How Speech Analytics is Creating Fully-Compliant and Highly-Effective Contact Centers
What is Speech Analytics?Speech analytics is a technology that processes and uploads contact center call recordings to a web interface that transcribes, scans and evaluates conversations between consumers and agents to improve call quality and performance. The most sophisticated versions of speech analytics refine this process to give managers a real-time dashboard that scores every call and quickly identifies red flags.
For the collections industry, this technology provides more than quality control—it’s the first line of defense against potential compliance violations.
Using Speech Analytics to Reduce Compliance ExposureIf all speech analytics did for the collections industry was to help mitigate risk against class-action lawsuits and government fines, it would be worth deploying. The reality is, it does much more. We’ll discuss the performance benefits in a future article, but let’s not undersell the overwhelming value it brings in limiting a company’s exposure risk .
The collection industry faces a litany of legal hurdles every day. The Fair Debt Collections Practices Act (FDCPA), which protects consumers against abusive, unfair, or deceptive collection methods, can be a minefield for agents to navigate. The TCPA (Telephone Consumers Protection Act), often referred to as robocall protection, regulates how a business dials a consumer and whether they have consent to do so.
Finally, when collecting payments, contact centers must maintain strict Payment Card Industry (PCI) standards to keep credit card information secure.