Here is an interview snippet between Zenylitics founder Kyle Carter, and Rebecca Roberts, COO of LJ Ross. The 2-minute conversation explores best practices in Collections RevOps using speech analytics to maximize the potential of financial services revenue recovery.
Kyle: All right: Second pillar of your program – collect more money, revenue right?
Kyle: When you when you started this journey, what were you hoping for? What were you envisioning for this part of that program?
Rebecca: I was hoping that someone in your organization could help us to to apply what my top performers were doing to (compared with) my lower-level performers. The way that i believe that we’ve seen that happen is through ‘directive payment language.’ So what we found is that our top performers are quick to ask for balance in full. And the sooner that they ask, the better the result is.
And we’re finding that that’s true with the conversion rates. The collectors that are using the the directive payment language up front are getting a higher conversion rate than those that are not.
Kyle: We were really excited about this too because – anecdotally – you know that about your best performers. They’re direct, they’re active. But —
Rebecca: How do you prove it!
Kyle: — in the correlation analysis that we did, the data follows. So that’s the reason we went down that route and built the directive payment score.
So let’s talk a little bit about results. So, on the revenue side, you know we’re focusing on you know those key behaviors. What have you seen, what have the results been?
Rebecca: We’ve seen some really amazing results just over the past 60 days – jwhich we know that this behavior is what influences money in the door.
So it’s been very exciting to see the results just so far.