Month: May 2024
Addressing the Ambiguity of Compliance and Conversational AI in the Collections Industry
Contain BHPH Delinquencies with Multiple Follow-Ups
Buy Here, Pay Here car dealerships need to reach all of their active customers frequently and effectively. Conversational AI can help them do so in a scalable and cost-effective way.
Artificial intelligence is transforming the way car dealerships communicate with borrowers. Thanks to the use of interactive virtual assistants, dealerships are now able to automate intelligent, two-way conversations over multiple channels—voice text, email, and chat. This technology is emerging as a game-changer thanks to its cost-effective and scalable nature.
Based on data from our customers, we have seen that connectivity for a given set of accounts increases proportionally with retries. In other words, to boost connectivity, you should perform multiple follow-ups using Conversational AI.
Connectivity tends to peak at around 5 retries. The frequency and spacing of the retries can be programmed in compliance with TCPA requirements and state regulations.
The graphic below from a collection agency shows that, with 5 retries, the connectivity rate doubles.
Here are our tips to maximize your connectivity performance and boost revenue recovery:
- Perform at least 5 contact retries per campaign, in compliance with federal and state regulations.
- Leverage multiple communication channels, all automated with AI: phone calls, SMS, email, and chat.
Curious to learn more about how Conversational AI can enhance your collections strategy? Book a free demo with one of our experts.
Faster and Efficient Account Penetration with Conversational AI
Are you grappling with the challenge of reaching out to a vast number of accounts with limited staffing resources?
Is the task of engaging meaningfully with each consumer proving to be a daunting feat?
How Does Skit.ai’s Multichannel Conversational AI Help With Account Penetration?
Rapid Outreach at Scale
One of the most significant hurdles in collections is the sheer volume of accounts that need attention. Traditional methods involve reaching out to thousands of consumers, which is time-consuming and resource-intensive.
Skit.ai enables collection agencies of all sizes to reach thousands of accounts within minutes. You can automate compliant outbound outreach of your consumer portfolio and ensure 100% account penetration.
Skit.ai doesn’t just enhance outreach efforts; it also enables you to connect with consumers during weekends and after work hours when agents are usually unavailable for outreach campaigns, yet consumers are more inclined to pick up the phone and engage.
Multichannel Engagement
Why give apples to your consumers when they’ve clearly said they want oranges?
Consumers nowadays have diverse preferences when it comes to communication channels. Depending on their demographics and behavior, they will prefer to use different channels.
Skit.ai offers multichannel engagement capabilities, enabling collections agencies to connect with debtors through their preferred mode of communication.
Whether it’s sending personalized emails, automated SMS reminders, or initiating interactive voice calls, Skit.ai ensures that agencies can engage with debtors on channels they are most likely to respond to. This strategic approach significantly increases the chances of meaningful engagement and debt resolution, ultimately driving higher recovery rates.
Intelligent Insights and Analytics
Skit.ai provides collections agencies with many actionable insights to guide their decision-making process. It uses debtors’ response patterns to recommend best practices, such as when and how to reach out to effectively engage with debtors.
Merely increasing the frequency of contact with debtors doesn’t always translate to higher connection rates. Skit.ai’s software analyzes data and recommends the optimal number of engagement retries (while ensuring compliance with regulatory bodies) to achieve an optimal connection rate. It can also suggest the optimal mode of communication for better engagement.
Still don’t believe us? Hear it from our customers!
Curious to learn more about how Conversational AI can maximize your account penetration? Book a free demo with one of our experts.