How do your representatives spend their days, anyway?
We've been evaluating data on loan servicing center performance for years now, and we can tell you where they are losing time and you're losing revenue: after-call work.
Wrap time isn't even the central part of an representative's job, but our data shows they can spend as much as 2 1/2 hours per day on wrap-up.
That translates to $8,000-$12,000 wasted every year per representative.
A team of 120 representatives could burn through a million dollars a year just typing up notes.
Imagine a solution that could change the way they spend their days — and the way your servicing team spends money.
Call notes are critical. Messy or incomplete notes mean risking poor customer satisfaction, missed QA evaluations, and fewer training opportunities for representatives.
But improving quality doesn't have to mean increasing time spent. You can find a better way.
By automating note-taking to support clean, consistent notes, the possibilities for productivity are endless.
Here's how:
Let's say we have an agent named Michael. He's a veteran representative who has worked in loan servicing for the last 10 years. He is one of the most efficient and consistent representatives at the company.
But just like everyone else, he's losing time to after-call work. In fact, Michael's efficiency makes things worse - the more calls he makes and takes, the more time he has to spend in wrap-up.
So we introduced Michael to ProNotes - a solution to automate note-taking to reduce in-call multitasking and post-call work for conversations in both English and Spanish.
Switching to ProNotes gave Michael:
Let's take a closer look.
Michael averages 330 calls every day (we told you he was good). Because he's no longer spend time writing 330 call notes, he saves 46 minutes per day.
Michael works about 20 days a month and makes $25 per hour. That means the time saved with ProNotes is saving the company $383 every month.
Michael's time in "Ready" status increased from 2.5 hours to 3.1 hours a day. Instead of spending his time typing, he's helping more borrowers and increasing revenue.
Ours do! Because all we do is consumer finance, ProNotes understands not just words, but context. We understand the conversations your representatives are having and how to summarize them for maximum clarity.
How do we know? Michael only edits 1.7% of the notes generated by ProNotes, which means we're doing our job so he can do his.
Changing a representative's day can change everything. While you might very well save thousands of dollars a month, they'll also remove huge amounts of tedious administrative effort and replace them with in-call time and in-call focus. That’s priceless.
In addition to Michael's incredible statistics above, moving to automated notes provides other benefits:
Follow this link to see how ProNotes can transform your student loan servicing team's success.
Note: All statistics based off performance of collections representatives - if you'd like to see a custom demo and hear statistics customized to your team, let us know!
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