Insights|Why Data-Driven Collections Speak for Themselves

Why Data-Driven Collections Speak for Themselves

Fusing speech analytics with customer experience expertise, Sitel First Party Collections is the intelligent way for companies to recuperate monies owed without negatively impacting their brand image or the customer relationship.

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by Sitel staff June 22, 2020 - 3 MIN READ

Collecting past-due receivables efficiently and effectively presents challenges for companies of all sizes. How do you manage seasonal peaks without over investing? How do you collect monies owed without damaging the customer experience (CX) and your brand integrity? And how do you do all of this while being absolutely certain you’re aligned with all compliance regulations?

Designed from the ground up to meet all of these challenges, Sitel® First Party Collections is built upon our real-time speech analytics capabilities and understanding of the end-to-end customer experience to eliminate the guesswork when it comes to collecting past-due receivables so that your organization and your customers both arrive at the best possible outcome.

Regulatory Compliance

Our first party collections solution enables compliance with all applicable nationwide state and government-level regulations meaning that organizations that wish to adopt the solution can do so, safe in the knowledge that all processes are compliant.

The artificial intelligence (AI) that forms the backbone of the solution’s speech analytics capabilities tracks every conversation between every agent and every customer in real-time to instantly detect any incidents of non-compliant language and to make certain that disclaimers are always used during interactions. If the agent misses a beat, the oversight can instantly be flagged on his or her terminal so that they can make the necessary adjustments in their conversation. And of course, this feature can be fine-tuned to reflect the needs and regulatory landscape of any consumer-facing business sector from banking, insurance and financial services to communications, media and entertainment.

These features, alongside our proven and robust security controls ensure all private data is handled correctly and potential breaches are prevented and reducing the likelihood of inquiries from regulatory bodies.

Integrated Quality Assurance

The same technology that enables Sitel First Party Collections to immediately flag non-compliance also guarantees optimum quality for every interaction. Thanks to machine learning and Natural Language Processing (NLP), 100% of contacts are monitored and analyzed in real-time and the content compared with existing data. This process identifies patterns in the consumer’s behavior as the conversation unfolds. It also uses this information to calculate the next best action the agent needs to take to achieve a positive outcome. This in turn ensures shorter average call times.

And, as more patterns are discovered, more data is collected and success rates  improve. The actions driving these outcomes are leveraged to identify and training needs, ensuring continuous improvement.

Increased Collections Rates

Before the collections process begins, we conduct a full analysis of an organization’s customer base to understand different customer types and associated behavior and combine these findings with those gleaned from a thorough portfolio analysis. Undertaking these actions allow us to carefully segment customers and classify them in terms of both behavior and potential financial risk to develop clear customer treatment paths for each customer category.

Because this exercise also highlights customers who are statistically likely to fall into arrears but are currently on track, interactions aimed at taking preventative action can be integrated into the operation. Portfolio analysis and segmentation tailored customer treatment paths, built on portfolio analysis and segmentation, can reduce accounts in arrears by as much as 25%.

Through optimized collection campaigns focused on high balance, early dollar accounts, on average our customers see a working capital improvement of 10% or more.

The tailored customer treatment paths are then aligned with the agents with the appropriate capabilities or experience relating to the delicacy or sensitivity required.

Lower Operational Costs

Because the structure and content of agent training is pre-defined by the customer and portfolio analysis, it is bespoke to the organization’s specific collections needs and is certain to focus on the right aspects regarding soft and hard skills. Adding to this effectiveness is the fact that the training is devised, developed and led by our award-winning experts, who leverage the right blend of approaches, from face-to-face to micro-courses and gamification to minimize time to competence. This tailored training develops highly skilled agents while also cutting training times by as much as 25%.

Alongside faster and more effective training, by actively monitoring demand schedules, our solution ensures peaks in collection demands are met without stretching available resources, reducing agents’ cure rates or negatively impacting on customer experience and brand perception.

And of course this is in addition to the intelligent use of automation to optimize processes and experiences for efficacy and efficiency. For example, the application of intelligent contact routing technology can deflect customers to lower-cost channels such as chat, email or conversational IVR, based on their risk profile and preferences. This reduces the number of calls coming directly through to agents, giving them the time and latitude to focus their attention on customers requiring a high-touch approach.

Intelligent routing also pairs a customer with the most appropriate agent in terms of experience and expertise to ensure the best possible outcomes for both the organization and the customer.

Bringing all of these elements together are robust management systems and dedicated workforce management teams who understand how to leverage experienced agents. All of which equates to operational cost reductions of up to 70%.

To learn more about Sitel First Party Collections and the technologies set to change the way organizations recoup outstanding accounts, watch our webinar.

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