata Transcription & acoustic measurements
(redacted)
Automated categorization and tagging
(language patterning)
Proper Greeting
Right Party Contact
EmpathyPaymentLanguage
Dissatisfaction Recording Disclosure
PolitenessLegal Threat
CloseLanguage
How Speech Analytics Works
Good morning. Is this Gabriel Nelson of 1255 Elm Street?
Yes. If you don’t stop calling me I’m going to contact my attorney.
I must inform you this call is on a recorded line and this is an attempt to collect a debt.
I’ve already paid my bill in full. I do not understand why you people keep harassing me!
Proprietary & Confidential, CallMiner Inc.13
Transcription & acoustic measurements
(redacted)
Automated categorization and tagging
(language patterning)
Compliance, behavior & targeted coaching insight
100%Interactions
With metadata
AGENT QUALITY
82
CHURNRISK
HIGH
CUSTOMERSATISFACTION
36
EFFICIENCY RATING
Optimal
COMPLIANCERISK
Low
SALESEFFECTIVENESS
Low
Configurable automated scoring & tracking
How Speech Analytics Works
Proprietary & Confidential, CallMiner Inc.14
Transcription & acoustic measurements
(redacted)
Automated categorizationand tagging
(language patterning)
100%Interactions
With metadata Configurable automatedscoring & tracking
Compliance, behavior & targeted coaching insight
Real-timeMonitoring
Search, Trend, DiscoverCompare, Report
ALERT ANALYZEAutomated Quality or
Performance Management
FEEDBACK
How Speech Analytics Works
Exporting Data to 3rd Party Applications
API
Post Contact Analytics
Agent performance evaluation Trend tracking/analysis Ad hoc search, investigation Root cause analysis Omni-channel, journey analytics Predictive modeling
Monitoring, alerting Next-best-action guidance Supervisor shadowing Escalation, call intervention
Real-time Analytics
We're monitoring calls in a way that we just weren't able to before for things like
compliance, professionalism, and courtesy.
Tracy DudekVice President, Operations
“Hours/Yr Saved4000
Improvement in FCR23%
Revenue/Agent/Month$2,278Average Silence
12%
More than 70 fields [of metadata] are utilized within CallMiner to generate predictive
guidance for account management prioritizing, along with words to use to make conversations
with debtors more productive.
Richard BrittDirector of Consumer Data
Management & Strategy
“Unproductive Hours
72%
Revenue Increase$5.9m
Conversion Rates7.8%
Hang-ups18%
Reduce QA & Operating
Cost
Accelerate Agent Ramp
Optimize Outcomes
Higher Client Satisfaction
Increase Productivity
Mitigate Compliance
Risk
Benefits of Interaction
Analytics for ReceivablesManagement
Proprietary & Confidential, CallMiner Inc.
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