Advantage Finance: customer story
“I am hundreds of percent more confident that we will be able to provide evidence of compliance when the regulator requests it.” – Graham Wheeler, CEO, Advantage Finance
About client
Advantage Finance is a leading player in the UK automotive financing market. Going beyond credit scores, the company’s flexible lending practices cater to individual needs and circumstances. Demonstrating a strong commitment to customers with low financial resilience and vulnerabilities, Advantage Finance prioritises meaningful conversations guided by their core values of TRUST—Teamwork, Respect, Understanding, Supportive, and Truthful.
The Challenge
Before Voyc, Advantage Finance relied on a traditional QA process, where the QA team had to manually listen to call recordings. However, with the introduction of the FCA’s Consumer Duty and the ongoing cost-of-living crisis, Advantage Finance identified several challenges with their manual approach:
- Limited QA Capacity: the traditional manual QA processes only allowed for monitoring 1-2% of customer calls.
- Limited vulnerability management: while agents had a dedicated focus on supporting customers and attentively listening to their needs, the manual process of flagging calls and identifying vulnerabilities occasionally led to oversights.
- Inability to provide clear evidence: the lack of complete and accurate transcriptions of every call prevented them from being able to provide clear evidence of compliance and good customer outcomes to the regulator.
The Solution
Advantage Finance was in search of a call monitoring solution tailored for continuous improvement in customer-facing operations. Their priority was a solution that emphasised features like agent quality score dashboards, reporting, and coaching workflows.
Equally crucial to the team was ensuring that the chosen solution seamlessly integrated with their existing systems, either via direct telephony or API, all while maintaining cost-effectiveness.
Meeting these specific requirements led Advantage Finance to select Voyc to monitor 100% of their customer interactions. This strategic decision perfectly aligned with and addressed every consideration encountered during the selection process.
Client experience
The Results
Improved operational efficiency and productivity
- 100% of customer calls are now automatically monitored, a substantial increase from the previous 1-2% calls manually monitored across collections, support, and sales.
- The QA team has increased the number of calls on which they provide feedback to agents by over 600%.
- The need to listen to entire call recordings has been eliminated, saving significant time for QA agents and managers.
- The integration of Voyc has helped mitigate operational risk by acting as a secondary defence alongside the existing security systems.
Compliance and vulnerable customer care
- Agent and customer interactions are fully monitored to ensure that every customer facing payment difficulties is offered the best possible option.
- Keywords for vulnerabilities prompt QA alerts when present in calls, ensuring adequate support and care is received.
- Full call transcriptions are applied to individual customer records, enabling Advantage to respond promptly and comprehensively to requests for evidence by the regulator.
- Advantage Finance can now confidently demonstrate outstanding call compliance standards, consistently achieving nearly 100% compliance every month.
Training and coaching
- The review of daily call transcriptions highlighted service standard variations, prompting targeted training and coaching for improvement at Advantage.
- The QA team is now freed from time-consuming call listening and paper-based reporting, enabling them to address training gaps and enhance team performance.
- The insights and MI from Voyc have guided training initiatives that have not just improved customer support, but operational efficiency as a whole. This has been felt in areas such as Credit Rating Warnings and Voluntary Termination contracts.
Client experience
