$92K+
New Monthly Savings
30%
Reduction in New Hire
Training Time
10SEC
Improvement to AHT
Overview
Our client, known for facilitating financial solutions for everyday consumer Americans, has an admirable mission: to create value – for its customers, its employees, and their shareholders. They had identified a need to adopt a more comprehensive knowledge base provider capable of interfacing with and being able to drive other systems.
Challenges
Because it was vital for our client to ensure this investment would be in alignment with the anticipated return, they needed to identify quick hits for process improvement and to ensure the business case supported this transition. They partnered with Insite for an evaluation of their current KMS, its impact on critical KPIs and metrics, and recommendations for best-in-class platforms to optimize and create cost savings.
“The thing I love about Insite–they don’t just present the solution but they also help implement the solution. And that’s the key; that’s what Insite does for us.”
- John D. | SVP of Operations at Atlanticus
Solutions
Our experts performed a comprehensive evaluation including interviews, data analyses, process mapping, benchmarking, and observation of both new and tenured agents handling top call drivers. We discovered several key insights that indicated a dire need to transform their knowledge management system:
- Their current KB platform, or subsequent resources (e.g., product info), was only being utilized on 5% of the calls.
- 100% of agents had a working document saved to their desktop with personal favorite or frequently used information. This guided agents through 22% of calls, proving to be easier to use and more effective than the current KB platform.
- Agents used internal communication systems to contact supervisors and peers for assistance with additional information on 17% of calls.
These findings demonstrated the information gaps and disorganization of the client’s current knowledge management system. Transitioning to a better performing platform would enable improvements to handle time, consistency in approach, first call resolution, and customer experience, all while preparing their business for possible future integrations.
Our experts recommended the implementation of a far superior knowledge management system whose performance was proven to significantly improve efficiency and the customer experience.
Results
We performed a MiniMap® assessment, allowing our experts to establish recommendations guaranteed to improve efficiencies, create cost savings, and support the business case our client required to transform their knowledge base. It was clear that the agents needed a singular platform that held all products, services, and operational information. This would empower agents to handle all calls within a singular platform, eliminating time-wasting inefficiencies, and driving KPI and metric performance.
Implementation of our recommendation to adopt a particular upgraded knowledge management system created the opportunity for our client to rapidly increase efficiency and create significant cost savings.
- Elimination of time-wasted working between information resources created labor cost savings of $118K+/year.
- Training facilitation capability improved new hire training time by 30%, decreasing speed to competency by 6 days.
- Optimized knowledge organization of payment policies alone reduced repeat calls, saving $80,640 annually.
- Increased training via KMS by 30 minutes per agent to reduce repeat calls and AHT, saving $40K/month in labor costs.
- Easy access and navigation of information decreased AHT by 10 seconds, saving $27K per month.
- Customer service next step guidance improved first call resolution to save $107K each year.
Conclusions
By engaging Insite for a comprehensive evaluation and MiniMap® assessment, a leading consumer loan solutions partner successfully transformed its knowledge management system (KMS). The client initially faced challenges because their existing KMS was underutilized and inefficient. Agents relied heavily on personal desktop documents and internal chats for critical information, proving the platform was disorganized and contained significant information gaps.
Insite’s recommendation for a superior, singular knowledge management platform empowered agents to handle all calls efficiently. This successful transition rapidly increased efficiency and created significant cost savings, exceeding the client’s need for a strong business case.
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