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Month: September 2024

What to Look for When Purchasing a Conversational AI Solution for Collections

Posted on by Simone Somekh

You’ve been exploring Conversational AI as a possibile solution to automate your debt collection agency’s operations; you’re considering adopting AI to scale outbound and inbound calls and other interactions for collections. Congratulations—you’re in the right place. What next?

A Conversational AI solution can significantly reduce your business’ collection costs and improve the success rate and duration of your collection campaigns. However, not all AI vendors are the same. How do you choose the right vendor for your company?

Given our extensive experience in the accounts receivables industry and our tech expertise, we’ve put togehter a list of criteria to consider when meeting with providers and choosing the best one to move forward with, from the understanding of your business operations to technical capabilities.

If your Conversational AI vendor doesn’t fully understand the collections space, you’ll end up being heavily involved in every step of the process, causing delays, higher costs, and a disappointing return on investment.

What to Look for in a Conversational AI Solution for Collections

Compliance with Debt Collection Regulations Based on Region

Collections are a highly regulated and litigious industry. The first thing to look for in any AI provider that handles collections is the company’s level of understanding of the existing laws related to collections in your region.

An AI-powered digital assistant handling outbound collection calls and messages can be designed to comply with consistency and precision that human agents can hardly achieve. However, it’s important to check whether the provider is up to date with the current laws.

For example, some of the collections-related regulations in the United States are:

  • Telephone Consumer Protection Act
  • Fair Debt Collection Practices Act (FDCPA) and Reg F
  • Payment Card Industry (PCI) compliance
  • Health Insurance Portability and Accountability Act (HIPAA)

Some of the regulations for Canada-based collections are:

  • Personal Information Protection and Electronic Documents Act (PIPEDA)
  • Canada’s Anti-Spam Legislation (CASL)
  • Canadian Radio-Television and Telecommunications Commission: Key Unsolicited Telecommunications Rules

Provider’s Understanding of the Collections Space

This point goes beyond regulations: How well does the Conversational AI provider know and understand the collections space as a whole? Their understanding of the structure and overall operations of a collection agency will be a helpful factor in the collaboration between your business and the provider.

The provider should understand the agency’s structure, the challenges related to employee retention and call scalability, and the best practices for outbound collection calls. This way, you can trust that they will design an optimal conversation flow to facilitate your collection efforts.

Different factors, such as the type of debt and the age of the debt, may affect the conversation design.

Ability to Handle End-to-End Conversations

The Conversational AI solution needs to be able to handle interactions with consumers from start to finish, without any human intervention, from verifying the user’s identity to completing, to answering frequently-asked questions and completing a transaction.

The solution must be able to handle human-like, two-way conversations; its capabilities should include:

  • Right-party contact (RPC) verification
  • Promise-to-pay (PTP) capture
  • Payment collection, either on-call or via SMS link to payment gateway
  • Dispute handling
  • Settlement and payment plans negotiation

Whenever the consumer requests it or the AI solution is unable to assist, the interaction should be transferred to a live agent; however, whenever that’s not needed, the solution should be capable of handling a variety of scenarios.

Seamless Multichannel Capabilities

To offer an outstanding customer experience and maximize recoveries, collection agencies nowadays must offer multichannel communications, empowering consumers to interact through their preferred channels, such as voice, chat, text messaging, and email. The best practice is to meet consumers where they are, offering the convenience of self-service they expect from financial services organizations.

Voice AI is the most engaging medium among automated communication channels, and can automate phone interactions optimizing the frequency and timing of each engagement.

AI assistants can also be deployed via SMS, chat, and email, offering cost-effective solutions for businesses and convenient channels for consumers. Many consumers nowadays prefer to interact via text messaging, as they enjoy the convenience of responding whenever they want.

Multichannel capabilities enable collection agencies to identify the best channel to contact various segments of consumers and leverage a mix of channels in a strategic manner. The solution must be able to retain context across channels, so that a consumer can start a conversation on one channel and continue it on another without losing any context.

Comprehensive Integration Ecosystem

When you adopt Conversational AI, you need to ensure it fits into your tech stack to streamline rather than complicate your collection operations. You should therefore be able to access a wide range of integrations with your other tools, such as your CRM, telephony system, SMS provider, payment gateway, and spam monitoring solution. This ensures a smooth, unified approach to consumer interactions, enhancing efficiency and effectiveness across all channels.

Actionable Analytics

Once the Conversational AI solution goes live, will you be able to easily visualize and analyze its performance and results?

As more and more users interact with the digital agents across various channels, you can gather precious data that you don’t want to waste. Your Conversational AI vendor should give you access to a dashboard to monitor the effectiveness and quality of the conversations. Actionable analytics will empower you to optimize your recovery strategy and improve your success metrics.

After Go-Live: Continued Voice AI Training

After your Conversational AI platform goes live and begins interacting with your consumers, the work is far from finished. The solution must be maintained and the technology should be further optimized to improve the conversational experience. Monitoring the solution, especially at the beginning, is needed for quality assurance purposes.

According to a recent Gartner report, failing to monitor automation tools in post-production is one of the most common mistakes companies make when implementing automation.

Additionally, it’s important to note that Conversational AI solutions are typically rolled out in multiple phases: with time, additional capabilities and use cases may be added.

Therefore, your agency will want to work with an AI provider wthat hasa clear plan for post-go-livetraining and handling.

In conclusion, watch out for these key questions to ask your Conversational AI vendor.

For more information and a free demo, you can schedule a call with one of our experts. We’ll be happy to help!

How Conversational AI Helps Collection Agencies Prepare for Tax Season

Posted on by Simone Somekh

Tax season is the busiest time of the year for collection agencies. According to a recent report, at least 29% of Americans say they plan to use their tax refunds to pay off their debt. With a majority of U.S. residents receiving a tax refund from the government during this season, the number of people who will wisely take advantage of the reimbursements to pay off their debt is high.

In 2024, the average tax refund for individuals in the U.S. was $2,869.

Creditors and debt collection agencies know it’s important to take advantage of this window of opportunity to maximize their recovery rates and agency margins. During tax season, the industry usually experiences a peak in payments, paired with a general openness of consumers to engage with collectors. Many consumers will be relying on tax refunds to pay off their debt at this time of the year.

Now is the perfect time for agencies to prepare for tax season and the surge in outbound and inbound calls. In this article, we’ll explain how Conversational AI (the technology behind voicebots and chatbots) can transform tax season for the better, making it a less stressful and more profitable time for businesses performing collections.

The Challenges Collection Agencies Face Before and During Tax Season

While tax season undoubtedly represents a window of opportunity, it also presents several challenges for collection agencies. The best way for executives to tackle these challenges is to prepare in advance and to involve their collectors on the floor in these preparations.

Here are some of the most common challenges collection agencies face before and during tax season:

Hiring new collectors: To handle the surge in call volume, collection executives often seek to hire new collectors to join their staff. Hiring takes time and resources; over the last few years, it’s become more challenging to find new talent, as people are inclined to seek more flexible jobs, and salaries have become more competitive. You’ll need ample time to find new talent and train new hires.

Training staff to prepare for the season: Whether newly hired or seasoned, all collectors should receive the appropriate training before the beginning of tax season. All training materials should be easily accessible, focusing on the challenges and skills specific to this time of year.

Updating the agency’s compliance management system: Every agency should have a compliance management system, often found within the collections management software. This system is used to store and organize the current laws and regulations of the ARM industry. Before tax season begins, the agency’s compliance officer or manager should ensure that the system is up to date with the latest regulations, including state laws; outdated regulations should be removed. Additionally, this system should be easy to access and browse for collectors.

Planning a successful settlement campaign: The surge in collection volume encourages some agencies to offer small discounts for a limited time; other agencies take it to the next level by planning a wide-scale settlement campaign. For a settlement campaign, the agency focuses on a specific group of accounts, typically consumers with higher recovery rates and debt whose age falls within a specific timeframe. If the agency services third-party debt, then it also must coordinate the campaign with the original creditors. Executives must decide what balance reduction they are going to offer those consumers and the running time of the campaign. The entire process can make the agency extremely busy, and things are likely to get hectic for the collectors on the floor.

How Conversational AI Can Make Your Life Easier During Tax Season

How Conversational AI Helps Collection Agencies Prepare for Tax Season

Conversational AI, the technology behind voicebots and chatbots, has become one of the favorite automation technologies in the accounts receivables industry. Conversational AI enables creditors and collection agencies to automate both inbound and outbound conversations with consumers across multiple channels—such as voice, text, chat, and email—making it much easier for executives to scale their collection campaigns without the need to hire additional or seasonal agents.

Skit.ai’s Conversational AI solution:

  • Initiates thousands of calls and messages to consumers within minutes;
  • establishes right-party contact;
  • reminds them of the outstanding balance;
  • provides information about the debt, and
  • encourages them to make a payment or captures promise-to-pay.

The solution easily transfers calls to your live agents when needed, so they can speak to the most engaged consumers and collect payments on-call.

It’s important to note that Voice AI is not IVR (interactive voice response), an outdated and unpopular solution commonly used in customer service. Unlike IVR, Voice AI can handle intelligent, two-way conversations with consumers.

Automation of consumer interactions with Conversational AI is transforming collections across the board, as it enables collection agencies to handle many more accounts simultaneously, recovering payments at a fraction of the cost. Additionally, this technology augments the work of live collectors, who are empowered to handle more complex cases and focus on more revenue-generating accounts; whenever agents get a transfer from the AI solution, they receive the context on the consumer’s previous interaction with the voicebot in real-time.

While this technology is helpful all year round, during tax season it becomes particularly essential. Here’s why:

Make it super easy for consumers to pay. Any roadblock in the payment process can significantly hinder the recovery of the debt. That’s why customer experience plays an important role, and making the payment as easy and frictionless as possible is a priority for your agency. Multichannel Conversational AI enables consumers to use their preferred mode of communication, making the recovery process smooth and pleasant.

No need to hire additional collectors during tax season: Conversational AI enables executives and managers to scale their operations, without the need to hire additional collectors during this busy season. This way, they can continue to rely on their trusted team and get the extra help they need from the virtual agents, which are unlimited in number and can handle thousands of conversations simultaneously. Collections with Conversational AI are significantly cheaper; additionally, bots don’t take a commission!

Fewer concerns about compliance thanks to AI: Executives can worry less about ensuring compliance with laws and regulations since the platform is fully trained to comply with regulations at the state and federal levels thanks to rigid guardrails and compliance filters. Unlike live collectors, the automated agent is always compliant and does not go off script.

Execute a smooth settlement campaign at scale: With Conversational AI, collection agencies can execute a settlement campaign at scale, reaching thousands of consumers in a very short amount of time to offer the settlement and collect the payments.

What Industry Leaders Are Saying About AI for Tax Season

“We were seeking a way to boost collections cost-effectively and without the need to add additional workforce. We began by leveraging Skit.ai to run a settlement campaign during tax season this year, with the technology adapting to our seasonal needs and business model,” said Daniel Klein, CEO of Uown Leasing, a Florida-based provider of lease-to-own, flexible payment solutions for consumer products.

Klein continued: “I don’t think technology will eliminate people, but having the right point of intersection between technology and human capital is how you can scale operations and make your business successful.”

After implementing Skit.ai’s solution, the company experienced a significant surge in self-serve consumer payments directed through its online payment portal, facilitated by the AI solution.

When Should You Start Preparing for Tax Season?

While it’s never too early to get started, many agencies evaluate partners and vendors before Thanksgiving, just as the holiday season approaches and many U.S. residents are known to use their credit cards for holiday spending.

However, make no mistake: it’s also never too late! At Skit.ai, we pride ourselves on our fast and efficient implementation process. From the moment you adopt our Multichannel Conversational AI solution, you can go live and start using the platform in as little as 48 hours.

Are you ready to take the next step toward call automation with Conversational AI? Schedule a free demo with one of our experts to learn more!

How ARM Companies Can Automate Right-Party Contact with Conversational AI

Posted on by Simone Somekh

What Are Connect Rate and Right-Party Contact (RPC)?

Making contact with the right consumer—right-party contact—is crucial for debt collection agencies, but it’s often more challenging than it seems. One might think a simple phone call is all it takes to speak to the consumer who owes the debt; but oftentimes, the phone number is wrong, the consumer does not answer the phone, or the wrong person picks up the phone, leading to wasted time and resources.

Connect rates and right-party contact rates are two metrics that significantly affect the outbound contact operations of a collection agency. What are these metrics?

The connect rate measures the percentage of calls that are picked up over the total outbound calls initiated. The right-party contact rate is the percentage of calls where an agent is able to connect with the target consumer, which could be either the debtor or a relative who has been given permission to handle the debt, as opposed to reaching the wrong person (wrong-party contact) or leaving a message.

Automate Right-Party Contact with Conversational AI

Right-party contact (RPC) is the most accurate measure of the effectiveness of an agency’s outbound calling efforts.

In this article, we will explore how Conversational AI technology in its various forms can efficiently automate right-party contact verification, leading to significant time and cost savings for collection agencies.

Automate Right-Party Contact with Conversational AI

Why Right-Party Contact Can Be a Challenge for Collection Agencies

Collectors know it very well: reaching consumers can be tricky.

Given the limitations imposed by local regulations—such as the TCPA and the FDCPA in the U.S. and Canada’s Key Unsolicited Telecommunications Rules—collectors can’t call debtors at any given time of the day. While timing is everything, even a well-staffed agency can only contact consumers so many times in order to reach them, as the number of available collectors is limited and you don’t want them to spend too much time trying to reach the same numbers too often.

Right-party contact can be a serious challenge for collection agencies. Collectors (and their managers) want to spend as much time as possible actually speaking to consumers and collecting payments — and as little time as possible trying to reach people on the phone. Calls not resulting in RPC don’t lead to a collection and result in an overall waste of resources.

This is where automation and artificial intelligence come into play.

How Conversational Voice AI Solves the RPC Issue for ARM Companies

With shrinking margins, high attrition rates, high inflation, and an overall competitive landscape, accounts receivables companies performing collections are looking at digital transformation and automation as valid solutions to their operational challenges.

Contact centers in all industries have been relying on automatic dialing systems (or auto dialer software) for decades. These systems make the dialing process faster and easier, boosting agent productivity; in addition to queueing calls and dialing the target number automatically, they also screen out inactive numbers, busy lines, and answering machines, drastically improving the contact center’s connect rate.

But what about right-party contact?

Once the collector reaches a consumer on the phone, they must establish whether the person they are speaking to is the right party (the consumer or debtor) or not. The right party could also be a third party (a person authorized to handle the debt or an attorney representing the debtor). This process can take a few minutes.

A Conversational AI solution can handle the actual call — rather than just the dialing process — and interact directly with the consumer, easily verifying their identity.

Once the consumer picks up the phone, the virtual agent confirms right-party contact and authenticates the consumer through their zip code, date of birth, or the last four digits of their social security number. Once the authentication is complete, the solution engages with the debtor, offering ways to pay off their debt. If needed, the solution will negotiate a payment plan or transfer the call to a live agent.

The entire process is faster and cheaper, allowing the collection agency to save on resources. It also enables live agents to focus on more complex calls and engage with consumers who are already authenticated.

You Can Automate RPCs Across All Communication Channels

Nowadays, consumers prefer to interact with businesses through various communication channels. It’s become essential for financial services institutions to offer multiple channels, such as text messaging (SMS), chat, and email, in addition to traditional phone calls.

A Multichannel Conversational AI solution can establish RPCs via any channel. As you can see in the graphic below, Skit.ai’s SMS bot establishes RPC via text message:

Automate Right-Party Contact with Conversational AI

Are you interested in learning more about how Conversational AI can streamline your collection strategy? Schedule a free demo with one of our experts.

Are You Still Using an IVR Menu for Debt Collections?

Posted on by Simone Somekh

What is IVR for Collections?

IVR stands for “Interactive Voice Response,” a legacy technology that enables companies to automate both inbound and outbound calls. IVRs use a pre-recorded voice that interacts with consumers and guides them through a pre-set menu, which can be navigated by inputting DTMF (dual-tone multi-frequency) from the phone keyboard.

Virtually everyone has interacted with an IVR system at some point in their lives. Whether you’ve called a business, a bank, a pharmacy, a doctor’s office, or a phone service provider, you are certainly familiar with prompts like: “For hours of operations, press 1,” or “For Spanish, press 2.”

Call automation for call centers and businesses is not a new concept. IVRs became popular in the 1980s when they emerged as an essential customer service technology. Debt collection agencies have been using IVR for over a decade, for both outbound calls (such as payment reminders) and inbound calls (such as consumer inquiries).

However, the fact that IVR is so common does not mean that it’s an optimal solution. In this blog post, we’ll go over the limitations of IVR and explain why adopting a Conversational Voice AI solution is a far better option for collection agencies.

Why IVR Is Overwhelmingly Unpopular

Are You Still Using an IVR System for Debt Collections?

IVR reduces wait time for consumers, but it does not eliminate it, as it forces users to listen to lengthy menus that are for the most part irrelevant. At least 61% of consumers think that IVR systems make for a poor customer experience (CX).

A survey conducted by Vonage with Opinion Matters in 2019 revealed that having to listen to seemingly endless, irrelevant menu options is the primary factor contributing to consumers’ negative experiences. Additionally, the respondents complained that IVR menus are usually too long, that the reason for their call is sometimes not even listed, and that the system prevents them from speaking directly to a live customer representative.

Building the right IVR for your company can be tricky. If the system is not designed well, users will get frustrated and abandon the call. IVR is notoriously difficult to navigate, especially when a business offers different services or targets various sets of consumers.

In one sentence: consumers don’t like IVR. So what’s the alternative?

IVR vs. Voice AI: Which One Is the Best Option?

Conversational AI is the technology behind what is commonly referred to as a “voicebot.” It enables companies to automate both inbound and outbound calls with consumers without the involvement of a live agent. In recent years, SaaS platforms offering Conversational AI solutions have become more affordable and easier to deploy; additionally, some of these solutions are now trained with large language models (LLMs), which enable them to be even more effective at handling complex interactions.

In the accounts receivables industry, Voice AI can transform creditors’ and collection agencies’ recovery strategies by providing an infinitely scalable team of voicebots that can handle the vast majority of consumer calls. The solution can handle the most repetitive and mundane calls, empowering live agents to focus on more complex and revenue-generating accounts.

Skit.ai’s solution can handle intelligent, personalized, and effective conversations with consumers, eliminating wait times and significantly cutting costs for the company adopting it. The solution retains the context of previous interactions and will tailor the service it offers based on the specific needs of the user. The technology not only understands what the user says but also the semantics of the conversation.

Are You Still Using an IVR System for Debt Collections?

Conversational Voice AI for Outbound Collection Calls

Collectors are usually expected to go through thousands of accounts per month; a large number of those accounts remain untouched because it’s impossible for a human collector to contact and engage so many consumers. This process leads to substantial losses in potential revenue for the creditor or agency.

Artificial intelligence does not have this problem. When fed with large quantities of accounts, an AI platform can initiate and handle an extraordinarily high number of calls or interactions through a variety of communication channels, and they are available 24/7. These are some of the solution’s capabilities:

The solution can easily transfer the more complex calls to a live agent when it cannot reach a satisfactory resolution. When agents see that a call is being transferred from the voicebot, they know the consumer is usually inclined to make a payment or reach a settlement.

Why You Should Not Use IVR for Outbound Collection Calls

Using IVR for debt collection calls is limiting and is unlikely to lead to a successful debt recovery on a consistent basis. The system can’t capture dispositions and is capable of performing a limited number of actions. Let’s say the consumer refuses to pay or disputes the debt—can your IVR capture the reason? Let’s say the consumer is willing to pay but can only pay off part of the debt at this time; can your IVR handle a negotiation? If the consumer is busy right now, is your IVR able to schedule a call-back at a time that’s convenient for the consumer? Probably not.

Conversational Voice AI for Inbound Queries

When a consumer calls a creditor or collection agency, they probably don’t want to deal with a frustrating and lengthy IVR menu. An intelligent voicebot is a much more welcome alternative!

The voicebot picks up the call right away, eliminating the wait time of a regular call; additionally, the user does not have to patiently listen to a long list of options. The voicebot typically authenticates the caller’s identity and, if relevant, informs them of their due balance. Here the customer gets to have an intelligent, effective, multi-turn conversation with the Voice AI solution.

In revenue-generating inbound calls, the voicebot can help the consumer make a payment. In non-revenue-generating inbound calls, the solution will answer the consumer’s questions based on the information it has on file and will transfer the call to an agent when needed.

Why You Should Not Use IVR for Inbound Queries

Whenever a consumer is interested in making a payment and resolving their debt, they might be turned off by the poor customer experience offered by the IVR. In non-revenue-generating inbound calls, the IVR system is often incapable of resolving the query and will, therefore, transfer the call to a live agent.

U.S. debt collection agencies report that their agents spend about 20% of their time answering inbound calls! Many of these calls are not revenue-generating, so they consume time and resources that could be allocated to collection calls.

A disadvantage of relying on live agents for inbound calls is their limited availability; they are not available 24/7. As a result, when consumers have queries or wish to make payments during off-hours, it is not possible, causing collection agencies to miss out on collection opportunities. 

The Benefits of Adopting Multichannel Conversational AI for Debt Collection Agencies

Here are some of the benefits reported by collections agencies that have adopted Skit.ai’s Voice AI platform:

Are You Still Using an IVR System for Debt Collections?
  • Eliminate wait times: Say goodbye to long wait times, Beethoven symphonies, and lengthy IVR menus.
  • Augment collections: Thanks to total account penetration within minutes and automatic file segmentation, you’ll get much better clarity into your portfolio.
  • Empower your agents: Because AI can take care of the most repetitive and mundane tasks, your live agents can focus on the most revenue-generating calls.
  • Minimize compliance risks: The Conversational AI solution is built to be fully compliant with local laws and regulations.
  • Improve CX: By offering multiple communication channels available 24/7—voice, SMS, chat, and email—you empower consumers to engage using their preferred method.

Interested in learning more about how Conversational AI can help you streamline your collection strategy and reach your full potential? Schedule a free demo with one of our experts.

6 Unexpected Capabilities of Conversational AI for Collections

Posted on by Simone Somekh

For anyone working in the accounts and receivables industry, it’s unlikely not to have heard of Conversational AI for collections. Whether you’ve attended an industry event or visited an industry news site, you’ve likely encountered this technology. Many collection agencies and creditors across North America are adopting it to accelerate and enhance their collection strategies and processes.

There are many known benefits to using Conversational AI for debt recovery. Contact center automation, rigid compliance guardrails, business growth, and cost-effectiveness are some of the ways different organizations benefit from it.

Many executives have reported that, since integrating voicebots and chatbots, they’ve been able to acquire larger debt portfolios, thanks to the increased outbound and inbound consumer engagement they’re able to handle. Others have reported that the technology’s consistency and reliability have been game changers; after all, artificial intelligence “never has a bad day.”

But what are some of the lesser-known benefits of adopting Conversational AI for collection calls and interactions?

6 Unexpected Capabilities of Conversational AI for Collections

Traffic Boost

This is every collector’s dream—increasing the inbound traffic from consumers who want to speak to an agent and resolve their debt. Thanks to Conversational AI, which acts as a first line of communication with consumers, you can automate most of your outbound traffic across multiple channels (voice, text, etc.), establish right-party contact, and even collect payments. The solution can easily transfer calls to your live agents, informing them of the relevant context and previous interactions.

“Skit.ai is helping us optimize agent bandwidth, as it enables our agents to spend more time answering high-value inbound calls,” said one of our clients, a collection agency’s chief operating officer based in Michigan. “With Skit.ai as our first filter, our long-term goal is to ramp up call automation and increase inbound calls. The Voice AI platform has already helped us take steps in that direction, with the 40% boost in inbound traffic as a testimony to the solution’s efficacy.”

Intelligent Conversations

Both our clients and the consumers interacting with our Conversational AI solution are positively impressed with how intelligent and humanlike the bot sounds. No matter what the user on the call says, the solution knows how to handle it, offering relevant and timely information and finding ways to solve problems in real time; it also ensures the conversation does not go off-topic. Whenever the consumer asks to speak to an agent or the solution is unable to help, the consumer gets transferred to one of your live agents or can request a callback.

The solution is context-rich, meaning that it tracks previous interactions to offer the user the best possible experience.

Positive Customer Experience (CX)

Consumers who have interacted with one of Skit.ai’s virtual assistants—chatbots, voicebots, email bots, etc.—can testify to its ability to deliver a positive customer experience.

First of all, with Conversational AI, consumers don’t have to wait—they get the assistance they need right away, without having to listen to a Mozart symphony or a time-consuming IVR menu.

With Multichannel AI, consumers can choose to interact via their preferred channels. Our research shows that different consumers and demographics have different preferences; some prefer texting, others speaking on the phone.

Conversational AI establishes right-party contact (RPC) in less than a minute; if the call is transferred to a live agent, consumers won’t need to repeat the RPC step, as their identity has already been authenticated.

According to industry data, the vast majority of consumers (88%) expect organizations to provide self-service support. We’re not surprised: the back-and-forth with AI is easy and painless.

Rigorous Compliance

With a multitude of ever-evolving federal and state regulations, collection executives and collectors often struggle to keep up with the changes. Compliance is one of the most serious pain points and concerns for the industry, as non-compliance can result in major financial losses for creditors and agencies.

Artificial intelligence can make your compliance more rigorous and your collection strategy more secure. Skit.ai’s Conversational AI solution has built-in filters designed to adhere to all telephony, data security, and collection-related regulations, such as the FDCPA, Reg F, and TCPA, among others.

With the appropriate guardrails, Conversational AI never goes off script or forgets a regulation; you can trust that, with all the correct compliance filters in place, the solution will rigorously follow every rule, including the Mini-Miranda and call frequency restrictions.

Perfect Timing

You can always count on artificial intelligence to be timely and precise.

An important aspect of the regulatory environment for debt recovery is call frequency, as outlined by Reg F and other state-level laws. Conversational AI always complies with those rules, initiating calls only at the right time of day and never exceeding the maximum number of call attempts allowed by the applicable regulations.

Additionally, follow-up timings with AI are always precise. If a consumer tells the AI that they’re not able to speak at a given moment and asks the solution to call back at a different time, you can be sure that the AI will call back at the exact time requested by the consumer.

Context Retention Across Channels

Going multichannel doesn’t only mean offering multiple communication channels, such as voice, text messaging, email, and chatbots. It also means that the technology is capable of retaining context across different channels. The solution remembers prior interactions, allowing for seamless transitions between channels. Let’s say a consumer interacts with the voicebot; if they start texting with your agency the following day, the SMS bot will pick up the conversation where the voicebot had left it.

This capability greatly enhances the customer experience by ensuring that users don’t have to repeat themselves or re-explain their situations, fostering a sense of understanding and trust. Additionally, with context retention, live agents can be better informed when they step in to support complex cases, leading to a more effective resolution.

By leveraging complex conversational capabilities and context retention, Skit.ai’s Multichannel Conversational AI solution not only adheres to regulatory requirements but also cultivates a more personalized experience for consumers. As the debt collection landscape continues to evolve, embracing these technological advancements will be key to fostering trust and satisfaction among consumers, ultimately leading to more successful outcomes for both consumers and collection agencies.

Are you interested in learning how Conversational AI can accelerate your collection strategy? Schedule a free demo with one of our experts.

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