In order to remain competitive in the current market, debt collections operations must consist of two fundamental pillars. Recovering debt effectively and profitably and ensure excellence in the debtor’s experience.
Many companies struggle to implement tools to optimize the quality of debt collections and align with these premises. The main obstacles they face are deficiencies in the measurement and monitoring of key indicators of debt recovery that affect the debtor´s customer attention. In addition to the lack of training and non-compliance with the laws governing debt recovery. Issues that could be solved with a call center software that guarantees high levels of quality in the service.
It is essential that collections contact center rely on technological tools in order to optimize the quality of the customer experience. Solutions that facilitate documenting the management carried out by negotiators and the processes of debt collection. Both in real time and at historical level. Additionally, they allow implementing action plans to take advantage of improvement opportunities and replicate good practices.
Listening to debtors and negotiators to improve their customer experience
The negotiators of collections companies manage many interactions with the debtors on a daily basis. Moreover, they do so through different communication channels. As a result, they generate huge amounts of data that requires measurement and documentation for further analysis. The study of this information enables decision making to optimize debt collections. Based on better schedules to contact debtors, type of debt to collect and debtor´s profile, among others.
It is impossible to measure and document 100% of this interactions manually. This is where voice analysis and recording of interactions are fundamental. The first allows monitoring in real time the interaction between the negotiator and the debtor. Above all, enhanced with artificial intelligence, it facilitates collecting information and its automatic analysis. For example, it identifies changes in voice tones and levels of stress on both sides. This can alert the contact center supervisors in real time. Recording interactions also facilitates analysis, correcting errors and replicating good practices. All of the above facilitates to build business strategies to recover debt efficiently while maintaining focus on offering an optimal customer experience.
Better trained negotiators to recover debt efficiently
It is imperative to have well trained negotiators. Due to the complexity of debt collections processes and the legal implications of its practice. Once the documentation process occurs, designing of training plans is necessary. Through dashboards with parameters and specific criteria for each type of interaction. This way, each negotiator can be evaluated during and / or after the interaction with the debtor and use this information in the training plans. New negotiators or even those who need more training can learn about real situations.
A good formation would not be complete without its respective feedback. Here the managers and supervisors of the collections contact center can rely on the recordings of the interactions managed by the negotiators. Though audio recording of the conversations or on the debtor´s screen, showing what they do correctly or what needs improvement.
Debt collections must maintain high levels of quality not only for recovering debt. Also to offer excellence in customer attention for debtors. However, this is not enough. In addition, we have to take into account the legal factor that governs this industry.
In many countries, debt collections contact centers must adhere to the laws that regulate them. Both in terms of management performed by negotiators and operationally. Therefore, it is vital to have a quality management solution that guarantees compliance with these regulations.
Maintaining high standards in the quality of customer service is of vital importance for any economic sector. In debt recovery, this is not enough, since it is also important to ensure compliance with the laws governing its operation. In this way, they can recover debt efficiently.
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