The challenge of measuring agent performance

20% of your agents produce 80% of your revenue.

You’re not sure why, and not sure how to figure it out, so you’ve just accepted it.

But it’s not ideal, is it?

How we evaluate agents

Historically, consumer finance teams have evaluated representative performance based on objective, easily measurable KPIs like:

  • Average handle time
  • Silent time
  • QA monitoring
  • Payment rates
  • Customer satisfaction scores
  • First-call resolutions
  • Customer retention

Those are all useful metrics to evaluate performance that do often correlate with achievement.

But none of them tells you what you really need to know, which is exactly how agents are achieving those outcomes.

What you actually need to know

What, exactly, do representatives do and say that drive payments? Or customer retention? Or high scores? Or first-call resolutions?

Are there specific phrases top agents use that boost customer satisfaction?

Is it empathy or flexibility that increases payment rates?

We talked about some of these connections in our payments correlation report. Because Prodigal has analyzed over 300 million consumer finance calls, we can see patterns that pay off (both literally and figuratively). 

And there’s so much more to uncover. What you need is the ability to pinpoint the actions behind the KPIs so you can help your entire team level up to the top performers.

Increasing everyone’s potential

Customer service in consumer finance can be a tough, high turnover job.

But if you could increase every agents’ success rates by training them on the behaviors behind the metrics, you could:

  • Lift payment rates
  • Increase job satisfaction
  • Lower turnover
  • Boost revenue
  • Target training precisely
  • Raise customer satisfaction
  • Hit all your target KPIs across your team

The way forward

Until now, you’ve been limited to those standard measures of effectiveness because there wasn’t a way to measure anything else.

That means your training has been limited to telling your team things like, “Be more empathetic,” or “Increase your first-call resolution rate.”

But you have a chance to do better so your team can do better.

What you need is the ability to extract detailed information from your customer interactions. But in order to do that, you need something that can understand not just the basic words in the conversations, but the full context, including customer and agent sentiment.

Good news. The answer is here.