How split-second analysis of conversations can boost compliance and performance.
Conversations with consumers — whether asking for payment or answering product questions — are an expensive form of contact, fraught with compliance risk. When handled unsuccessfully, they can negatively impact the bottom line, as well as increase risk of fines and reputational damage for regulatory noncompliance.
Phonetics-based speech analytics provides a scientific, scalable way of evaluating and improving conversations with consumers. The technology is helping companies lower compliance risk while lifting agent productivity by double digits.
This paper from FICO looks at how companies can use these analytic insights to:
- Increase—and prove—regulatory compliance.
- Detect the conversational characteristics of best (and worst) performers.
- Score agents for likelihood of achieving targeted outcomes with specific types of calls.
- Provide score-driven guidance to help all agents converse like the best.
- Generate supervisor dashboards and alerts for when to intervene.
- Lower human capital costs by accelerating agent training and reducing churn.
from the whitepaper:
Another developmental direction for improving conversation success may be to combine speech analysis and LDA with strategy adjustment or optimization. In collections, agents often follow a rigid “ladder” of steps that may eventually lead to a settlement offer. In many cases, however, this process causes long AHT due to excessive negotiation and can result in less than optimal recovery amounts. But speech analytics can prevent this waste by discovering topics in the conversation that trigger rules guiding agents to skip over rungs of the ladder when a truncated course of action will be more effective.