Snowfly Industry-Specific Article Series – Part 1: Collections Agencies

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When working with clients in the Collections Industry, Snowfly typically provides rewards and feedback to individual collections agents and/or teams that specifically reflect that person’s or team’s performance relating to key business goal metrics.

In collections environments, most companies are focused on the number of calls/contacts made, total value of funds collected on delinquent accounts, number of actively paying accounts, etc. and are comparing those metrics for each person or each team to a published goal or standard of performance within that department. Each of these metrics, along with other call center specific goals (AHT, CSAT, Adherence to Schedule, etc.) are the basis for most of our incentive and recognition programs that involve collections industries.

Moving into more of the advanced features that we offer, Snowfly can also help ensure your collections agency is adhering to regulatory standards that are strictly enforced within the collections industry. The costs associated with fines for not following the proper protocols when performing collections duties can be extremely punitive and avoiding outages in this area can lead to increased profitability for your collections agency. Using our Speech Analytics tools, you will have access to archived voice-recordings of every single call for each individual agent that provides proof to regulators that your agency is performing 100% QA checks on every call. Such QA checks ensure that agents are maintaining industry standards for things such as: properly reciting the “mini-Miranda”, refraining from the use of illegal phrases or tactics like intimidation or coercion, and/or documenting when an agent needs additional coaching based upon past call performance or feedback from customers.

Snowfly’s Speech Analytics services include individual performance scorecards that provide instant feedback to agents on how their performance stacks-up in relation to the company standards. The scorecards can also provide instant comparisons to a team average score and even provide rankings within their team or department. Using the data generated from the Speech Analytics platform, agents can determine what skill areas they need to improve upon automatically, in easy-to-interpret graphical form. This creates a pro-active approach to collections agent performance improvement, without supervisors having to tell agents where they need to improve, because results that are represented in a scorecard format, where the achievement of desired standards turns into performance-based incentives/bonuses/rewards means the agents themselves seek personal improvement because there is something tangible in it for them to do so.

Providing Collections Agents with clear, measurable, and easily tabulated goals that are directly tied to instant rewards for meeting and exceeding performance standards leads to more productive and efficient agents. Snowfly adheres to the axiom of: “what gets measured gets done.” But we also know that taking it further by stating: “what gets rewarded gets my FULL attention” is not always the easiest thing to track and implement, which is where we have already done the work for you. Let us know where you would like to see improvement in your collections agency and we likely have some ideas for solutions that you can implement, with very little effort on your part, that will provide significant ROI to your bottom-line and will further motivate your collections agents to improve their performance daily.

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