From Call Audio to Data Driven Decisions in 5 Steps
A Brief Introduction to Using Behavioral Analysis in Collections
The VoizTrail® Communication and Compliance Suite’s new behavioral analysis module offers collection agencies a platform for utilizing their call audio for in-depth analysis based upon consumer behavior trends for better engagement, improving internal processes and data-driven decision making. With the VoizTrail® suite, you can get to the root of payment behavior, and create detailed profiles for consumer groups in five simple steps.
Classify the Call Driver
Through keyword analysis, consumers’ call objectives can be identified and tracked for classification. Consumers with like call drivers are then segmented into groups for further analysis. This is the beginning of a consumer group profile. “I found this on my credit report.”
Determine the State of Mind
Emotional data provided by the analysis of audio acoustics such as pace, volume or tone, offer insights into a consumer’s state of mind. The attitudes and emotions of the caller can then be associated with a call driver classification. “Why is this on my credit report?!”
Identify Variants
Once objective and state of mind have been attributed to each consumer group, they can be analyzed for variants. This allows each segmented group to be further subdivided for a more accurate impression of that consumer profile. ”I found this on my credit report…” and “I don’t think it’s my account.” -vs- “I need to pay it.”
Establish the Context
The context surrounding each call driver is determined and added to the consumer group profile. What circumstances lead the consumer to the call? Putting calls into context is an important step when developing strategies tailored to specific groups. “… with all my other medical bills, I must’ve forgotten about this one.”
Recognize the Intention
The final component needed before an effective strategy can be formulated is to recognize a consumer’s intention. Now you have an accurate way to predict the behavior of a specific consumer group. “I can only pay $50 a month.” In five steps you now have a detailed consumer profile that can be used to strategize for each recurring scenario, prioritize accounts, and make accurate projections for the future. The new VoizTrail® behavioral analysis module makes it easy to determine what motivates consumer payment decisions, creating the best opportunity for first-call resolution and maximized returns.