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Increase debt collection with insight from customer interactions
A large proportion of today’s consumers carry a large amount of debt and little means to repay it. Consequently, many companies are having difficulty collecting debts, which directly impacts their bottom line. NICE Collections Optimization leverages NICE’s Interaction Analytics to gain meaningful insights into the main drivers of successful debt collection. It identifies high performing collection agents and analyzes their interactions in order to uncover best practices and techniques. It also identifies training opportunities for agents with a low contact rate or collection performance.
Companies can use NICE Collections Optimization to find the best contact scenarios as well as the most productive time of day and week to increase the right-party contact rate. NICE Collections Optimization also helps companies understand the main reasons why customers don’t pay their debts, and use that insight to improve agent negotiation skills and collection effectiveness and bring in revenue.
In addition, NICE Collections Optimization analyzes all collection interactions in order to assure regulatory compliance. By analyzing agent behavior during interactions, it can check for script adherence and verify that agents provide proper disclosure and follow strict compliance regulations. Proactive alerts are sent to compliance officers when interactions are suspected to be non-compliant with company and regulatory policies.
Right Party Contact Rate Trend Report with the NICE Collections Optimization solution
Business Benefits:
By leveraging customer interactions, NICE Collections Optimization offers a powerful collections solution to increase debt collection and improve regulatory compliance.
- Improves right-party contact rate
- Improves promise-to-pay rate
- Increases collection payments
- Verifies proper disclosure
- Ensures customer verification to comply with privacy regulations
Capabilities:
NICE Collections Optimization monitors collection interactions to uncover performance improvement opportunities and identify compliance violations.
- Identify collection agents with high right-party contact rate
- Identify collection agents with high promise-to-pay rate
- Find key drivers of successful collection
- Uncover best practices
- Receive proactive notifications when suspected out-of-compliance interactions are identified
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