The life of a student loan servicing representative before and after ProNotes


The life of a student loan servicing representative before and after ProNotes


The life of a student loan servicing representative before and after ProNotes

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. 

Changing how representatives manage after-call wrap 

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:

Before ProNotes

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.

After ProNotes

Switching to ProNotes gave Michael:

  • 63% decrease in wrap time per call
  • 46 minutes saved per day
  • $383 saved per month
  • 24% increase in "Ready" status

Let's take a closer look.

63% (8.5 seconds) decrease in wrap time per call.

46 minutes saved every day.

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.

$383 saved per month.

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.

24% increase in "Ready" status.

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.

Do automated notes actually work?

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.

Change wrap-up time and change everything

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:

  • Consistency to provide better context
  • Training on call issues, not note-taking
  • Improved QA coverage
  • Reduced stress from repetitive tasks
  • Increased attention on empathy and resolution
  • Available for English and Spanish conversations

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!