The debt collection industry relies on technology. For one thing, it’s the only way they can do their job. For another, it’s the only way they can do their job effectively. Put another way, by instituting certain technologies into your debt collection agency, you can increase productivity and efficiency just like that.
Why are the right phone technologies important?
Phone technologies are important in practically any industry now-a-days, but especially so in debt collection. Why? Because with the right business phone features, debt collection agencies can specifically tailor their strategies to fit each consumer and client. They also need to effectively collect and use data analytics in order to improve recovery rates and consumer experience. Simply put, the right phone can help debt collectors better serve their clients by tailoring their practices specifically to them.
But what kinds of technologies can help them do this? Here’s a quick list:
Call Reporting & Wallboard Software
This is for those who want the “big picture” of what’s happening on the floor. Call reporting & wallboard software provides real-time data on every phone call that is made and received such as the number of calls received, how long each call lasted, average talk time, and more. Each employee can see the data, giving them an extra incentive to work harder and find areas that need improvement. Even more, your team can receive custom reports that work specifically for you and your employees.
The Fair Debt Collection Practices Act (FDCPA) was passed by Congress in 1977, instituting a series of regulations on debt collection agencies. Of these regulations, the most important was that each agency now had to record and store each and every one of their calls. As such, your debt collection agency needs to have call recording features in order to stay 100% compliant and avoid potential lawsuits. That’s why at Vaspian, we provide unlimited call recording, free storage for one year, and the ability to simply search and archive each and every call your agency makes and receives.
Speech analytics is practically a must-have for debt collection agencies. Because debt collectors have to contend with a tightly controlled market, compliance issues, and the threat of lawsuits, they need to find a way to save money, time, and do it all while adhering to strict laws and regulations. That’s where speech analytics comes in. With speech analytics, you can get an automatic transcript of each call, as well as scorecards that can analyze if each agent is following government and company regulations. They can also target areas for improvement for every agent to work on.
If you can’t have speech analytics, then call monitoring is the next best answer to improve your employees’ skills and ensure compliancy. This is a great training tool that allows managers to listen and give advice, in real time, on their employees’ calls. With the advanced call monitoring tool that Vaspian provides, there are three main functions:
Just as someone might barge their way into the conversation, a manager can insert themselves directly into a call. This forces a 3-way call between the manager, employee, and client where all parties can hear and speak to each other.
Whisper (Live Coaching)
As an employee is on the phone with a client, the manager can listen in and speak to the employee without the client knowing or hearing what the manager is saying.
This allows the manager to “steal” or force a call from an employee’s phone to their own phone.
CRM Software Integration
Finally, a much-needed feature that can reduce error and boost productivity is CRM Software Integration. This integrates your CRM with your business phone system, making it so that an agent can simply click on a phone number on their computer screen to make a call. This reduces misdialing by 100% and increases productivity by 23% daily. Not only that, but CRM Software Integration can also automatically bring up a client’s information onto your screen right as they’re calling you, providing the information you need in a snap.
All in all, these phone technologies are all based around similar things—improving employee performance and ensuring 100% compliancy. It can’t be done without them, which is why it’s important to have the right business phone system by your side. At Vaspian, we provide all of these phone technologies and more to more than 400 debt collection agencies/call centers. We are also members of the ACA, regular attendees of the RMA, and residents of Buffalo, NY, the “Debt Collection Capital of the World.” As such, we are easily the most efficient, reliable, and up-to-date phone system for the debt collection industry.