Shrutidhara Kakoti
May 24, 2024
Blog
SkiTalks: Prateek Gupta on Compliance and Go-To-Market Strategies for Conversational AI in Collections
Hello! Welcome to Skit.ai. Click here to book a demo.
Hello! Welcome to Skit.ai. Click here to book a demo.
“Generative AI has enabled bots to accurately discuss a broader range of subjects. Streaming text-to-speech technology has also significantly reduced the delay between analysis and response by bots, making the entire experience human-like.
Although Artificial General Intelligence (AGI) has room for improvement, Skit.ai is in an excellent position to cater to various use cases in many industries. The immediate impact on the marketing strategy would be an expansion of the Total Addressable Market within the same industry. Expanding to new markets is dependent on relevant regulations, which keep evolving, and our ability to understand the industry-specific nuances so that we can give proper instructions to AI. AGI is expected to overcome many of these hurdles in the future.”
“For Skit.ai, the current approach centers around finding markets with large volumes of interactions, typically between business institutions and their customers, and with a limited number of use cases. As our technology gets better and faster at fine-tuning Generative AI models to specific use cases, we will drop the requirement of focusing on limited use cases. Any industry that requires a large number of interactions is a feasible market for Skit.ai. Underserved markets are and will be prioritized.”
“Educating a nascent industry is tough initially; it takes significant effort and time but presents a golden opportunity to become the go-to partner once the solutions start getting accepted. Talking to as many people as possible improves our knowledge of a new industry and gives them a chance to learn about our solution.
In a typical Skit.ai sales process, conversion ratios are small but build over time. We generally find some early adopters and work hard to help them be successful and turn them into evangelists. We focus on platforms with the right target audience, which has turned out to be an efficient way to pass on the message.
To expand our reach beyond the limitations of human interactions, educational digital marketing content is beneficial.”
“Delivering value to customers is the only way to achieve long-term success, and Amazon.com is a great example that comes to my mind. Different industries perceive value in different ways. For us at Skit.ai, the trick is to quantify the perceived value in dollars and charge a fraction of that value for our solution. In the current financial market, the second thing we worry about is our gross margins, so we don’t indulge in pricing wars with the competition. We would rather focus on delivering higher value and charging a small fraction of that value while keeping a healthy gross margin.”
“As and when the cost of Generative AI goes down, price-sensitive markets and geographies will present a tremendous growth opportunity. With these technologies being commonplace, the challenge will be to keep finding differentiation in our solutions.”
“Regulations keep changing and are influenced by various factors. Sometimes, you are just collateral damage. Small and medium players in a niche market generally don’t have much influence on regulations. Therefore, the biggest challenge is to keep up with changing regulations that apply to us but are not intended for us. This also derails progress.”
“The most recent myth is that ‘Robocalls are Illegal.’ While that makes for a good headline, if you read the fine print it’s clear that you can use artificial voices to make phone calls if you have prior express consent, which has been a requirement since 1991, when the TCPA was introduced. Educating our users is one way to tackle this misconception. This is where Skit.ai’s early adopters turned evangelists became more helpful than ever.”
“Skit.ai follows all data privacy standards and has invested heavily in making our systems compliant with GDPR, SOC2, HIPAA, PCI-DSS certifications.”
“We are not directly involved with regulatory authorities, but we engage with compliance experts to ensure that our solutions comply with all aspects of the regulations governing our clients and us. Due to the evolving nature of the regulations, this is not limited to the solution’s development cycle but is an ongoing process.”
“At Skit.ai, we engage with compliance experts to foresee regulatory changes and incorporate them into our product. We also have product owners who double up as internal compliance experts because they are the ones who understand the product best and can ensure that it remains true to regulatory standards.”
“We believe that our solution does not engage in any activity that current (or future) regulations are targeting. Our multichannel strategy and enhancement of our inbound voice solution will help us address compliance hurdles that may arise in the future.”
“Most other AI vendors view debt collection as just another industry in which interacting with consumers represents a significant requirement.”
Curious to learn more about how Conversational AI can enhance your collections strategy? Book a free demo with one of our experts.
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