The Provana Blog

Tips To Improve Processes, Performance and Profitability

The Provana Blog

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Are You Ready for The Tax Season Storm?

| Author Provana, tagged in collection strategy, ROI, call analytics, competitive advantage, regulatory risk, customer service, collector effectiveness, increase collections

A large storm is almost upon us but it is not the typical storm we see in the sky. This storm happens every year, will generate a flood of collections and can uncover a multitude of opportunities that can define a debt collector’s performance for the rest of the year. What is this impending storm referred to as?—Tax season.

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Get A Head Start on Your Tax Season Collection Strategy

| Author Provana, tagged in collection strategy, strategy, ROI, recovery, contact center, collection law firm, competitive advantage, increase collections, debt collection solutions, IDAP, business automation, data analytics

The new year is quickly approaching and with that comes the highly anticipated tax season. This part of the year is said to be the most profitable series of months for debt collectors than any other. Consumers are more likely to settle prior debts after receiving a refund, driving an increase in overall collection rates.

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Increase Collections with Effective Data Inventory Management

| Author Provana, tagged in data analytics, data, inventory management, IDAP, increase collections, collection strategy, client performance, artificial intelligence, technology

Data analytics is a hot topic in business nowadays. Most organizations regularly capture data analytics to improve business operations. When historical data is assessed properly, we begin to understand where the business is going. But, how can we be certain our data assessments are effective?

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A Multi-State Law Firm Increases Call Volume by 10% in Just Three Months [Case Study]

| Author Provana, tagged in collection strategy, consumer experience, collector, recovery, quality assurance, contact center, call analytics, client performance, collection law firm, competitive advantage, technology, return on investment, call monitoring, collector effectiveness, call silence, hold time, ICAP, debt collection solutions, speech analytics

A multi-state law firm uncovered the long-term benefits of speech analytics. Over the course of three months, this law firm has revealed many opportunities in their data reporting methods, which only previously sampled less than 5% of calls. The law firm implemented Provana’s speech analytics platform, ICAP, with the sole intention to […]

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ACA Fall Forum 2018: We've Got the Insights

| Author Provana, tagged in Account receivables management industry, ACA, debt collection, debt collection solutions, technology, call analytics, call monitoring, regulatory compliance, increase collections, agent performance, collection strategy, consumer experience, performance analytics

Another year, another ACA Fall Forum marked as one for the books. Not only do these conferences allow Provana to showcase an array of debt collection solutions, but they also create an opportunity to discuss important industry topics.

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6 Strategies to Implement Now to Cut Your Customer Complaints in Half

| Author Provana, tagged in ICAP, Collections, debt collection solutions, debt collection, speech analytics, compliance

According to the FTC, debt collectors generate more complaints than any other industry. In just this past month alone, BCFP has received over 11,000 complaints that originate anywhere from mortgage and student loans to general debt collection services. No matter the origin, many of these complaints have one variable in common: customer call satisfaction.

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Not Fazed by Call Time Silence? 3 Reasons You Should Care 50% More

| Author Provana, tagged in speech analytics, debt collection solutions, ICAP, debt collection, call silence, customer experience, call transfers, agent training, collector effectiveness, call monitoring

Debt collection calls are more than a regular conversation. Empathy, tone of voice and enhanced listening skills are all necessary components to the success of a call. While these aspects all play a major role in calls as a whole, we did some digging to find out what represents the remaining structure of an average call, and the results were staggering. 

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Increase Call Volume by 20%

| Author Provana, tagged in speech analytics, debt collection solutions, agent motivation, agent performance, KPI, real time, hold time, increase collections, feedback

Our data shows that on an average, 40% of collector calls are ineffective. Whether the root issue is hold time, training and development, or overall agent motivation, a key technique to increase collections is to identify and eliminate these ineffective calling methods. To increase the number of effective calls, here are four quick and easy ways to improve agent performance and how speech analytics software can help to do just that.

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ACA 2018: Challenges Bring Solutions

| Author Provana, tagged in Account receivables management industry, ACA, debt collection, debt collection solutions

The 2018 ACA International Convention and Expo may be over, but we’re still basking in the afterglow.

It’s hard to imagine a better locale than Nashville. Between the music, food and culture, it’s deservedly become one of the hottest destinations in the country and served as a fantastic host. Over three memorable days in Music City, we met great people, made many new friends and learned a lot about the current challenges facing the collection industry.

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