Demo Day Recap – Provana’s Speech Analytics Customers Share their Success Stories
- December 15, 2022
- Category: Speech Analytics
Last week, Provana’s compliance and performance management capabilities were the key focus of a 25-minute Demo Day presentation, moderated by Mike Gibb from AccountsRecovery.net. Mike, one of the leading voices from the ARM industry, brought Provana customers together on his platform to discuss how they are using our speech analytics platform, ICAP, in their respective organizations. Touching on essential topics, including QA management, and collection insights, our customer also discussed how ICAP has become the one-stop solution for their call center compliance and performance management needs. Here are key success stories shared by our customers who are using our speech platform for different purposes.
The future of QA monitoring with speech analytics
Michelle Taylor, VP of Operations at credit.org shared how ICAP enabled smoother QA management at credit.org. With ICAP taking over the day-to-day reporting and other housekeeping activities, Michelle had time to direct all her efforts to a robust QA program. Being a cloud-based platform implemented, administered, and managed by team Provana, ICAP did not demand credit.org to have the extra infrastructure or an in-house team to make the most of the speech platform.
By automating the monitoring and categorizing 100% of calls, ICAP empowered Michelle and her QA colleagues to get an accurate picture of agent-consumer interactions and know whether agents adhered to mandatory disclosure requirements – something crucially required for any financial counseling agency to carry top-notch QA. Michelle also shared her plans to use ICAP in 2023 with enhanced reporting capabilities added for QA and operations.
Compliance management in the post-Reg-F collection landscape
Stephen Moeller, Director of Corporate Compliance, American Coradius International (ACI) LLC is using ICAP for the first time and hence is in the early stages of product utilization. Even though he has not utilized the product to its full potential yet, he explained how ICAP has helped him maintain a solid compliance framework within ACI from day one to the current 8-month association.
In the post-Reg F landscape, agencies are required to find the right balance between compliance and operational efficiency. A solution that can help you achieve that balance is ICAP. The advanced speech solution by Provana helped Stephen record 100% of agent-consumer conversations, automatically monitor every call, transcribe them into searchable data, and score each call. By monitoring and analyzing calls for a set criterion of keywords or phrases that are established by the CFPB and other state regulators, ICAP actively saved Stephen from potential compliance violation fines. Note – ACI collaborated with the ICAP team to embed New York City’s new statute requirements (that require agents to ask for each consumer’s language preference) in the solution, improving their compliance from 60% to 95% in just 2 months.
Agent performance insights that lead to better business outcomes
Nikole Fratz, QA and Training Manager at FBCS, Inc. has been using Provana’s speech analytics solution to identify performance management opportunities so that can be tapped in time. ICAP’s call review process freed her from the mundane tasks of listening to all calls manually that can otherwise lock in hundreds of hours. The time saved from reviewing calls manually empowered her to dedicate her time to agent performance without any distractions. Nikole proactively used agent effectiveness and productivity dashboards and reports to identify opportunities where agents needed more coaching and tracked their performance through scorecards. This, in turn, helped her take corrective actions and make positive changes to the training program(s). The domino effect allowed some of the collectors to overachieve their targets, including one who closed the month at 169% instead of the usual 80%.
Most collection businesses do not have enough people to listen to all the calls and check for burning compliance issues. They could hire more people, but that means added payroll, training, and efforts invested in retention. An advanced speech analytics solution like ICAP can empower these businesses with detailed call analytics that cannot be achieved by manual call reviews.
ICAP is a speech analytics solution that is customizable and aligned to CFPB, UDAP, and FDCPA regulations. With ICAP, you can view raw data in the form of insights, apply filters to narrow down relevant information, and export data for further analysis. You also get customized dashboards, containing call metrics, report type, etc. as per your requirements. You can enhance agent productivity with the help of scorecards.
It is also possible for an agent to forget Mini-Miranda, ignore verifying the consumer’s name, or overlook giving the recording disclosure. ICAP highlights these discrepancies automatically to supervisors without having you spend hours listening to each call. If you want to save time and money, implement 100% call monitoring in your business and make informed, data-driven decisions, reach out to us here.