The Provana Blog

Tips To Improve Processes, Performance and Profitability

The Provana Blog

Credit Reporting in 2020 - Common Violations and How to Avoid Them

| Author Shubham Bhargava, tagged in dispute management

Companies in the credit and collection space have a slew of acronyms to contend with and each comes with its own set of requirements and statutes with which they have to comply. To top it all, the pandemic has exacerbated the need to meticulously track changes to the Fair Credit Reporting Act (FCRA) and monitor the Act's effect on disputes arising from the e-OSCAR system.

Not paying attention can prove costly. 

 

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Make your paperwork smarter - how to transform your documents into business-ready data.

| Author Provana, tagged in business automation, customer service, performance, SureFire Data Solutions, Provana, IPerform, Intelligent Document Processing

The scale of raw data that most credit institutions have, such as consumer transaction data and statements, is enormous - and the magnitude doubles every year. While the industry has transitioned to tracking this data digitally (we hope!), most of it is still stored as large sets of unstructured documents. 

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DMDC removing multi-record SCRA Scrubs?

| Author Provana, tagged in

DMDC announced no more batch processing or multi record requests for SCRA scrubs.

DMDC Notice:

August 27th, 2020 - Important Changes to SCRA

 

Effective Monday, August 31, 2020 at 5 pm PDT, SCRA will suspend all batch processing functions. User's uploading multiple record requests will no longer be able to download result files or certificates. Batch files that have been processed, before the 5 pm PDT cutoff time, will be available for downloading. Any files that have not been processed, before the 5 pm PDT cutoff time, will show an hourglass icon next to the file name, and users will not be able to download the results. Batch processing functions will remain suspended until further notice.

Users may continue to submit single record requests and receive single record results.

Update: this notice was removed on August 28, there has been no update since.

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Managing disputes in a post-pandemic world | Debt Collection 2020

| Author Shubham Bhargava, tagged in compliance, compliance management system, IPACS, dispute management

 

The best time to have prepared for a pandemic was in 2019.

The second-best time is now.

Despite being called ‘the new normal’, there’s nothing normal about the current state of collections. The situation is unprecedented and requires every industry to adapt to new ways of working. So what about Collections?

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What is omnichannel & why collection agencies need it

| Author Provana, tagged in Call Center, increase collections, customer service, competitive advantage, customer experience, customer call satisfaction, performance, call analytics, collection agency, omnichannel


The collections landscape is ever-evolving, because of a growing influx of new debt, digitally aware customers, more stringent laws, and path-breaking technologies.


As a result of that, today’s customer is becoming exceedingly demanding, and she expects choice. In the context of customer service, having a choice means being able to choose whatever seems the best path for getting something done. The customers of today expect a seamless transition from one form of service delivery to another. With that said, it doesn’t come as a surprise that companies with strong omnichannel customer engagement retain 89% of their customers, compared to 33% for companies with weak omnichannel engagement.


This is the world of omnichannel engagement: where all the possible digital touch points are woven into each other, seamlessly changing from one track to another, working in tandem, and not independent silos.

Having a strong omnichannel presence is definitely easier said than done - which is why a number of customer service leaders are now focusing on developing an effective approach to deliver improved customer experience at reduced costs.
We have compiled a list of 3 reasons why we believe omnichannel communication and debt collection is the future.
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Call recording is here to transform your business - Are you “listening”?

| Author Provana, tagged in Call Center, increase collections, customer service, competitive advantage, customer experience, customer call satisfaction, performance, call analytics, collection agency


This call is now being recorded.

Why, you wonder?

Believe it or not, many businesses make the mistake of believing that call recording solutions are primarily useful for call centers. This is a very narrow worldview - because when entrepreneurs think about how to improve their business, they often overlook the little things.

Call recording can be an effective tool in your business belt (no matter how small or large) and can help drive decisions that impact cross-organization performance. It can act as an important deterrent, provide proof in he-said-she-said situations, and is a goldmine of data about what your customers think about you - and even your competitors.

Here are some of the key benefits of call recording for small businesses:

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How do you measure the performance of your Call Center

| Author Provana, tagged in Call Center, increase collections, customer service, competitive advantage, customer experience, customer call satisfaction, performance, call analytics, collection agency

In a cut-throat competitive environment, all successful businesses are built around customer satisfaction at the center. While companies are constantly innovating to delight their customers with their offerings, an equally important role is played by the customer service vertical, which ensures repeat business, loyalty, and overall health of the brand. 

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Why Call Recording Quality Monitoring is essential for your call center

| Author Provana, tagged in increase collections, increase in collections, customer service, competitive advantage, performance, consumer experience, ROI, customer engagement, collection agency

The quest for retaining old customers and acquiring new ones has historically rested on one major plank – understanding them. Great companies go out of the way to delight their customers but they often forget a key part of this framework – excellent service. Even though companies focus on their products, solutions, and marketing to capture attention and revenue, they often overlook the importance of monitoring and improving the quality of their customer service teams – one of the key touch points between the organization and the customer. 

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