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CALL CENTRE & CUSTOMER MANAGEMENT EXPO PREVIEW9Results. Conversion rates up 15%. Cash collected per agent hour up 30%. Liquidation rates up 20%. Speech analytics achieved its anticipated 12 month ROI in 7 months. Saves average of 30 hours per month for team managers. Complaints that took two weeks to answer now take 10 minutesSummaryUtilising Nexidia's Enterprise Speech Intelligence solution Apex has dramatically improved performance - quadrupling the number of calls dealt with, while only growing seats by 35% - and the new processes underpin their claim to be the UK's most ethical debt collection agency. Analysing 100% calls to extract accurate business intelligence has improved compliance, shortened complaint timescales, focussed coaching and freed up 30 hours per month for each team manager. In addition Nexidia's speech analytics has achieved an ROI of over £1m in the fi rst 7 months, increased cash collected per agent hour by 30% and grown the amount of customers who promise to pay by 15%.Targeted coaching and agent commitmentSpeech Analytics allows Apex to focus on specifi c calls techniques, using the right phrase at the right time to extract a promise to pay. Historically, they only listened to a relatively small sample of agents calls per month. Nexidia now audits 100% calls and delivers the report to the team manager's desk top each morning, saving them 30 hours a month in call listening and selection. Time has been reinvested in 50% more coaching which is now more targeted to the needs of the individual providing fair performance reviews based on all their calls. Agents have been actively involved in the roll-out and, as a result of the technology, most have hit target on a regular basis building substantial enthusiasm for the tool.Compliance and better complaint handlingAnalytics has given the company a mechanism to actively ensure full compliance with fi nancial regulations. Calls citing 'Financial Services Authority' or 'Offi ce of Fair Trading', for example, are fl agged through Nexidia for immediate attention. This ethical stance gives clients confi dence that Apex will protect their brands. Also, complaint enquiries that were taking up to two weeks to extract relevant calls can now be pulled in 10 minutes enabling an instant response back to the customer and often averting written complaints altogether. A platform for change Speech analytics has given Apex a real competitive advantage. Richard Furlong, Contact Strategy Manager for Apex, observed, "Speech Analytics has provided not only substantial ROI, but also a leading edge platform on which to base future company growth and respond quickly to changing market needs. It has enabled us to generate far more effective results from those customers we reach and has improved our standing and reputation with our existing and new clients."Advertorial FeatureApex Credit Management Ltd aspires to be the UK's leading ethical, data-driven debt collection agency. They weer winners of both the 2010 Cerdit Today - DCA of the Year Award and the 2011 Professional Planning Forum - Customer Contact Innovation Award. Newly merged with Cabot Financial, the combined organisation has over 550 staff and a broad client base across the banking and fi nance sectors - managing almost £6.5 billion of debt.Key initiativesScalable tools for profitable growthWhen AnaCap purchased Apex, a strategic decision was made to invest intechnology that could help the debt collection agency grow quickly andprofitably. Scalable tools have allowed Apex to deal with a higher caseload atlower unit costs, while at the same time offering better quality and supportingdynamic employee engagement. A Noble Contact Centre Suite (CCS) wasimplemented in 2008 and in 2009-10, Nexidia speech analytics wasimplemented to focus performance coaching and SAS was rolled out, usinganalysis to create and automate multi-channel contact strategies for debtcollection. Visibility of customer data and telephone negotiator performancewas critical, because the results could be fed into continuous processimprovements. "Totally scalable" "A significant increase in performance""We've nearly quadrupled throughput, but have only grown seats by 35%".The 'Cascade' model for contact strategiesApex created a continual improvement model called 'Cascade'. Transactionaldata is captured and fed into the SAS data warehouse nightly, where it isautomatically analysed to create work lists - for outbound calls, text andletters. Reports are made available for team managers to cascade tonegotiators - as well as for analysts who identify where efficiencies can becreated. They can then quickly develop new collection 'strategies' in SAS,which detail how and when each customer should be approached, dependingon their individual circumstances. SAS automatically feeds these work listsinto the customer contact systems. As soon as contacts have been made,based on these actions, the data is updated and the cycle continues. "It'sabout minimising lost opportunities" "SAS allows us to take intelligentdecisions about what will work" "It's revolutionary".Blending, automation and multi-channel contactPreviously, Apex relied on manual dialling and an individual case ownershipsystem. Now, SAS determines the best course of action for specificaccounts and feeds that information automatically into the predictive diallerand the multi-channel contact platform. If, for example, a customer haspromised to pay, the contact strategy in SAS will automatically ensure they"We've nearly quadrupledthroughput, but have onlygrown seats by 35%."Steve MoundChief Operating Officer"You can have the bestanalyst in the world, the besttool, even the best queries,but without the ability tocascade the learnings to theagents, you can't make itwork."Richard Furlong, Contact Strategy Manager"Our way of moving thebusiness on to the next levelis to dispense with theintuition-led approach, and tofocus on actual data on aday-to-day basis."James Edwards, Head of ITSummaryApex quadrupled throughput, while only growing capacity by 35%,specific new processes underpin their claim to be the most ethical debtcollection agency and the technology roll-out has helped people feel ontop of the factors that drive their performance. A new Cascade modelcreates dynamic multi-channel contact strategies in SAS, whichoptimise debt collection based on the latest data. Alongside this,Nexidia speech analytics has focussed coaching and freed up anaverage 30 hours per month for each team manager. In combination,smart integration and a rigorous continuous improvement methodology,have driven cash collected per agent hour up 30% and grown theamount of customers who promise to pay by 15%. Learn how SAS and speech analytics have transformed debt-collection strategies and data segmentation, increasing cashcollected per agent hour by 30% and liquidation by 20%. Analytics transformoutbound collections55CUSTOMER SUCCESS STORYSpeech analytics - providing the business intelligence to win in a downturn economyA Case Study by NexidiaWith the recent downturn in the economy, there is far more debt to recover but the capability of the individual to repay has been significantly diminished. Debt collection agencies are not only faced with the prospect of ageing debt on their books but the debt collection arena is becoming far more competitive as agencies vie for the same business. The need to reclaim at least part of the outstanding monies from each customer and help them sort their debt issues is becoming ever more crucial.APEX Credit Management is a specialist organisation providing credit management, debt collection and debt purchasing services. The company has grown over the last 10 years and is now ranked within the UK's Top 10 Debt Collection Agencies. THE CHALLENGE Steve Mound, Chief Operating Officer (COO) at Apex states; "With the significant downturn in the economy, and its impact on people's ability to repay, we realised quite early that we needed to look elsewhere to optimise our processes and boost our collections revenues. We aim to be recognised as the leading ethical debt management provider in the UK and, as such, are always proactively looking for ways to improve our service. Speech analytics has provided us with a major opportunity to do just that and significantly build our competitive advantage."The company prides itself on its fresh approach to debt management with its highly trained UK team, state of the art technology and its real commitment to help people resolve past credit difficulties. APEX clients include some of the largest global blue chip, banking and public sector organisations. In fact, last year, the company was awarded Debt Purchaser of the Year by Credit Today - the UK's leading commercial and consumer credit magazine - and, was also recognised as 'One to Watch' in The Times 'Top 100 Best Companies to work for'. Faced with an increasingly regulated environment and the need to demonstrate compliance, one of APEX's key roles is to protect the reputation of its clients. But in order to operate efficiently, it also needs to maximise any revenues collected on their behalf. With more than 380 hours of talk-time per day APEX realised that their current sampling of a limited number of calls per agent per month wasn't giving them the visibility of what was happening in their front line interactions.Richard Furlong, Contact Strategy Manager, adds; "In the debt collections industry, the real challenge is to understand what is happening at the point of interaction between the customer and the agent. How many Promise-to-Pays (PTPs) are actually being asked for? How many full balances are actually being requested? Are key compliance phrases being used by the agents? Our random sampling was only allowing us to understand about 1% of our calls. This made it extremely difficult to pinpoint what changes were needed to improve services." THE SOLUTIONNexidia's speech analytics technology analyses 100% of recorded calls to quickly extract accurate business intelligence. Richard continues, "The free Proof of Concept (POC) was very attractive to us. Nexidia took 2,000 hours of audio and clearly identified specific processes that were having a major impact on our revenues collected. It highlighted a significant revenue opportunity for us, outlining exactly how many payment attempts were being made, xidia's "We've nearly quadrupled throughput, but have only grown seats by 35%."Steve Mound,Chief Operating Offi cer"Before Nexidia, I never hit a target in four months. Since Nexidia, I've only missed one."Stewart Kennedy,Telephone NegotiatorLearn how Speech Analytics has transformed debt-collection performance, increasing cash collected per agent hour by 30% and liquidation by 20%.