Collector - February 2016 - 3


COLLECTOR
CHIEF EXECUTIVE OFFICER
Patrick J. Morris
EDITOR
Anne Rosso May

PRESIDENT'SPAGE

Consumer Advocacy-The New Normal

DESIGN FIRM
The YGS Group

Technological advancements can help us better understand and serve
consumers.

COMMUNICATIONS SPECIALIST
Katy Zillmer

By Jim Richards

Collector is published monthly
by ACA International.
4040 W. 70th St.,
Minneapolis, MN 55435
Telephone: (952) 926-6547
Web: www.acainternational.org
Email: comm@acainternational.org
Twitter: @acacollector
Annual subscription rates: $35 for ACA
members, $70 for nonmembers. Single
copies: $3.25 for ACA members, $6.50 for
nonmembers.
Collector welcomes article submissions.
However, we cannot guarantee publication
of the articles we receive. Collector editors
reserve the right to edit submissions.
For advertising information, please contact
Leonard Media Group at (215) 675-9208,
ext. 201; info@leonardmedia.com;
or www.acainternational.org/advertising.
Advertisement of products or services
in Collector does not constitute an
endorsement by ACA.
Information contained in Collector is not
intended to be legal advice and may not
be used as legal advice. Every effort has
been made to ensure this information is
up-to-date at the time of publication. It is
not intended to be a full and exhaustive explanation of the law, nor should it be used
to replace the advice of your counsel.

A

s the regulatory environment for collection agencies has evolved over the past
decade, it is becoming essential for our industry to adapt to a "new normal." A
combination of innovative training, focused compliance policy and advanced
technology will need to continually evolve so we can equip our collection staff members
with the tools they will need to not only be successful collectors, but to also become effective
consumer advocates.
Certainly the change in how our industry will need to communicate with the consumer is a
major challenge for all of us. The good news is that there is evolving technology that can help.
Technical advancements in speech analytics are helping agencies conduct real-time analysis
of phone conversations in ways that will help move collector-consumer discussions from pure
collections to consumer assistance discussions.
Today's cutting-edge speech analytics technology has the ability to separate a phone
conversation so we can analyze, in real-time, both the collector and consumer portions of a
call discretely. Real-time emotion detection can gauge and display to supervisory personnel
whether the conversation is becoming heated and may require supervisory intervention.
This technology also indicates "talk-over" analysis if the consumer and collector are talking
simultaneously, which could be an indicator of dissatisfaction. Beyond the real-time use of this
technology, there are virtually endless ways to use the information contained in call recordings
for both training and compliance review.
Data visualization products are also evolving at the same rapid pace as speech analytics
tools. Over time, we have all accumulated a wealth of information regarding the consumers in
our databases, either from our own interaction with them or from information vendors. Data
visualization tools, working with business intelligence products, are providing amazing ways
to easily and effectively present data in a way most meaningful to our management teams and
even to collectors. Graphs, charts and maps can be easily applied to data to display visually on
desktops, laptops and mobile devices.
These products can help us present the data that resides in our databases to our collection
staff in a far more easily understood format. They also help us better understand the consumers
with whom we communicate.
The new normal, as challenging as it may seem, can be a wonderful opportunity for us to
change how we interact with consumers, how we equip our collection staff for success and
how we bring exciting new technologies into our businesses. You can learn more about how to
embrace-and benefit from-new technology in the article on p.28 of this issue of Collector.

Jim Richards

is chairman of Capio Partners
in Lawrenceville, Ga.
He can be reached at
jim.richards@capiopartners.com.

©2016 ACA International. All rights reserved. Materials

COLLECTOR 02.16

may not be reproduced without written permission.

03


http://www.acainternational.org http://www.acainternational.org/advertising

Table of Contents for the Digital Edition of Collector - February 2016

Collector - February 2016 - Cover1
Collector - February 2016 - Cover2
Collector - February 2016 - 1
Collector - February 2016 - 2
Collector - February 2016 - 3
Collector - February 2016 - 4
Collector - February 2016 - 5
Collector - February 2016 - 6
Collector - February 2016 - 7
Collector - February 2016 - 8
Collector - February 2016 - 9
Collector - February 2016 - 10
Collector - February 2016 - 11
Collector - February 2016 - 12
Collector - February 2016 - 13
Collector - February 2016 - 14
Collector - February 2016 - 15
Collector - February 2016 - 16
Collector - February 2016 - 17
Collector - February 2016 - 18
Collector - February 2016 - 19
Collector - February 2016 - 20
Collector - February 2016 - 21
Collector - February 2016 - 22
Collector - February 2016 - 23
Collector - February 2016 - 24
Collector - February 2016 - 25
Collector - February 2016 - 26
Collector - February 2016 - 27
Collector - February 2016 - 28
Collector - February 2016 - 29
Collector - February 2016 - 30
Collector - February 2016 - 31
Collector - February 2016 - 32
Collector - February 2016 - 33
Collector - February 2016 - 34
Collector - February 2016 - 35
Collector - February 2016 - 36
Collector - February 2016 - 37
Collector - February 2016 - 38
Collector - February 2016 - 39
Collector - February 2016 - 40
Collector - February 2016 - 41
Collector - February 2016 - 42
Collector - February 2016 - 43
Collector - February 2016 - 44
Collector - February 2016 - 45
Collector - February 2016 - 46
Collector - February 2016 - 47
Collector - February 2016 - 48
Collector - February 2016 - Cover3
Collector - February 2016 - Cover4
http://online.collector.com/collectormagazine/202004
http://online.collector.com/collectormagazine/202003
http://online.collector.com/collectormagazine/202002
http://online.collector.com/collectormagazine/202001
http://online.collector.com/collectormagazine/201912
http://online.collector.com/collectormagazine/201911
http://online.collector.com/collectormagazine/201910/
http://online.collector.com/collectormagazine/201909/
http://online.collector.com/collectormagazine/201908/
http://online.collector.com/collectormagazine/201907/
http://online.collector.com/collectormagazine/201906/
http://online.collector.com/collectormagazine/201905/
http://online.collector.com/collectormagazine/201904/
http://online.collector.com/collectormagazine/201903/
http://online.collector.com/collectormagazine/201902/
http://online.collector.com/collectormagazine/201901/
http://online.collector.com/collectormagazine/201812/
http://online.collector.com/collectormagazine/201811/
http://online.collector.com/collectormagazine/201810/
http://online.collector.com/collectormagazine/201809/
http://online.collector.com/collectormagazine/201808/
http://online.collector.com/collectormagazine/201807/
http://online.collector.com/collectormagazine/201806/
http://online.collector.com/collectormagazine/201805/
http://online.collector.com/collectormagazine/201804/
http://online.collector.com/collectormagazine/201803/
http://online.collector.com/collectormagazine/201802/
http://online.collector.com/collectormagazine/201801/
http://online.collector.com/collectormagazine/201712/
http://online.collector.com/collectormagazine/201711/
http://online.collector.com/collectormagazine/201710/
http://online.collector.com/collectormagazine/201709/
http://online.collector.com/collectormagazine/201708/
http://online.collector.com/collectormagazine/201707/
http://online.collector.com/collectormagazine/201706/
http://online.collector.com/collectormagazine/201705/
http://online.collector.com/collectormagazine/201704/
http://online.collector.com/collectormagazine/201703/
http://online.collector.com/collectormagazine/201702/
http://online.collector.com/collectormagazine/201701/
http://online.collector.com/collectormagazine/201612/
http://online.collector.com/collectormagazine/201611/
http://online.collector.com/collectormagazine/201610/
http://online.collector.com/collectormagazine/201609/
http://online.collector.com/collectormagazine/201608/
http://online.collector.com/collectormagazine/201607/
http://online.collector.com/collectormagazine/201606/
http://online.collector.com/collectormagazine/201605/
http://online.collector.com/collectormagazine/201604/
http://online.collector.com/collectormagazine/201603/
http://online.collector.com/collectormagazine/201602/
http://online.collector.com/collectormagazine/201601/
http://online.collector.com/collectormagazine/201512/
http://online.collector.com/collectormagazine/201511/
http://online.collector.com/collectormagazine/201510/
http://online.collector.com/collectormagazine/201509/
http://online.collector.com/collectormagazine/201508/
http://online.collector.com/collectormagazine/201507/
http://www.nxtbookMEDIA.com