What is Sentiment Analysis?
This is the overall attitude expressed to the customer through various communication channels. When it comes to SMS and email communications for debt collections, it is important that they express the correct sentiment, to drive debtors towards the desired action, which is a payment made. Studies have shown in call center software via A-B testing that there is certainly an interactive effect between the sentiments expressed in text messages and driving debtors to a specific action.
It should always be remembered that debtors/clients are people, with their own personality and payment collection preferences. This is why specific groups of individuals respond better to particular sentiments than others.
In our current information-rich environment, where there is a significant amount of data being collected, which as mere humans, is impossible to analyse manually without any sort of error or bias. Thus, the need to develop and deploy a machine learning classification model to analyse information to determine relationships within the data and output the predicted optimal sentiment for each individual debtor in your collections agency.
Sentiment Intelligence improves debtor engagement and collections performance.
TRAQ continuously improves our collection processes through ongoing innovation and custom development, updates and new technologies. It’s important to dive deeper into the conversations between agents and debtors, to understand and analyse the huge amounts of incoming and historic data relevant to the agent-debtor dynamic. Deeper insight into your individual debtors translates into more persuasive, better targeted communications using features such as dialer technology.
How TRAQ’s SMS Sentiment intelligence can help you?
TRAQ’s Sentiment analysis is a feature that enables users to gain insight into the emotions and thoughts of their debtors using all kinds of data. Historic data is analysed in text and voice. Our AI-assisted software uses this information to give you the best advice regarding what approach would be most effective for each individual debtor.
Do they need just a gentle reminder or a more forthright message to motivate them to make a payment? This depends on the individual’s circumstances and using TRAQ’s “Humans First” approach in ethical debt collection, remembering that the person on the other side of the call is in fact, human. Each debtor is unique and each case needs to be attended to differently in order to get the best collections result.
How does Sentiment Analysis work?
Well, it’s simple. – you gain a deeper insight into the motivation and expectations of your debtors by using our sentiment analysis feature to better understand their voices and the nuances of their communications with you.
Customer feedback data from one or more sources can be used to categorise customers into positive, neutral, or negative customer attitude profiles using sentiment analysis, however this depends on the individual and how the case is handled. By determining who is unsatisfied, and what needs to be addressed to handle this accurate sentiment analysis can help you better satisfy the demands of your expanding customer base.
Things like voice segmentation level, allows operators to detect a trend of changes in the sentiment during the flow of the conversation, and can be targeted using sentiment analysis. NLP (Natural Language Processing) is how AI-assisted innovation performs sentiment analysis on the interactions between agents and debtors.
The power of Natural Language Processing (NLP)
An area of computer science called natural language processing (NLP) helps provide artificial intelligence assistance with the means to understand the intent or meaning behind particular phrases. You will be better able to interpret client data and behaviours because of it.
How does Speech Analytics Technology enhance the collection process?
Speech analytics technology is being used more and more to determine what works and what doesn’t during collection calls. Speech analytics software enables you to precisely determine how to improve training and best practices by automatically finding, categorising, and scoring every agent discussion.
Debtor scoring
Scoring is an effective means for managers to track performance and reduce risk that’s provided by speech analytics technology. You can make use of scoring both for the call and the agent. Our AI-assisted technology automatically generates a score after every conversation, which has been analysed and catalogued by the speech analytics programme. Managers can drill down into the indicators that matter most to them by configuring searches and categories.
Using speech analytics
By utilising speech analytics, you get insightful information about the needs and preferences of your debtors, providing you with the means to enhance your billing procedures and payment schedules. Finding patterns of irritation in these situations may be especially beneficial for troubleshooting the debtors profile and response to collection efforts.
Speech analytics can help improve the effectiveness of collection calls by indicating the approach which would prove most persuasive with each debtor. Having the right insight into the psychology of your customers allows for a more empathetic collection process.
The greater the understanding you have about your debtors’ circumstances and their reactions, the more you are able to harbor a rapport with them and the more effectively you can convince them to agree to a plan for payment. When overwhelming the customer, you lose the chance to gain understanding and insight into whom you are speaking to and their specific reaction to how you engage will give you a strategic advantage that nobody else can.
By utilising speech analytics, you gain a potent tool to reduce risk, increase recovery rates, enhance customer satisfaction, and remodel the collection process for the future. AI analysis tools will play a significant role in the greater omnichannel customer experience as a result of their increased ability to help simplify complex billing and collections procedures.
“TRAQ software solutions SMS sentiment intelligence is the tool you need to issue just the right payment reminder automatically tailored to each individual debtor to motivate them to make payments.”
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