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How Data Analytics Can Help Debt Collection Agencies

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How can data analytics be used to improve collector efficiency and drive revenue in debt collection? We spoke to Shantanu Gangal, CEO of Prodigal, to find out.


Challenges That Analytics Can Address [2:30]

Data analytics are not new to the debt collection space, but with overwhelming options now being offered to the industry, it can seem like the goal of analytics is too vague. Here are three goals you should be working towards when your deciding on how to use your data analytics software:

  • Maximize Revenue
  • Optimize Operations
  • Minimize Compliance Risk

How Data Analytics Software Works [5:50]

Consumers often give different excuses for not paying. They don’t have the intent to pay and are often inconsistent. Every debt collection agency has a different way of handling these objections.

After mining over 5 million calls, Prodigal found a way to determine which callers have intent to pay and are more consistent in the form of scores or Prodigal primes.

Using Analytics to Measure Collector Productivity [8:35]

Determine how much time is spent actually speaking with consumers. Compare that with your best agents and set that as a benchmark.

Common Obstacles of Collecting on a Debt [12:51]

The most experienced collectors often find their hands tied by the law of averages. They don’t always have the freedom and process to settle a debt on the spot. They might find a consumer is willing to settle, but they have to cross check for permission.

Having better analytics and scoring at their fingertips gives them the ability to make a decision on the fly. It also helps to shift your mindset into one that emphasizes helping the consumer resolve their delinquency, rather than rushing through a talk-off.

Some key words to keep in mind during calls to improve conversations are empathy, active listening and acknowledgment.

Can Agent Monitoring Tools Improve Productivity? [16:40]

Currently, the ability to pre-populate fields during a call helps a collector actively listen instead of half-listen while they try their best to get everything written down.

One of the features that will eventually become available with AI is automated note taking. Notes will be pre-populated at the end of the call.

This would be a massive game changer for the industry. On a long call, an agent might not be able to listen and take notes at the same time. This feature would ensure that nothing gets missed.

Why Agencies Should Use Data Analytics Software [19:30]

Your entire process can be sped up which leads to revenue coming in much faster. If the time your agents spend on the phone increases, so too will your revenue.

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