VeriCred Collections is one of South Africa’s longest established consumer debt collection agencies, founded in 1990.
With over 1,200 agents, the business now operates through 12 call centre locations in Southern Africa and the USA, managing accounts receivable for numerous large financial services organisations. Total calls handled are over 5 million per month.
VeriCred believed that speech analytics could help them address their immediate challenge. Moreover, they were already convinced that, with such high and growing call volumes, speech analytics would become an essential part of their future business strategy.
However, they were keen to find a vendor who could move quickly, efficiently and cost-effectively. This turned out to be a challenge as most of the vendors they approached proposed large integration projects demanding extensive management time and financial investment before any benefit would be seen.
The VeriCred team felt that these solutions were far less flexible than they were looking for.
More successful agents
Voyc quickly enabled VeriCred to understand the reasons why some agents were underperforming. The analysis from Voyc clearly highlighted the actual differences between how the successful agents and those with poor results handle the calls.
The VeriCred team could then respond quickly and supportively to this new insight – and provide the agents concerned with targeted coaching and support.
The result: in less than 4 months, the previously underperforming agents improved their results dramatically.
Improved call centre efficiency and reduced costs
In the past, the percentage of calls going to voice mail had to be verified through call monitoring by the Vericred Quality Assurance (QA) team. After Voyc was introduced, the new system was giving Vericred comprehensive and accurate data on calls going to voice mail – without any need to involve the QA team in this area. This is because Voyc can accurately monitor 100% of all Vericred calls.
This improvement alone boosted the overall quality of VeriCred’s call centre performance data, whilst freeing the QA team up to deliver more detailed, supportive feedback for the benefit of all the agents.
VeriCred and Voyc are now working successfully together on delivering more and greater benefits through speech analytics artificial intelligence – both in the short term and as part of VeriCred’s long-term business strategy.
“We’re enormously proud to have come such a long way so very quickly with VeriCred Collections”, concludes Matthew Westaway, Co-founder and CEO at Voyc. “ Voyc has given VeriCred a highly effective fast track to understanding what really makes the difference in collections customer calls. And VeriCred has done a fantastic job in supporting us at every stage and transferring the knowledge gained across their business – for the benefit of their customers and call centre team alike.”