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Using Basic Speech Analytics for Business Intelligence
Engage Speech Analytics software locates words and phrases in call recordings, helping uncover fresh insights for improving products and services, reducing litigation risks, and increasing customer satisfaction.
Noelle manages a collections agency and is concerned that all of her staff may not be adhering to the Fair Debt Collection Practices Act (FDCPA) which governs the collection industry. Called a Mini-Miranda Disclosure, the FDCPA requires that employees must state at the beginning of the call that the purpose of the call is to collect a debt. Penalties range from fines to loss of collection licenses, so it is critical to comply with the regulation.
The agency uses a leading call recording solution to record all calls, but with 50 agents making an average of four hours of calls per day, there is no conceivable way for her to listen to 200 hours of recordings each day. Listening to a sample of the recordings shows that most of her agents are in compliance, but it is a small sample. She needs a way to verify the correct statements are being spoken and to take action for those calls where this did not happen.
Noelle contacts TelStrat, her Call Recording solution provider, to find how other companies have addressed this liability risk.
Noelle learns that TelStrat offers two options for speech analytics: Engage Analyze is a speech analytics tool that identifies recordings that do or do not contain configured words/phrases and Engage Analyze Pro is a more advanced solution with much more sophisticated analytics, but also requires more extensive configuration and tuning.
Noelle chooses the Engage Analyze package, as she believes it will meet all of her requirements. She configures categories of speech relating to the Mini-Miranda statement that must be spoken to identify the call as a debt collection call and configures her automatic search to find recordings that do not contain these phrases. By programmatically monitoring the recordings instead of hiring expensive staff to listen to the recordings, she can meet her budget limitations and keep her costs in line with expectations. She quickly realizes that the solution pays for itself in a minimal amount of time.
After implementing speech analytics to resolve her concern about compliance, Noelle begins to explore other uses for the tool. She finds that by configuring different categories, she can search for inappropriate language, customers that ask to speak to a supervisor, etc. She is pleased to learn that her employees are exhibiting professional behavior during their calls, and with automatic search of the recordings she can
be confident that customers are treated appropriately.
Speech analytics software is an excellent tool for monitoring compliance in any number of regulated industries including healthcare, financial services, and telemarketing. Additionally, in organizations where customer service is a key business differentiator, a company can quickly learn what is happening during their employees’ recorded phone calls and take appropriate action to improve agent performance and achieve the highest levels of customer satisfaction.