A law firm uses speech analytics to increase agent performance and compliance

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Weltman, Weinberg and Reis Co., LPA is a nationally recognized full-service creditors’ rights law firm with 90 years of experience. They represent every creditor, including some of the largest financial institutions in the U.S. in bankruptcy, consumer and commercial collections, litigation, probate and real estate default matters.

Nikkia Hamler - Weltman

“Provana is a great partner, helping us keep up with the best industry practices. Provana’s speech analytics solution helps us increase our agent effectiveness and reduce non-compliance risk.” 

Nikkia Hamler, Collections Training Manager, Weltman, Weinberg & Reis Co., LPA 

Challenge

Weltman did not have an analytics solution that could deep dive into call performance, share insights to enhance agent effectiveness and identify remediation steps to increase productivity. The credit and collections industry is dynamic in terms of changes in regulatory guidelines. The team at Weltman were keen to work with a partner who is agile and can adapt customized solutions for the firm to adhere to the latest compliance regulations. 

Solution

After several meetings, which included demos – the Weltman team were really impressed with Provana's capabilities. 

 

  • Seamless Implementation: Weltman started with a small percentage of daily call volume, as they wanted employees to become well-acquainted with Provana before rolling it out to handle the entire call volume. With the continuous and proactive support from the Provana team and the flexible nature of the platform – the team was able to roll out to handle 100% of the call volume in far less time than originally estimated. 
  • Compliance and Performance Management: Provana scorecards help monitor agent performance and ensure that agents follow all regulations to stay compliant. 
  • Customized Dashboards: Provana was able to customize the dashboards to align to all requirements – adding specific call metrics and dashboards, helping Weltman extract findings from data through different graphs and charts. 
  • Continuous Calibration: Regular comparison with industry benchmarks and KPIs to enhance productivity and performance.

Results

  • Increase in Compliance:  Weltman’s compliance % increased from 89% to 98% after using Provana. 
  • Reduction in silence %:  The silence % in calls decreased significantly with effective coaching, due to which the average number of calls handled per agent also increased. 
  • Agent Coaching:  Agents and their supervisors get access to different performance dashboards, helping agents to self-learn and give their supervisors a complete overview to plan agent training sessions etc. 
  • Reg-F Compliance:  As soon as new Reg-F guidelines were announced, Provana quickly recalibrated the platform to ensure Reg-F compliance.  
    • Identify calls where customer consent is required and track if consent was checked by the agent. 
    • Monitor if agents called more than 7 times in 7 days; track nonconformities for remediation.