Midwest Recovery Systems
Midwest Recovery Systems is a third-party collections agency founded in 2012. Based in Earth City, Missouri, their 85 employees service accounts for clients from all aspects of the industry including financial services, medical, utility, and commercial, with heavy involvement in the debt buyer space. The goal of their team of experienced collection and telemarketing staff is to increase profitability while maintaining integrity and respect for all of their clients and customers. Midwest Recovery Systems takes pride in their ability to provide clients with the highest level of satisfaction as possible.
Use Case: Compliance and Revenue Generation
Balto Environment: 50 Users
As a seven-year-old company, Midwest Recovery Systems is working towards developing more direct relationships instead of working debt downstream. To do that, they needed to get a solid infrastructure in place, including having the employee bandwidth to service their clients needs where they needed it. But they found that simply due to employee bandwidth, their QA team was struggling to provide the quality they needed to be able to grow in the debt collection marketplace. Without a voice analytics platform, their QA team was struggling to listen to 10 calls per agent per week and give impactful feedback. With each agent making 3000 calls per week, 10 calls per agent per week was barely even giving them a concrete example of the calls that were being made. To keep up with new industry standards and the ever-growing compliance requirement of clients, they knew that they needed to find a solution that would let them rest assured that they would pass all their client audits and remain compliant with regulatory bodies.
Midwest Recovery Systems recognized that the brute force approach of having full-time employees randomly pulling and listening to calls to find violations and coach on them was inefficient. They knew of technological solutions that provided post-call analytics, but they were costly, and, by that point, the agent had already lost the call, violated a client policy, didn’t convert that account, or possibly broken the law. There had to be a better solution.
After looking at other options available in the marketplace, Midwest Recovery Systems turned to Balto to provide affordable, real-time call coaching on every call. Although initially concerned about what it might take to deploy this new tool in their call center and how it would integrate with the other programs they were already using, with Balto’s commitment to customer support and adaptability to a company’s needs, Midwest Recovery Systems found that these concerns weren’t founded. Once their users got behind this new call analytics tool, it only took about a week to get each user up to speed. This ease of use, paired with Balto’s eye toward customer service and affordability, made Balto the right solution for Midwest Recovery Systems.
Within the first year of working with Balto, Midwest Recovery Systems has decreased their compliance deficit by 43% and increased their conversion rate by 3%. With real-time call coaching and analytics through Balto, Midwest Recovery Systems is well suited to continue growing in the debt collection marketplace and take on more direct relationships. Balto has greatly increased their QA team’s bandwidth and enables them to continue to meet ever-changing industry standards and compliance requirement of clients.
Increased Conversion Rates