TCN Selected As Top 6 Predictive Dialer
The Collection Advisor this month choose TCN as a top 6 predictive dialer vendor and asked for advice to reach “right-party contacts.”
Predictive dialers use algorithms to predict the average time it will take for calls to be answered, then the collector availability adjusts the calling rate accordingly. By moving through the call lists more quickly, predictive dialers can convert more right-party contacts per day. Using predictive dialers essentially reduces the time collectors spend manually dialing busy numbers and answering machines. Predictive dialers increase right-party contacts and maximize ROI.
Boosting Your Right-Party Contact Rate
Understand your agency’s compliance efforts with state and federal regulations and what your official comfort level is with regard to dialing cell phones, calling place of employment, use of local caller IDs, hanging up on answering machines, PCI and implementing call recording.
Understand your debt as each debt portfolio has a life of its own. Consult with your provider and test dial to see what the connection rates are in order to develop proper strategies.
Call multiple numbers on a record. Many times we find that agencies have two or three different phone numbers that they could be using to locate a debtor, but they will only be dialing one phone. Used in conjunction with conditional dialing strategies that will re-attempt phone numbers based on call status throughout the day, your right-party contact rate can be boosted exponentially.
Use multiple dialing strategies including unattended dialing for earlyout debt and to provide consistent contact on weekends, holidays and throughout the entire life of the debt; attended dialing with RPC filters for sifting through large quantities of debt and making agent time the most efficient; predictive dialing for keeping agents busy and working stagnant records with habitual avoiders; and selfcure for any debt. If certain debtors will pay without agent assistance, why not always present the option.
Implement real-time training by spot-checking agent/debtor recordings or monitor agent calls. Pull three examples of agent/debtor conversations, huddle the team and have them identify the pros and the cons of each interaction.This can be done in 15 minutes and show great overall improvement.
Use skills-based routing by listing the skills that your debt requires and then ranking your agents aptitude in those skills. Not only will you send the right call to your best representatives, a little competition for your agents to be the best representative will improve the quality of all your agents.
Frequently review key metrics and ROI including effective rate per minute, cost per agent/debtor conversation, and cost per agent debtor conversation minute.
Automate as much as possible. Providers can offer API’s, SFTP integration options, and auto-delivery reports that will shave minutes off of each day and hours off of each month.
Schedule a quarterly review with your solution provider. Take time to review the features that your solution has released in the last 3-6 months and see if these features are keeping up with the pace.
To learn more about how TCN can help your business improve its ROI, please fill out our demo form here or call us at 866.745.1900. “No obligation” testing is available.