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Improve Debt Collection and Boost Revenue
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, directly impacting their bottom line. NICE Collections Effectiveness, provides collection organizations with a powerful solution that leverages their customer interactions to increase collections effectiveness while reducing compliance-related risks.
NICE Collections Effectiveness leverages NICE Interaction Analytics and NICE Real-Time Guidance & Automation to enhance collections performance. It gains meaningful insight into the main drivers of successful debt collection. The solution identifies high performing collection agents and analyzes their interactions in order to uncover best practices and techniques. Based on these insights, it provides real-time next-best-action guidance to agents at decisive moments of customer interactions to improve collection rates. NICE Collections Effectiveness also identifies training opportunities for agents with a low contact rate or collection performance.
Companies can use NICE Collections Effectiveness 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 Effectiveness also helps companies understand the main reasons why customers don’t pay their debts, use that insight to improve agent negotiation skills, and deliver real-time objection handling guidance.
In addition, NICE Collections Effectiveness analyzes all collection interactions in order to assure regulatory compliance. By analyzing agent behavior during interactions, it can check for script adherence as well as verify that agents provide proper disclosure and follow strict compliance regulations. Proactive alerts are sent to compliance officers when there is a suspicion that specific interactions are not in compliance with company and regulatory policies.
NICE Collections Effectiveness provides powerful insights and real-time impact tools that enable contact center managers to:
- Improve right-party contact rate
- Improve promise-to-pay rate
- Increase collection payments
- Verify proper disclosure
- Ensure customer verification to comply with privacy regulations
NICE Collections Effectiveness monitors collection interactions to uncover performance improvement opportunities and identify compliance violations.
- Identify collection agents with high right-party contact and promise-to-pay rates
- Find key drivers of successful collection
- Uncover best practices
- Guide agents in real time to help overcome objections
- Receive proactive notifications when suspected non-compliant interactions are identified
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