FCS Reimagines Their Proactive Compliance Strategy with ProVoice

First Credit Services (FCS) is an omnichannel debt collection agency and business process outsourcing (BPO) company. To continue building on their 25-year history of compliant collections and receivables management, FCS replaced their ineffective and labor-intensive speech analytics tool with Prodigal ProVoice: a modern, AI-powered call analyzing solution.  

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The Challenge‍

FCS feared that a handful of their collection agents could potentially be wrongly tagging events in conversations and might even be incorrectly dispositioning some of their calls. Their existing speech analytics tool couldn’t guarantee that it would reliably catch every potential error. 

“We had no dependable way of making sure that we weren’t falling prey to collectors’ lack of knowledge or attention in handling calls correctly,” said Rajeesh Ramakrishnan, Assistant General Manager of Quality and Compliance at FCS.

Hidden red flag issues and possibly overlooked wrong disposition codes could have been creating compliance risks, and putting FCS’s sterling reputation on the line. Their existing tool also required regular manual configuring, which was costly and labor-intensive for the QA Team. 

To take their commitments to consumers and clients to the next level, FCS set out to find an AI-powered call analyzing solution that would further strengthen compliance without increasing the burden on their QA Team. Specifically, FCS was looking for a solution to: 

1. Analyze 100% of calls for compliance
2. Improve agent productivity and effectiveness 
3. Reduce QA Team labor demands

The Solution

FCS selected Prodigal ProVoice, an AI-powered call analyzer and scorer, and deployed the solution within weeks. “The problem we were seeing with other potential tools was that they would be difficult to calibrate to meet our requirements,” said Ramakrishnan. “This was because the script and other necessary elements were supposed to be established by our in-house QA team. This wasn’t the case with Prodigal.” 

Instead of requiring months to create custom call event tags, ProVoice came with more than 400 industry-specific tags that were ready-to-use from day one. Additionally, Prodigal’s internal team of data analytics experts was standing by to create the few additional custom tags FCS requested. 

Considering ProVoice is designed specifically for the collections and accounts receivable management industry, and pre-trained on over 250 million consumer finance interactions, most of its standard settings already met FCS’s core requirements. In the cases where FCS did ask for some tweaks, Prodigal’s Services Team handled everything, leaving FCS’s in-house team free to focus on their core responsibilities.   

The Results

With Prodigal ProVoice analyzing and scoring every call, FCS can easily catch wrong call dispositions and never misses Do Not Call (DNC) requests and other red flag issues. According to Ramakrishnan, “Some of the insights ProVoice revealed were surprising. Like the amount of time agents were padding their downtime by waiting in silence at the end of calls and voicemails.” With that uncovered, FCS was able to coach their agents to improve productivity and customer satisfaction. 

Notably, FCS saw:

1. 5X Faster Call Reviews
   
   The time it takes for the QA Team to review a call dropped from five minutes before Prodigal to just one minute with ProVoice.
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2. 35% Faster Client Responses
   
   ProVoice’s thorough dashboards allow FCS to respond to even detailed client information and reporting requests far faster than before.
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3. Even Stronger, Proactive Compliance Strategy
   
   With ProVoice analyzing every call, FCS can prevent and correct complaints and compliance misses–before they turn into fines and lawsuits. 

Conclusion‍

By trading the burden of their dated speech analytics tool for the AI-powered simplicity of Prodigal ProVoice, FCS strengthened compliance, improved agent effectiveness, and relieved their QA Team’s labor burden. “We can track collector behavior to improve overall performance in a larger context where all calls are monitored,” said Ramakrishnan. “This just wasn’t possible with our old manual process.”

Going forward, FCS is excited to see how they can continue to act on the insights ProVoice reveals to further enhance their processes and strategies to best serve consumers and clients.