How do consumer finance agents and representatives spend their time?
Every day Prodigal observes thousands of representatives reach out to customers, negotiate and discuss payment options, and successfully resolve issues. We analyze each call in detail to identify common bottlenecks and best practices for agent productivity.
One common issue we see revolves around wrap-up time or after-call work, covering the period between the end of a call and the representative being ready for the next one.
Administrative duties like making notes, dispositioning calls, or posting payments are vital, but they take significant time away from the actual process of making calls - and generating revenue.
We pulled some statistics from our customers to show you how post-call processing can hit your bottom line, and how you can reclaim that lost time.
Measuring after-call work time
After-call wrap time can be as long as 40 seconds per call. While many wrap-ups are short, longer customer conversations can lead to lengthy after-call work.
The median wrap-up takes 25-30 seconds, meaning more than half of the wrap-ups take longer than 30 seconds. Only a tiny percentage of wrap-ups are longer than five minutes.
But seconds of work doesn’t sound too bad, right?
The cost of losing time to wrap-up
Here’s the catch. Looking at our clients, we see agents can take and make between 200-300 calls per day. If an agent has an average of 250 calls in a day, it also means they have 250 wrap-ups in a day.
Writing call notes is the most common post-call activity. And while many notes are simple and short - under 20 words - they are typed much slower than the recommended productive speed of 65-75 words per minute.
And because all calls, no matter the length, need some post-call activity, brief calls eat up more than their fair share of time.
Those slices of time add up quickly:
- More than 2 ½ hours spent on wrap-up every day
- $30-40 daily cost (depending on agent seniority and location)
- $8,000-$12,000 per year per agent
- $1.5 million annually for a team of 120 agents
That’s a lot of lost time, and a lot of missed revenue.
A better solution to agent wrap-up time
There’s no way to eliminate all after-call work altogether, but the cost of doing nothing is high.
We created ProNotes to help solve the problem of lost agent time in after-call work so you can rescue lost revenue.
By automating the process of call notes, our customers benefit from significant savings with results like:
- 15% increase in talk time (Rash Curtis saw a 30% increase in in-call time)
- 20% increase calls per day
- 15% wrap time reduction
- $2500 increase in potential collections per month
And because we’re focused on consumer finance, analyzing more than 8 million calls each month, when it comes to understanding conversations specifically related to debt payments, our accuracy is over 90%.
If you’re ready for your agents to stop typing and start earning, we’re ready to get you going.