What's the biggest productivity killer in consumer finance?

#1 is probably snacks. But tied for first place is wrap time, aka after-call work or post-call processing.

Anything agents complete after a call ends, such as updating account information, taking notes, and documenting interactions can eat into their efficiency and their effectiveness.

How to solve the wrap-time problem

We teamed up with AccountsRecovery.net to talk through the issue and solutions in a webinar featuring:

Mark Boich (Harris & Harris)

‍Michael Brunken (NetTel USA)

‍John Coppola (Balanced Healthcare Receivables), and

‍David Speed (Nationwide Credit Corporation)‍

One of the key takeaways from the discussion was that excessive wrap time can be a "silent killer" for effectiveness.

One problem stems from some agents taking liberties with how they use that time. The panelists agreed the goal should be to have agents efficiently document accounts during wrap time without getting distracted by non-work-related activities.

To achieve this, our experts suggested several strategies:

1. Set clear expectations and KPIs for wrap time, typically aiming for 15-20% of total call time.

2. Provide training on multitasking, such as a "talking and typing" course, to help agents document while on calls.

3. Utilize technology, like AI-powered tools, to automate tasks and reduce manual effort.

4. Monitor agent performance regularly and address any issues promptly, focusing on both willingness and ability to perform.

Combining human solutions with technological support

The key to resolving the wrap time issue entirely rests on agents and their willingness to do the job effectively and efficiently.

Managers must enforce the behaviors that drive desired metrics and work closely with agents to ensure they understand the importance of efficient wrap time management.

That's the human side of the equation.

But you can ease agent distraction and workload by investing in solutions that remove the tasks from their to-do list. For instance, by automating call notes with AI solutions pre-trained for financial conversations. An app like that can understand both the context and the content of the conversation, delivering a complete and clear record of the conversation.

That means agents can focus on the conversation, improving their effectiveness. The time savings means they can help more customers, driving payments.

Action items

Reducing wrap timer requires a combination of clear expectations, targeted training, technology adoption, and ongoing performance management. By focusing on these areas, teams can significantly improve collector productivity, leading to increased revenue and better overall performance.

As a next step, the panelists recommend that companies assess their current wrap time metrics, identify areas for improvement, and begin implementing new strategies and exploring new solutions.