IndustrY Challenges
Collection Agencies
Segmenting Consumers
VoizTrail® Speech Analytics’ Behavioral Analysis module empowers agencies to segment consumers based upon how they regularly interact with your agency. This makes it easy to identify consumer ‘types’ and tailor new strategies to their specific needs, or communication styles so future interactions are as effective as possible. Below we provide examples for two common types: The confused consumer and the concerned consumer:
Type: Confused Consumer
Type: Concerned Consumer
As of November 30, 2021, consumers will get more control over how debt collectors communicate with them, while collectors face new restrictions on how they collect debts.
Speech Analytics
An Unlikely Defense Against FDCPA
The primary purpose of the Fair Debt Collection Practices Act (FDCPA) is to protect consumers from abusive or harassing behaviors, yet, little exists to protect agencies. This has made call recording and monitoring practices especially appealing because it offers an authentic record of consumer interactions.
With VoizTrail® Speech Analytics, agencies have the opportunity to monitor the use of specific words or phrases. This allows calls to be flagged, and alerts to be issued for the use of words like “harassment” or phrases such as “attorney represented.” Any kind of abusive language can be introduced into the analytics system for monitoring, offering endless possibilities for detecting risky calls.
Challenge
The Payment Card Industry Data Security Standards (PCI-DSS) was designed to protect a consumer’s cardholder data when it is collected, stored, or processed by a business. Call centers are at the center of PCI-DSS concerns as they process a large amount of cardholder data daily with little to prevent phone agents from collecting the data and using it for fraud. For this reason specifically, businesses are no longer permitted to store call recordings that contain sensitive payment data. Costs for PCI-DSS noncompliance can be staggering, ranging between $5, 000 and $100,000 per month.
Solution
PCI DSS compliance states that all cardholder data must be protected wherever it is stored. VoizTrail® Speech Analytics can be configured to flag any call in which a series of numbers are uttered in conjunction with the word “credit card” or “payment” allowing for calls containing cardholder data to be easily categorized and searched.
Challenge
The Fair Debt Collection Practices Act (FDCPA) was designed to protect consumers from abuse and harassment from debt collectors and the agencies they work for. The FDCPA regulates cruel or deceptive collection tactics such as intimidation, misrepresentation, or false threats of legal action. It also regulates the way in which consumer information can be obtained, protecting consumers from potentially embarrassing communications that may qualify as an invasion of privacy, and provides consumers with a means to verify or contest their assumed debts. Estimated costs of FDCPA violations vary greatly. Consumers, their employers and/or family members, can sue for damages.
Solution
VoizTrail® Speech Analytics can monitor the emotional components of a call. This ability means that calls can be flagged and supervisors immediately notified in the event an agent displays inappropriate emotional cues, such as anger or assertiveness.
Challenge
The Truth in Lending Act (TILA) was established to protect consumers from falling prey to deceptive purchases or loans. Call centers must disclose to the consumer appropriate information concerning terms of any agreement, policies or potential fees. This includes special provisions for call centers concerning the oral disclosure of information and the retention of those records. TILA regulates access and security of a consumer’s private financial information.
Solution
TILA requires that consumers are given full disclosure of the terms of any lending agreement. VoizTrail® Speech Analytics can be set up to monitor the use of specific keywords and phrases to ensure agents are adhering to TILA regulations. Details of lending policies and fees can be entered into the system and a scorecard can be generated for individuals, departments, or the call center as a whole, giving supervisors an accurate gauge of non-compliance risk.
Challenge
The Sarbanes-Oxley Act (SOX) was created in 2002 and is similar to the TILA. It was designed to safeguard consumers against deceptive financial services and requires the storage of “digital” records. This becomes a concern for call centers as it directly addresses the authenticity of recorded calls. Call centers whose consumers fall under these protections must record and maintain calls in their entirety and make them easily available for recall for a determined amount of time.
Solution
SOX states that both incoming and outgoing call center communications must be stored in an easily searchable structure. VoizTrail® Speech Analytics automatically indexes 100% of calls based on preset and customizable parameters making call searching fast and accurate. The application of speech analytics facilitates the auditing process.
Challenge
The Health Insurance Portability and Accountability Act (HIPAA) was developed to protect a patient’s private health records. The act covers both patients’ health records in electronic format as well as any information transmitted between patients and providers orally or by handwritten notes. HIPAA regulations apply to any business that is remotely connected to the healthcare industry, even callforwarding services. HIPAA violations rank among the costliest and are the easiest to unintentionally commit. For instance, leaving a message on the wrong answering machine can accrue hefty fines.
Solution
VoizTrail® Speech Analytics technology can be used to redact sensitive patient information such as date of birth, social security number, address, or payment information. This ensures confidentiality is maintained in the instance of a security breach. VoizTrail® Speech Analytics can also be employed to flag calls and alerts supervisors when language is being used that may indicate the potential for a violation.
Challenge
The Dodd-Frank Act stipulates, in part, that all communications related to financial transactions by financial institutions are documented in a way which preserves transparency and can be easily located, or searched. For call centers, this often means developing a method for recording and time-stamping financial communications in a secure and accessible way. Violating the Dodd-Frank Act costs businesses hundreds of millions each year.
Solution
The Dodd-Frank Act mandates that all interactions related to a specific transaction be available within 72 hours of the audit request. With the superior indexing and searching capabilities of VoizTrail® Speech Analytics, all related recordings can be retrieved in a systematic and timely manner, adhering to compliance standards.
Challenge
Call center violations of the Do Not Call Registry are costly. The registry applies specifically to telemarketing calls and organizations are given 31 days from the time a number is registered to comply. Consumers merely need to file a simple complaint with the FCC including their registered number, the time of call, and business name that issued it, in order to begin an investigation. To date the Federal Trade Commission has collected over $49 million in penalties and $71 million in retributions (7).
Solution
VoizTrail® Speech Analytics can flag calls containing Do Not Call language to help prevent potential registry violations or harassment claims.
Challenge
The Telephone Consumer Protection Act (TCPA) works in conjunction with the Do Not Call Registry and creates a set of guidelines for call centers that engage in telemarketing. Codes of conduct such as appropriate call times and self-identification are included in this statute. The standard fine for TCPA noncompliance can range between $500 and $1500 per occurrence, depending on the circumstance.
Solution
A primary area of concern for TCPA compliance and call centers is the necessity for “expressed prior consent.” “Expressed prior consent” can be revoked at any time by the consumer. Then, in the instance of a filed complaint or dispute, the only recourse a call center has is to furnish proof of consent. VoizTrail® Speech Analytics makes expressed consent as well as revocations easy to track and monitor.
Challenge
Due to various state and federal “wiretapping” laws, call centers must engage in call monitoring consent practices. While laws vary, most require verification of consent of at least one party. A call center’s best practice is to notify the consumer that the call is being recorded. The consequences for violating call monitoring consent laws range from monetary fines to criminal prosecution.
Solution
With VoizTrail® Speech Analytics technology, specific phrases in scripts concerning call monitoring consent can be confirmed. Furthermore, calls can be analyzed for negative responses to the request for consent alerting supervisors to problems with the consumer.
Challenge
The Payment Card Industry Data Security Standards (PCI-DSS) was designed to protect a consumer’s cardholder data when it is collected, stored, or processed by a business. Call centers are at the center of PCI-DSS concerns as they process a large amount of cardholder data daily with little to prevent phone agents from collecting the data and using it for fraud. For this reason specifically, businesses are no longer permitted to store call recordings that contain sensitive payment data. Costs for PCI-DSS noncompliance can be staggering, ranging between $5, 000 and $100,000 per month.
Solution
PCI DSS compliance states that all cardholder data must be protected wherever it is stored. VoizTrail® Speech Analytics can be configured to flag any call in which a series of numbers are uttered in conjunction with the word “credit card” or “payment” allowing for calls containing cardholder data to be easily categorized and searched.
Challenge
The Fair Debt Collection Practices Act (FDCPA) was designed to protect consumers from abuse and harassment from debt collectors and the agencies they work for. The FDCPA regulates cruel or deceptive collection tactics such as intimidation, misrepresentation, or false threats of legal action. It also regulates the way in which consumer information can be obtained, protecting consumers from potentially embarrassing communications that may qualify as an invasion of privacy, and provides consumers with a means to verify or contest their assumed debts. Estimated costs of FDCPA violations vary greatly. Consumers, their employers and/or family members, can sue for damages.
Solution
VoizTrail® Speech Analytics can monitor the emotional components of a call. This ability means that calls can be flagged and supervisors immediately notified in the event an agent displays inappropriate emotional cues, such as anger or assertiveness.
Challenge
The Truth in Lending Act (TILA) was established to protect consumers from falling prey to deceptive purchases or loans. Call centers must disclose to the consumer appropriate information concerning terms of any agreement, policies or potential fees. This includes special provisions for call centers concerning the oral disclosure of information and the retention of those records. TILA regulates access and security of a consumer’s private financial information.
Solution
TILA requires that consumers are given full disclosure of the terms of any lending agreement. VoizTrail® Speech Analytics can be set up to monitor the use of specific keywords and phrases to ensure agents are adhering to TILA regulations. Details of lending policies and fees can be entered into the system and a scorecard can be generated for individuals, departments, or the call center as a whole, giving supervisors an accurate gauge of non-compliance risk.
Challenge
The Sarbanes-Oxley Act (SOX) was created in 2002 and is similar to the TILA. It was designed to safeguard consumers against deceptive financial services and requires the storage of “digital” records. This becomes a concern for call centers as it directly addresses the authenticity of recorded calls. Call centers whose consumers fall under these protections must record and maintain calls in their entirety and make them easily available for recall for a determined amount of time.
Solution
SOX states that both incoming and outgoing call center communications must be stored in an easily searchable structure. VoizTrail® Speech Analytics automatically indexes 100% of calls based on preset and customizable parameters making call searching fast and accurate. The application of speech analytics facilitates the auditing process.
Challenge
The Health Insurance Portability and Accountability Act (HIPAA) was developed to protect a patient’s private health records. The act covers both patients’ health records in electronic format as well as any information transmitted between patients and providers orally or by handwritten notes. HIPAA regulations apply to any business that is remotely connected to the healthcare industry, even callforwarding services. HIPAA violations rank among the costliest and are the easiest to unintentionally commit. For instance, leaving a message on the wrong answering machine can accrue hefty fines.
Solution
VoizTrail® Speech Analytics technology can be used to redact sensitive patient information such as date of birth, social security number, address, or payment information. This ensures confidentiality is maintained in the instance of a security breach. VoizTrail® Speech Analytics can also be employed to flag calls and alerts supervisors when language is being used that may indicate the potential for a violation.
Challenge
The Dodd-Frank Act stipulates, in part, that all communications related to financial transactions by financial institutions are documented in a way which preserves transparency and can be easily located, or searched. For call centers, this often means developing a method for recording and time-stamping financial communications in a secure and accessible way. Violating the Dodd-Frank Act costs businesses hundreds of millions each year.
Solution
The Dodd-Frank Act mandates that all interactions related to a specific transaction be available within 72 hours of the audit request. With the superior indexing and searching capabilities of VoizTrail® Speech Analytics, all related recordings can be retrieved in a systematic and timely manner, adhering to compliance standards.
Challenge
Call center violations of the Do Not Call Registry are costly. The registry applies specifically to telemarketing calls and organizations are given 31 days from the time a number is registered to comply. Consumers merely need to file a simple complaint with the FCC including their registered number, the time of call, and business name that issued it, in order to begin an investigation. To date the Federal Trade Commission has collected over $49 million in penalties and $71 million in retributions (7).
Solution
VoizTrail® Speech Analytics can flag calls containing Do Not Call language to help prevent potential registry violations or harassment claims.
Challenge
The Telephone Consumer Protection Act (TCPA) works in conjunction with the Do Not Call Registry and creates a set of guidelines for call centers that engage in telemarketing. Codes of conduct such as appropriate call times and self-identification are included in this statute. The standard fine for TCPA noncompliance can range between $500 and $1500 per occurrence, depending on the circumstance.
Solution
A primary area of concern for TCPA compliance and call centers is the necessity for “expressed prior consent.” “Expressed prior consent” can be revoked at any time by the consumer. Then, in the instance of a filed complaint or dispute, the only recourse a call center has is to furnish proof of consent. VoizTrail® Speech Analytics makes expressed consent as well as revocations easy to track and monitor.
Challenge
Due to various state and federal “wiretapping” laws, call centers must engage in call monitoring consent practices. While laws vary, most require verification of consent of at least one party. A call center’s best practice is to notify the consumer that the call is being recorded. The consequences for violating call monitoring consent laws range from monetary fines to criminal prosecution.
Solution
With VoizTrail® Speech Analytics technology, specific phrases in scripts concerning call monitoring consent can be confirmed. Furthermore, calls can be analyzed for negative responses to the request for consent alerting supervisors to problems with the consumer.
Agent Salaries & Benefits
Non-Agent Salaries & Benefits
Office & Facilities Expenses
Technology & Communication Expenses
Travel, Training & Office Supplies
Agent Cost & Productivity
Agent Salaries & Benefits
Non-Agent Salaries & Benefits
Office & Facilities Expenses
Technology & Communication Benefits
Travel, Training & Office Supplies
Without a doubt, your agents are the costliest resource on board. An agent’s average call-handling time, number of inbound/outbound calls per day, and audit scores, are some of the metrics that steer your everyday decisions.
VoizTrail® Speech Analytics not only gives you the tools needed to monitor agent performance, it provides you with a method of removing human error and standardizing the process so it’s unbiased.
VoizTrail® records call audio in two channels for separate analysis of agent and caller. The system then generates detailed reports based upon the customized standards for your business. This gives unique insights that allows you to pinpoint the strengths and weaknesses of individual agents in order to improve training where needed, which results in higher quality at a lower cost.
Agent Turnover
Let’s be honest, agents have a really difficult job. So it’s no surprise the collections vertical is notorious for high turnover. Some estimates put turnover rates as high as 33% or even 50%. These record turnover rates drastically impact your agency’s bottom line. Not only is high-agent turnover costly, it’s bad for overall employee morale.
VoizTrail® Speech Analytics is an invaluable teaching tool. It allows organizations to identify the type of characteristics exhibited by their most successful agents to use as a teaching model for new, onboarding employees. Additionally, because speech analytics software can be customized with a predefined set of keywords and phrases, supervisors can also work more precisely with agents that are handling difficult consumers.
With VoizTrail® Speech Analytics, agents become more confident, more dedicated, motivated, willing to go the extra mile, and are less likely to leave.
National average annual turnover rate in 2020.
Percentage of yearly turnover that is voluntary.
Employees leaving within the first 90 days of employment.
Number of job openings in the U.S. as of June 2021.
