Nexidia, the leading provider of customer interaction analytics solutions for business transformation, today announced that Primary Financial Services LLC, a leading provider of third-party Accounts Receivable Management (ARM) services for major financial institutions, has selected Nexidia Interaction Analytics to boost service quality and collector performance, as well as to ensure compliance with federally mandated regulations.
Under the terms of the agreement, Primary Financial Services will utilize Nexidia’s OnDemand hosted solution to analyze collector activity across all calls to payers in order to increase the effectiveness of its accounts receivable management. With interaction analytics, the company will benchmark best practices of its top performing collectors and deliver tailored coaching to improve conversion rates, as well as ensure a high standard of customer service and professionalism.
“It’s no secret that in recent years, the accounts receivable industry has experienced increasingly tighter scrutiny and regulation,” said Primary Financial Services President, Tim Smith. “In addition to helping us provide a consistently higher level of service for our clients, interaction analytics is an indispensible tool for enabling us to dramatically reduce enterprise risk by helping to ensure continued compliance going forward.”
With the ability to monitor, record, and analyze 100% of its collector-payer interactions, Primary Financial Services will also be able to mitigate legal risk by ensuring compliance to existing and new federal regulations mandated under the Consumer Financial Protection Bureau (CFPB) and other governmental agencies. Enabling the company to rapidly pinpoint exact words or phrases, Nexidia Interaction Analytics is a cost-effective solution that helps protect against potential liability by ensuring script compliance in addition to enforcing a consistent customer experience.
“Traditional approaches for quality monitoring based on random sampling are woefully inadequate for this closely regulated industry and expose companies to tremendous legal risk,” said John Willcutts, Nexidia’s president and chief executive officer. “With the ability to efficiently monitor every single interaction, our clients have discovered that interaction analytics has been extremely effective in mitigating this exposure by enabling a rather profound and immediate cultural shift towards strict compliance.”
Primary Financial Services is a national collection agency, providing accounts receivable services for major financial institutions in the areas of student loans, credit card, lines and loans, commercial, and debt purchasing. Founded in 1996, the company is based in Phoenix, Arizona and licensed across the United States. In 2011, the company was purchased by CBV Collection Services Ltd., a leading accounts receivable management company headquartered in Vancouver, Canada, with more than 6 offices across Canada and in the US.
Nexidia provides customer interaction analytics solutions with patented technologies and breakthrough applications that enable companies to drive business transformation by capturing, making sense of, and using the full range of communications they have with customers. As the traditional voice of the customer expands from the contact center to include surveys, email, chats, and even social media sites, Nexidia provides software and service expertise to help companies synthesize this data into both a tactical tool for operational improvements and a catalyst for strategic business transformation. For more information, please visit http://www.nexidia.com