A Debt Recovery Case Study
Improving workflows and increasing accuracy through TCN
Customer: Everyday People Financial
Industry: Financial Services
Company size: 650+ employees
The client
Everyday People Financial Corp. is a revenue cycle management consolidator founded on the belief that everyone deserves a second chance to reestablish and build credit and have increased access to affordable credit options. EPFS is headquartered in Edmonton, Alberta, Canada, with operations also in Glasgow, United Kingdom.
They are changing the way revenue cycle management agencies work by enhancing client services with affordable financial products and literacy programs. Utilising their own specialised credit facilitation products, they’re helping consumers rebuild their financial health and generational wealth.
The challenge
The previous voice platform used by EPFS wasn’t easily configurable, and the team needed a lot of support, leading to long lead times and increased costs. Their IT team had to do everything, leaving supervisors and managers unable to assist and draining resources. Team specialists were also spending valuable time identifying false positives (trying to detect whether a human voice or an answerphone had answered). EPFS also needed an effective and accurate way to flag high-risk and vulnerable calls. Plus, they had to outsource certain features and functions to third-party suppliers, making it an expensive system to run. EPFS needed an easy-to-configure, flexible platform so it could adapt quickly to client and compliance needs now and in the future and provide a better environment for their agents.
“TCN’s platform has solutions that are specifically designed for the debt collection industry, which really sets TCN apart. With Conversational Analytics, the transcription and AI capabilities are really refined, which has helped cut down our flagged calls by 50% and has significantly reduced our labour costs.”
Craig McKechnie, Head of IT at EPFS
The solution
To remedy their challenges, EPFS turned to TCN and its cloud-based contact centre platform — complete with robust solutions and 24/7 free customer support. With the help of TCN’s highly accurate Conversational Analytics, the company was able to simplify workflows, call handling times and the ability to score calls. One of the main goals EPFS had with TCN Operator was to immediately identify vulnerable calls and flag the issue for further review, which required a tool with an exceptionally high accuracy rate. The company’s head of IT reported being “blown away” that TCN’s Conversational Analytics solution was able to provide a 98-99% transcription accuracy rate — even with broad regional accents. Achieving this with TCN was a huge win for the company, especially in terms of UK compliance, helping it to accurately flag potential risks and keep reliable records.
“We couldn’t be happier that agent job satisfaction has improved and turnover has reduced. With the new ability to identify frequently asked questions or common needs, we can now support agents with these problems and take action pre-emptively to provide smoother call handling.”
Craig McKechnie, Head of IT at EPFS
The results
After switching to TCN’s software, EPFS team leaders and managers handling day-to-day operations were able to turn to their TCN support team whenever they needed help — provided the same day and at no cost. This has substantially cut costs by freeing up 50% of IT time and improving management and operations. Moving this technology to a cloud-based platform has also helped EPFS reduce the space and energy required to accommodate the pervious solution and consequently cut the electricity bill by 30%.
Thanks to the improvements made with accurate Conversational Analytics transcriptions, EPFS has been able to clearly identify when the agent is talking and when the customer is talking —something that was not possible with their previous provider. The company also estimates a 30-40% reduction in time operational and business intelligence specialists were spent identifying flagged calls. This allows them to innovate more solutions more quickly and deliver better outcomes for agents and customers.
Before implementing Conversational Analytics the EPFS QA team would randomly select between 6-10 calls per agent per month (around 600-700 total calls per month) to listen and score the call. Now, post TCN implementation, every call made and received is listened to and scored by the platform, meaning the QA team can focus their time on agent training and positive reinforcement.
EP Financial Solutions (EPFS), based in Glasgow, is a subsidiary of the Canadian financial solutions provider, Everyday People Financial Corp.
“With TCN’s Conversational Analytics – first and foremost, the transcription accuracy has made all the difference, enabling us to implement our strategies, do all the quality assurance and automate it. We can do it all ourselves.”
Craig McKechnie, Head of IT
