Debt collection industry publication InsideARM published an interesting promotional article/opinion piece on the role that speech analytics can have in monitoring debt collector compliance and performance. Although written by the product marketing manager of the product being discussed, the rationale behind implementing the technology has merit. Essentially, speech analytics tracks all contacts between a debt collector and a consumer and can analyze those contacts for myriad factors, such as how a call to a wrong number is handled, whether or not voicemails comply with the Fair Debt Collection Practices Act, and whether or not a debt collector properly identifies himself or herself. Debt collection agencies can also use the software to increase productivity among its collectors. Although it’s difficult to say how effective the specific product is, theoretically it strikes us as a step in the right direction. After all, if 100% of calls by a company’s debt collectors are monitored and the agency has strong compliance standards, it follows that there would be very few violations of the FDCPA.
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