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The Debt Collection Industry Is Going Multichannel with AI: Here’s Why

Over the past two years, the accounts receivables industry underwent a notable transformation, marked by a booming demand for AI and digital solutions in what has traditionally been a cautious marketplace. At Skit.ai, we witnessed and helped drive this shift.

Over 70 U.S. third and first-party debt collection agencies and lenders have adopted our Voice AI solution to automate collection calls and augment the work of live agents. As we approached this milestone, we became aware of a growing demand for more: more automation, more channels. While phone calls, whether manual or led by artificial intelligence, are still essential to any debt collection strategy, we’ve been seeing demand for additional channels to engage and interact with consumers.

The research supports this shift. A McKinsey study found that reaching out to consumers through their preferred digital channels boosts payment results. Traditional contact strategies, such as phone calls, letters, and voicemails, may still be prominent, but consumers often prefer to be contacted via digital channels, such as email and text message, especially among younger demographics.

Leveraging a Multichannel Strategy for Better Consumer Engagement and Recovery

Multi- and omnichannel strategies are not new and have already been successfully adopted in customer service, marketing, and retail; they are now coming to the accounts receivables industry, promising to accelerate collections processes and improve consumer engagement.

The use of digital channels to perform activities such as opening a bank account, applying for a credit card, applying for loans, and managing investments is virtually ubiquitous in today’s society. It’s only about time that the collections industry offers consumers those same digital channels to engage with lenders and collectors.

A multichannel strategy caters to consumer preferences by offering multiple communication channels, such as voice, chat, email, and text messaging, both for outbound and inbound interactions, so that each consumer and demographic can interact using the channel of their choice. A multichannel strategy is context-based, meaning that consumers can utilize any channel without losing the context of their previous interactions.

For outbound use cases, a multichannel strategy enables consumers to engage through multiple communication channels at all stages of the delinquency cycle, maximizing account penetration and ensuring compliant outreach frequency through rigorous compliance filters. The technology offers the ability to follow up with unengaged consumers via new channels for incremental penetration.

For inbound use cases, the case for multichannel is just as strong, as it enables companies to offer 24/7 availability, including nighttime, weekends, and holidays, eliminate wait times, and never miss a payment opportunity.

The Success of Voice AI in the Collections Industry

Traditional communication channels such as phone calls are not always working, especially among younger demographics. Different consumers prefer to utilize different channels; now is the time to start tapping into the unimaginable potential that AI-powered conversations can offer.

The success of Voice AI in the accounts receivables industry has shown that consumers are comfortable with the use of bots to resolve debts, and in some cases prefer interacting with a bot rather than a human. Voice AI is far more intelligent than legacy IVR systems, which are unable to handle multi-turn, two-way interactions in a way that is comparable to human conversations. Thanks to technological advances in speech recognition, natural language understanding, and the advent of large language models, Conversational AI has made IVRs a thing of the past.

But Conversational AI has more to offer beyond automated voice conversations—there are chatbots, SMS bots, and email bots, and in a digital-first landscape that highly favors self-service portals, consumers are eager to adopt these additional channels in their interactions with lenders and collectors.

Financial services organizations that have embraced a multichannel strategy have already seen significant success in their collection efforts. By offering consumers the flexibility to interact through various channels, these businesses cater to individual preferences and facilitate more positive interactions. One of our clients saw a 213% boost in recoveries after augmenting their voice-only strategy with additional AI channels.

Paving the Way for Consumer-centric Collections

The relationship between ARM organizations and consumers is evolving. Technology is playing a pivotal role in ensuring that this evolution benefits both parties involved. A multichannel strategy is not about replacing human interactions; it’s about enhancing it by offering multiple touchpoints that meet the diverse needs of consumers and optimizing the resources available to collection entities.

By leveraging cutting-edge technology, businesses can pave the way for a more consumer-centric approach to debt collection, one that is efficient, compliant, and effective. Thanks to the benefits provided by various communication channels, lenders and collection agencies can personalize campaigns, streamline processes, and ultimately improve business results.


Do you want to learn how you can optimize your business with Conversational AI? Use the tool below to schedule a free demo with one of our experts.

Don’t Miss a Single Collection Opportunity with 24/7 Inbound Support

By definition, debt collection agencies tend to make outbound outreach the focus of their recovery strategy. Contact consumers, remind them of their due balances, and collect payments. Whether it’s manual or automated, outbound outreach is at the core of what a collection agency does. But inbound calls from consumers can easily represent a dangerous blind spot resulting in a significant loss of revenue.

Every time a consumer calls your collection agency and their call goes to your voicemail or to an inconvenient IVR menu, you lose an opportunity to collect a payment.

The statistics are sobering. Agencies can lose up to 14% of their collection opportunities whenever inbound calls route to voicemail or drop due to the absence of an available agent. At Skit.ai, we reviewed data on inbound consumer calls provided by one of our partnering agencies prior to the adoption of Skit.ai’s solution.

In this article, we’ll discuss our findings and how our Multichannel Conversational AI solution can help agencies solve this issue.

Why Consumers’ Voicemail Messages Equal Margin Losses

Inbound calls lead to several challenges for collection agencies, especially those without a large team of live agents on the floor.

Inability to answer inbound calls 24/7: Agencies tend to receive many inbound calls from consumers outside of business hours—in the evening or during the weekend. While these are times when agencies don’t have staff available to answer calls, they’re also the times consumers tend to be free. According to the data we reviewed, as many as 43% of your inbound calls may be coming outside of operational business hours.

Limited staffing and resources: For several years, agency executives have been grappling with the challenges related to hiring and retaining agents and collectors. Given the limited resources most agencies have, it’s likely that agents may not be able to answer an inbound call also during business hours.

Call volume is not uniformly distributed throughout the day: 20% of inbound voicemail messages were received during business hours when inbound calls were at their peak and there were not enough agents to handle all the traffic. For example, 4:00 p.m. to 8:00 p.m. tends to be the busiest time of the day for agencies, according to our research.

In the graphic below, you can see an example of inbound traffic on an average day, showing that call volume is not uniformly distributed:

Multichannel AI: Never Miss an Inbound Call

The idea that your business is not able to operate 24/7 is wrong and outdated. To never miss a single inbound call, automation through artificial intelligence is the answer. AI–enabled platforms present a practical and innovative solution to provide round-the-clock inbound support.

Multichannel AI provides human-like conversations via multiple communication channels, such as phone calls, text messages, web chat, and email, enabling your consumers to contact your business at any time of the day or night and to always get an answer.

Here are the capabilities of a multichannel bot for inbound use cases:

Intelligent, two-way conversations: A virtual assistant or bot can handle human-like, intelligent conversations that are multi-turn.

Unlimited, simultaneous conversations: Conversational AI can handle as many conversations as needed simultaneously, solving the issue of traffic volume for agencies and lenders.

Right-party contact automation: Automate simple and repetitive tasks such as right-party contact verification.

Provide information and answer questions: The virtual assistant will be able to answer common queries, and provide information on the outstanding debt or balance.

Payment automation: The bot can easily collect payments during the interaction via an integrated payment gateway.

Benefits for Collection Agencies with Conversational AI

Automating inbound calls and communications can save collection agencies and creditors a lot of money, enablign them to seize more recovery opportunities.

No more traffic bottlenecks: Solve traffic bottlenecks with Conversational AI, eliminating wait times.

No more inbound voicemails: Setting up a voicemail for inbound calls is likely to kill many recovery opportunities. Instead, allow your consumers to chat with your bot to get the assistance they need right away.

No more IVR drop-offs: IVR menus force consumers to listen to many irrelevant options and make their way through complicated IVR trees, resulting in high drop-off rates.

When automating inbound communications with Conversational AI, at Skit.ai we’ve seen the following results:

  • 2X boost in connectivity
  • 25% reduction in live agent time investment
  • 20% increase in agent productivity
  • 25% boost in right-party contact (RPC) rate
  • Up to 20% increase in promise-to-pay (PTP) rate
  • 10X ROI

Benefits for Consumers with Multichannel Conversational AI

Multichannel Conversational AI also elevates the user experience for your consumers, making their debt resolution easier and faster. While customer experience (CX) might not always be top of mind for collectors, Conversational AI does provide many benefits for consumers:

Consumers utilize their preferred channel: Every individual prefers to communicate through a different channels. Some may prefer to speak over the phone, others may prefer to text via SMS. Offering multiple channels enables consumers to utilize whatever method of communication they feel most comfortable with.


Are you ready to automate your inbound operations with multichannel Conversational AI? Use the chat tool below to schedule a meeting with one of our experts to learn how your can optimize your collection strategy.

Skit.ai Secures SOC 2 Type II Certification, Affirming Commitment to Data Security

NEW YORK, NY (April 3, 2024) — Skit.ai, the leading provider of multichannel Conversational AI solutions for the accounts receivables industry, announced today the achievement of SOC 2 Type II compliance certification. This milestone reaffirms Skit.ai’s utmost commitment to information security for its clients and its platform.

“The SOC 2 Type II compliance certification reflects our dedication to upholding the highest data security standards on behalf of our clients and all consumers engaging with Skit.ai’s multichannel Conversational AI solutions,” said Sourabh Gupta, founder and CEO of Skit.ai.

The SOC 2 Type II audit evaluated Skit.ai’s controls and processes related to security, availability, process integrity, and confidentiality, including the suitability of the design and the operating effectiveness of all controls. The report typically evaluates a company’s controls over the course of several months.

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About Skit.ai:

Skit.ai is the accounts receivables industry’s leading Conversational AI solution provider, empowering collection agencies and creditors to automate collection conversations and accelerate revenue recovery. Skit.ai’s suite of multichannel solutions—featuring voice, text, email, and chat powered by Generative AI—interacts with consumers via their preferred channel, elevating consumer experiences and boosting recoveries. Skit.ai has received several awards and recognitions, including Stevie Gold Winner 2023 for Most Innovative Company by The International Business Awards, Disruptive Technology of the Year 2022 by CCW, and Gold Globee CEO Awards 2022. Skit.ai is headquartered in New York City, NY. Visit https://skit.ai/ 

For media inquiries, please contact: media@skit.ai

Skit.ai Wins 2024 Artificial Intelligence Excellence Award

Philadelphia, PA—March 26, 2024— The Business Intelligence Group today announced that Skit.ai was named a winner in its Artificial Intelligence Excellence Awards program. This business awards program sets out to recognize those organizations, products, and people who bring Artificial Intelligence (AI) to life and apply it to solve real problems.

Skit.ai is the chosen winner under the Natural Language Processing category. Skit.ai is the accounts receivables management industry’s leading Conversational AI solution provider, enabling financial service organizations to streamline and accelerate revenue recovery via a suite of multichannel solutions, including voice, text, email, and chat.

Powered by Generative AI, Skit.ai’s compliant and easy-to-deploy suite of multichannel solutions delivers millions of seamless and effective consumer interactions at scale, elevating consumer experiences.

“We are honored to receive this award from the Business Intelligence Group, affirming our position as a pioneering force in Natural Language Processing with our Conversational AI technology, ” said Sourabh Gupta, founder and CEO of Skit.ai. “As we celebrate this milestone, we are eager to continue building state-of-the-art technology, providing even more ways for businesses to interact with consumers in real-time.”

“We are truly honored to recognize Skit.ai with this prestigious award,” stated Maria Jimenez, Chief Nominations Officer for the Business Intelligence Group. “The unwavering commitment of their team to excellence and their innovative AI applications have catapulted them to this remarkable achievement. Congratulations to the entire organization!”

About Skit.ai:

Skit.ai is the accounts receivables industry’s leading Conversational AI company, enabling collection agencies and creditors to streamline and accelerate revenue recovery. Skit.ai’s compliant and easy-to-deploy suite of multichannel solutions—featuring voice, text, email, and chat powered by Generative AI—delivers seamless and effective consumer interactions at scale, boosting recoveries and elevating consumer experiences. Skit.ai has received several awards and recognitions, including Stevie Gold Winner 2023 for Most Innovative Company by The International Business Awards, Disruptive Technology of the Year 2022 by CCW, and Gold Globee CEO Awards 2022. Skit.ai is headquartered in New York City, NY. Visit www.skit.ai.


About Business Intelligence Group:
The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. Unlike other industry award programs, these programs are judged by business executives having experience and knowledge. The organization’s proprietary and unique scoring system selectively measures performance across multiple business domains and then rewards those companies whose achievements stand above those of their peers. Visit www.bintelligence.com 

Contact
For media inquiries, please contact: media@skit.ai

Maria Jimenez
+1 909-529-2737
jmaria@bintelligence.com

How AI Text Messaging Automation Helps Buy Here, Pay Here Dealerships

Buy Here, Pay Here dealerships, like any business handling customer payments, face challenges in communicating with borrowers. These businesses need to regularly and effectively remind customers about upcoming payments. However, limited staff and resources mean they can’t make unlimited calls or send countless reminders; so, ensuring payments keep flowing can be tricky.

Automated text messaging with Conversational AI is emerging as an ideal solution to these challenges. The adoption of a new, efficient communication channel for customers can significantly boost BHPH collection operations.

Powered by Generative AI, text message automation enables two-way, multi-turn, intelligent conversations between lenders and borrowers. Buy Here, Pay Here businesses are now adopting this technology to communicate with consumers effectively and affordably, helping them make payments on time.

In this article, we explore the potential of Conversational AI-powered text message automation in transforming the Buy Here, Pay Here industry, not only in terms of customer communication but also operational efficiency.

Why Conversational AI and Why Text Messaging?

Conversational AI is transforming collections into a more adaptive and efficient operation for dealerships. Buy Here, Pay Here dealerships have been using Voice AI to automate outbound collection calls, yielding impressive results. Now, industry leaders are extending additional self-service channels to consumers, including text messaging automation with AI.

  • Text messages have a remarkably high open rate of 80-99%.
  • About 90% of text messages are opened within 3 minutes of receipt.
  • Click-through rates with SMS can vary significantly but typically lie between 15-30%.

Conversational AI facilitates two-way, intelligent conversations with customers, answering questions and providing context-based information. Whether used for automating phone calls or text messages, Generative AI allows auto finance companies to optimize their recovery strategy.

Text message automation is great because it helps businesses stay in touch with customers regularly. Instead of playing phone tag or feeling annoyed by lots of calls, customers can chat whenever they want, in a way that’s easy for them.

AI-powered Text Massaging Turbocharges Outbound Outreach

How can you effectively incorporate AI-powered text messaging capabilities into your collection strategy?

A dealer wants to be able to reach all of its active customers frequently and effectively. While maintaining a dedicated staff is crucial, you can only afford so many live agents and they can only handle so many calls. Automation with artificial intelligence is essential to scale the number of calls or outreach via other channels such as text messaging.

Additionally, it’s important to diversify your communication efforts, so adding channels such as SMS alongside phone calls can greatly increase your chances of reaching all customers.

To adopt Conversational AI, there is no need to have dedicated IT staff on board. The solution can be deployed in as fast as 24 hours, so you can initiate your campaign as soon as tomorrow.

When applied to text message automation, Conversational AI enables auto finance companies to:

  • Reach borrowers on their smartphones, allowing them to reply at their convenience
  • Achieve scalability by handling as many conversations as needed
  • Send frequent reminders at every step of the collection cycle to maximize payments
  • Facilitate two-way, intelligent conversations with borrowers
  • Reduce the load on live agents for routine communication and outreach

Thanks to the scalable nature of AI automation, you can contact your customers as frequently as you want, empowering your team of live agents to handle more complex and revenue-generating tasks and perform their jobs more efficiently.

Additionally, offering self-service alternatives to live interactions will positively impact the customer experience (CX).


If you’re interested in learning more about how Conversational AI can enhance your collections strategy, use the chat tool below to schedule an appointment with one of our experts!

Automate Your Auto Finance Collections with AI-Powered Text Messaging

Auto finance companies, like all businesses dealing with consumer payments, face a few innate challenges when it comes to communicating with borrowers. Regular outreach to borrowers to remind them of future and due payments is an essential part of the day-to-day operations of an auto finance business to avoid delinquencies.

Common challenges include resource limitations, rising costs, and the inability to send out frequent reminders and handle all inbound calls. As such, reaching consumers at all stages of the collection cycle—from pre-due date reminders to late-stage collections—can be a complex process.

Two possible solutions to these challenges are leveraging top-tier technology and diversifying communication methods. Conversational AI and automated messaging have ushered in new, efficient communication channels with customers, significantly boosting auto finance collection operations.

Powered by Generative AI, text message automation enables two-way, multi-turn, intelligent conversations between lenders and borrowers. This technology is now emerging as a pivotal tool for auto finance companies to communicate with consumers in an effective and cost-efficient manner, helping consumers make payments on time and avoid charge-offs and repossessions.

In this article, we explore the immense potential of Conversational AI-powered text message automation in transforming the auto finance sector, not only in terms of customer communication but also operational efficiency.

Why Conversational AI and Why Text Messaging?

Conversational AI is transforming auto finance collections into a more adaptive and efficient operation. This technology employs natural language processing to understand and respond to customer inquiries, making the process more conversational and less transactional.

Auto finance companies have been using Voice AI to automate both inbound and outbound collection calls, yielding impressive results. Now, industry leaders are extending additional self-service channels to consumers, including text messaging automation with AI.

  • Text messages have a remarkably high open rate of 80-99%.
  • About 90% of text messages are opened within 3 minutes of receipt.
  • Click-through rates with SMS can vary significantly but typically lie between 15-30%.

Conversational AI facilitates two-way, intelligent conversations with customers, answering questions and providing context-based information. Whether used for automating phone calls or text messages, Generative AI allows auto finance companies to optimize their recovery strategy.

The core advantage of text message automation is that it maintains a regular, timely, and non-intrusive communication line with customers. Instead of ignoring calls or feeling exasperated with numerous phone conversations, customers can engage at their convenience and in a format that feels most natural to them.

AI-powered Text Massaging Turbocharges Outbound Outreach

How can you effectively incorporate AI-powered text messaging capabilities into your collection strategy? Let’s start with the outbound use case.

An auto finance business wants to be able to reach all of its active customers frequently and effectively. While maintaining a dedicated staff is crucial, you can only afford so many live agents and they can only handle so many calls. Automation with artificial intelligence is essential to scale the number of calls or outreach via other channels such as text messaging.

Additionally, it’s important to diversify your communication efforts, so adding channels such as SMS alongside phone calls can greatly increase your chances of reaching all customers.

When applied to text message automation, Conversational AI enables auto finance companies to:

  • Reach borrowers on their smartphones, allowing them to reply at their convenience
  • Achieve scalability by handling as many conversations as needed
  • Send reminders at every step of the collection cycle—including pre-due, early-stage, late-stage, and high-risk—to avoid delinquencies
  • Facilitate two-way, intelligent conversations with borrowers
  • Reduce the load on live agents for routine communication and outreach

24/7 Customer Service with Inbound Conversational AI

Now, let’s move on to the inbound use case.

As you intensify your outreach efforts and increase the number of outbound communications, borrowers will start contacting your business to make payments or inquire about their accounts, and that’s when you’ll know it’s important to augment also your inbound service with Conversational AI.

Conversational AI gives you the ability to reduce wait times to zero seconds and assist borrowers immediately. When you deploy text messaging automation for inbound communications, you offer 24/7 customer service able to assist customers at any time of the day and week.

Offering self-service alternatives to live interactions will positively impact the customer experience (CX).

Augmenting inbound communications with AI enables your live agents to focus on complex queries and important tasks. As the AI solution addresses the low-hanging fruits, your agents are empowered to do their job more efficiently.


If you’re interested in learning more about how Conversational AI can enhance your collections strategy, use the chat tool below to schedule an appointment with one of our experts!

Boost Your Text Message Debt Collection Strategy with AI

For third-party debt collection agencies, consumer outreach has always been a multilayered challenge. Because of resource limitations, strict compliance requirements, prohibitive costs, and the difficult ecosystem of consumer collections, it’s rarely easy to reach debtors, with account penetration, right-party contact, and payment recovery being some of the hurdles faced by collectors.

Diversifying the communication methods and leveraging top-tier technology are two solutions to these challenges. The rise of Conversational AI and automated messaging is opening new and efficient channels for communication with consumers, which can significantly boost third-party debt collection operations.

Until recently, few collection agencies would have considered investing in automated text messaging for one simple reason: the technology was not up to par with the needs of the industry, given the lack of two-way communication, user verification, and compliance capabilities.

But now, thanks to Generative AI, things are changing. Text message automation powered by Generative AI handles two-way, multi-turn, intelligent conversations with consumers utilizing the same Conversational AI technology of top-tier Voice AI, all in compliance with the applicable regulations.

In this article, we’ll outline the immense potential that text message automation using Conversational AI has for transforming the industry, both in terms of debtor communication and operational efficiency.

Conversational AI: A Game Changer for Debt Collection

Conversational AI is enabling debt collection to be more adaptive and efficient. This technology relies on natural language processing to understand and respond to consumer inquiries, making the process more conversational and less transactional.

Debt collection agencies have already been relying on Voice AI to automate both inbound and outbound collection calls, delivering impressive results. Now, leaders in the industry are offering additional self-service channels to consumers, so that everyone can utilize the channels they prefer. One of them is text messaging automation with AI.

  • Text messages have a remarkably high open rate, estimated to be between 80-99%.
  • 90% of text messages are opened within the first 3 minutes of receipt
  • Click-through rates with SMS (i.e. clicks on links within the SMS) can vary greatly, but they’re estimated to be somewhere between 15-30%.

Conversational AI handles two-way, intelligent conversations with consumers, answering questions and providing context-based information. Whether you want to use it to automate phone calls or text messages, you’ll be able to harness the power of Generative AI to take your recovery strategy to the next level.

How AI-powered Text Messaging Fits into Your Recovery Strategy

When applied to text message automation, Conversational AI enables debt collection agencies to:

  • Reach consumers on their smartphones and enable them to reply whenever and however they prefer
  • Handle two-way, intelligent conversations via SMS on outstanding debt and resolution options
  • Reduce the burden on live collectors for routine communication and outreach
  • Share time-sensitive information such as payment reminders, settlement offers, and deadline alerts in real time
  • Integrate seamlessly with existing software and workflows

The core benefit of text message automation lies in its ability to maintain a consistent, timely, and unobtrusive line of communication with consumers. Rather than ignoring calls or becoming frustrated with multiple phone conversations, consumers can engage on their schedule, in a format that is increasingly the most natural to them.

So, how does adding AI-powered text messaging affect your recovery strategy?

Text messaging offers convenience and personalization. When a consumer feels that an agency understands their circumstances, and offers a practical and convenient way to settle their debt, the chances of recovery increase. AI-driven text messages can:

  • Respond immediately to queries or requests, expediting the recovery process
  • Offer personalized payment plans in installments or settlements
  • Monitor and adapt communication strategies based on consumer response trends

By leveraging AI to handle the logistics of communication, third-party agencies can focus human resources where they are most effective—on complex conversations and personalized negotiations that demand a human touch. AI is not meant to substitute live agents, but rather to augment their work.

AI’s Role in Mitigating Compliance Risks with Text Messaging

With the intricate web of federal and state regulations impacting the debt collection industry, compliance is always a top priority when developing new technology for debt recovery. When properly deployed, technology can actually act as a shield against compliance breaches.

Our text automation solution is programmed with several filters and settings to ensure compliance in terms of outreach frequency, Mini-Miranda (FDCPA), user authentication, and opt-out requests. Thanks to the bot’s capabilities to discern intent, opting out is easy and can be done via a wide variety of keywords.

Enhancing the Overall Consumer Experience (CX)

Consumer experience is also an important aspect to keep in mind when it comes to debt recovery, despite being one of the most overlooked ones. CX might sound out of place here, and yet the experience consumers have when interacting with your agency can greatly impact their approach and behavior.

Offering self-service alternatives to speaking with a live collector can greatly impact the consumer experience, and text messaging is one of the most utilized communication tools, making it a safe bet. Text messaging automation speeds up the resolution process and reaches demographics that typically don’t enjoy phone calls, such as younger consumers.

Additionally, Skit.ai’s text messaging solution is context-dependent and keeps track of previous conversations with the same consumer on other channels, as well, such as phone calls via Voice AI.


Are you interested in learning more about how Conversational AI can improve your collections strategy? Use the chat tool below to schedule an appointment with one of our experts!

4 Easy Steps to Go Live with Voice AI for Collections

In a debt collection industry ripe for innovation, the introduction of Conversational AI is revolutionizing the agencies’ recovery processes as well as consumer experiences. For debt collection agency leaders looking to streamline and accelerate their collections, transitioning to an omnichannel, AI-powered platform undoubtedly marks a significant shift.

In this blog post, we are focusing on the steps needed to go live with Voice AI to automate phone interactions with consumers.

This brief guide provides a simple and intuitive path for debt collection leaders to seamlessly integrate Conversational Voice AI into their existing operations. From initial setup to going live with your first campaign, let’s demystify the steps you need to take to introduce this game-changing technology into your ecosystem.

Here are the 4 easy steps we’ll be following:

Step 1: Complete Your Welcome Questionnaires

The adoption of Voice AI begins with a thorough understanding of your current collection campaigns, business requirements, and state-level compliance. The Welcome Questionnaire serves as the foundation for tailoring the Voice AI system to meet your unique needs. 

For the outbound use case, for example, we’ll ask you questions about your inventory and current metrics:

Inventory Question Examples

  • Volume of accounts
  • Average debt age
  • Average account balance

Current Metrics Question Examples

  • Volume of average dialed calls
  • Current account penetration
  • Current RPC rate
  • Live agent count

We’ll also ask you to share your current third-party vendors and solutions, which will be important for the next step of the process.

Step 2: Select Your Third-party Integrations

A Voice AI solution for debt collections is not a standalone system. It functions best when integrated with your existing technology stack. Selecting the right third-party integrations is crucial for a successful deployment. Skit.ai offers several out-of-the-box integrations, which we already have in place and will require minimal effort on your part.

System of Record: Your CRM or system of record is the heat of your operation. You can rely on simple flat-file transfers or API integrations depending on your organization’s requirements and use cases.

Payment Gateway: Simplifying the payment process for consumers is a significant advantage of Voice AI. Integration with a payment gateway allows consumers to make payments on-call, improving the likelihood of debt resolution. Skit.ai has completed the integration process with several major gateway providers, supporting multiple payment methods.

Telephony Platform: You’re most likely using a third-party telephony platform. Depending on your requirements and use cases, you can rely on Skit.ai’s own telephony system. For inbound use cases, we’ll require integration with your telephony system, allowing incoming calls to be answered by our virtual assistant.

Live Agent Transfers: Our solution is meant to augment your existing operations, and live agent transfers can be necessary in more complex scenarios. Your system should provide a smooth transition from the AI interaction to live agent support when needed.

Step 3: Set Up Scenarios and Workflows

Skit.ai’s Conversational Voice AI solution has a standard set of configurations and multiple scenarios it’s designed to handle. Here are a few examples of the scenarios the virtual assistant can handle on your behalf.

Right-party Contact: The voicebot can easily authenticate or verify the identity of the consumer, to ensure that you are speaking with the actual debtor and not someone else. You can verify RPCs via zip code, last digits of the social security number, or date of birth.

Mini-Miranda: The voicebot can read the Mini-Miranda rights in compliance with the FDCPA.

Disposition Capture: The voicebot can handle various scenarios—attorney representation, consumer requesting not to be contacted, deceased consumer, etc.—and capture the intent of the consumer in regard to the payment of the debt.

Settlements and Installment Plans: The voicebot can negotiate payment plans in installments or settlements in accordance with the creditor or agency’s requirements.

Payment Automation: The solution handles on- and off-call payments. Payments methods include card-on-file, on-call card payment, and payment via SMS link. Additionally, the call can be transferred to a live agent, who can handle the payment. In the case of a promise-to-pay (PTP), the solution will capture the estimated date of the payment.

Step 4: Initiate Your First Campaign

You’re ready to launch your first collection campaign. Congratulations! Here’s how you can do it.

To get started with your first collection campaign using Skit.ai’s platform, you will use a flat-file transfer to upload your campaign data—including name, date of birth, zip code, due balances, and due dates—to a remote server and transfer it via a Secure File Transfer Protocol (SFTP).

During onboarding, you will receive a detailed guide on how to execute your first transfer, and your Customer Success Manager will ensure to support you as needed.


Are you interested in learning how Skit.ai’s omnichannel solution for collections can benefit your business? Use the chat tool below to schedule a meeting with one of our experts.

The Role of Conversational AI for Calls and Email in Commercial Debt Collections

In the high-stakes world of commercial (B2B) debt collections, where high call volumes and rising staffing costs are common challenges, the integration of AI-powered technology can be a game-changer for collection agencies. Here’s where Conversational AI—in the forms of multichannel automation, including voice, email, and text—can transform a business’ recovery prospects. This technology can enhance agent productivity, streamline operations, and significantly improve customer satisfaction.

In this article, we’ll explore the power and potential of Conversational AI automation for B2B collections and how you can leverage this technology to optimize every step of your recovery efforts.

Understanding Agent Challenges in Commercial Debt Collections

Collection agencies servicing commercial debts typically face several staffing-related challenges:

Staffing Costs: Recruiting, hiring, training, and retaining talented agents is not easy, and certainly not cheap. The costs associated with maintaining a robust workforce to handle calls and pursue collections represent a significant portion of an agency’s operational expenses. In a competitive market, these costs can easily eat into profit margins.

High Call Volumes: Commercial collection agencies endure a relentless stream of outbound calls, each call representing an opportunity to engage with the debtor and move toward a resolution. Agents tend to be overwhelmed by the high number of calls they are expected to place, leading to burnout and decreased productivity.

Persistent Follow-ups: Successful debt recovery often hinges on persistent follow-ups, a business imperative for the recovery strategy. The process typically requires multiple contact attempts before a resolution can be reached; persistent follow-ups require significant staffing resources and capabilities.

Compliance: The collections regulatory environment is fast-evolving and not always easy to navigate. Staff needs to be regularly trained and updated on laws and regulations, an effort that adds another layer of complexity to the agents’ jobs. Even in commercial collections, where fewer regulations are at play, collectors want to commit to the most ethical practices.

The Rising Role of Conversational AI in the Accounts Receivables Sector

AI has been the talk of the town in virtually every industry, and the accounts receivables space is no different. The challenges we outlined in the previous section make automation with artificial intelligence, Conversational AI in particular, an obvious solution for collection companies and lenders handling all types of debt—including commercial debt.

Industry-leading agencies have adopted Conversational AI, such as Voice AI, to automate interactions with consumers, accelerating recoveries and reducing costs. Whether these interactions take place over the phone or via email, Conversational AI can handle them end-to-end.

The benefits of Conversational AI go beyond those of the collection agency as a business, but significantly improve the agent experience as well. By automating repetitive and tedious calls and tasks, agents can focus on more rewarding or complex scenarios. Additionally, agents can focus on call transfers from the Voice AI solution.

Voice AI refers to the use of Interactive Voice Assistants or voicebots to initiate and handle outbound or inbound calls. In the context of collections, a Voice AI solution can handle collection calls from start to finish—from identifying the end-user to providing information on the due balance to collecting the payment on- or off-call. Powered by Generative AI, Skit.ai’s voicebots can handle multi-turn, two-way, intelligent conversations with consumers.

Conversational AI represents a significant leap in the efficacy of conversational interfaces. By leveraging the power of natural language processing and machine learning, these systems hold conversations that are just as good as your average agent’s conversations.

AI-driven systems do not just handle repetitive tasks; they also progress through call scripts and collections processes logically and methodically, ensuring that no detail is overlooked and that customers receive a consistent and polished interaction.

The Importance of Email Automation in a Multichannel Strategy

AI-powered email automation, when synergized with Voice AI, creates a comprehensive collection approach that extends beyond mere telephony. It casts a wider net for customer engagement and offers a structured, multimodal avenue for debt resolution. Skit.ai’s multichannel platform relies on the synergic utilization of multiple channels, without losing the context from one interaction to the other regardless of the channel.

Here are some benefits of incorporating email automation into your recovery strategy:

Timely and Cohesive Communications: Emails are scheduled and dispatched at opportune moments, complementing the call strategy to create a seamless and unrelenting push towards recovery. This synchronization significantly improves message retention and customer response rates.

Tailored Messaging: With email automation, each message is curated to resonate with the customer’s unique situation and history, engendering a sense of personal and purposeful outreach that traditional email blasts simply cannot replicate.

Customer Convenience: The inclusion of payment links in emails provides a user-friendly payment method, optimizing the customer’s experience and increasing the likelihood of prompt settlements.

Combining Voice and Email AI Automation for Optimal Results

Let’s see a sample collection workflow that combines voice and email automation, as done by one of Skit.ai’s clients. When the agency receives an email from a debtor, an automated call can be triggered, which can be easily transferred to one of your live agents for a quick resolution.

Email bot / Email Automation: A personalized email is triggered including a link to a secure payment portal. 

Voicebot / Voice Automation: The voiciebot can initiate and handle thousands of compliant, simultaneous calls to different debtors. On the call, the voicebot can verify the user’s identity and provide the necessary information on the debt. The voicebot can answer questions, capture promise-to-pay (PTP), process payments, or negotiate settlements as needed.

Live Transfers: When needed, the voicebot can easily transfer the call to a live agent, who can collect the payment or capture a promise-to-pay (PTP).

The Results Our Clients Have Achieved

Our clients have reported remarkable success using our multichannel platform.

For the email bot, they experienced an open rate of up to 40% and a payment rate of up to 7.5%. Both metrics varied based on age and type of debt.

With the Voice AI solution synched with the email bot, our clients experienced 100% account penetration and a connectivity rate of 13%. The solution enabled them to save their agents’ time by up to 50% and boost their agents’ productivity by 25%.


Are you interested in learning how Skit.ai’s multichannel solution for collections can benefit your business? Use the chat tool below to schedule a meeting with one of our experts.

How Can You Reduce High Delinquencies with Voice AI?

Delinquency rates are on the rise again. While this may have been the perception of many collections professionals over the past few months, the data published by the Federal Reserve Bank of New York’s Center for Microeconomic Data in February 2024 confirms it.

During the last quarter of 2023, the total household debt in the U.S. increased by $212 billion (+1.2%). This can be attributed to the rise in balances for multiple types of debt, including:

  • Mortgage balances increased by $112 billion from the previous quarter.
  • Credit card balances increased by $50 billion (+4.6%).
  • Auto loan balances increased by $12 billion, standing at $1.61 trillion.

As a consequence, delinquency rates have been rising in Q4, with 3.1% of outstanding debt in delinquency at the end of the year.

Delinquencies have been consistently increasing among most types of debt; notably, credit card delinquencies have been rising among younger borrowers. Collection agencies now need to compete with multiple entities to recover payments from consumers, and their communication strategy is key.

What Does the Rise in Delinquencies Mean for Collection Agencies?

The rise in delinquencies signifies a challenging period for collection agencies, as they must navigate an environment where consumers are juggling multiple debts. This increase in late payments can lead to a heavier workload and the need for more resources as agencies attempt to manage an expanding portfolio of delinquent accounts.

With more accounts falling into delinquency, the probability of successful debt recovery diminishes without the adoption of efficient and strategic collection practices. Additionally, with the escalation of competition for repayments among different creditors, collection agencies are compelled to refine their approach to ensure they stand out and effectively reach consumers.

For collection agencies, this uptick in delinquencies also represents an urgent call to innovate and adopt newer technologies. Traditional methods of recovery, through letters and manual calling, no longer suffice in the face of evolving consumer behaviors. That’s where AI comes into play.

How Conversational Voice AI Can Reduce Delinquencies

Conversational Voice AI consists of the utilization of voicebots or Interactive Voice Assistants to automate collection phone calls. The benefits of using Voice AI are many: 

Personalization: Interactive Voice Assistants offer a personalized and responsive interaction with consumers. The Voice AI solution addresses the consumer by name and knows the necessary contextual information on the due balance, the original creditor, and more.

End-to-End Automation: Voice AI can handle collection calls from start to finish: establishing right-party contact (RPC), providing information on the outstanding balance, answering questions, capturing promise-to-pay, taking payments on-call, and also transferring the call to a live agent whenever necessary.

Scalability and Account Penetration: A high delinquency rate means that agencies have more accounts to contact. This can be challenging in terms of staffing, since you can’t tap into unlimited staffing resources no matter how large your agency is. AI is infinitely scalable, and enables you to penetrate thousands of accounts within minutes.

Reach Younger Consumers: As we explained earlier, credit card delinquencies have been rising among younger borrowers. Younger consumers tend to prefer to interact with voicebots and chatbots rather than human collectors—and are unlikely to respond to a print letter. Meet young consumers where they are—with the latest technology.

Is It Difficult to Adopt a Voice AI Solution?

The short answer is: no.

No IT staff needed: The adoption of Skit.ai’s Voice AI platform is fast, easy, and painless, not requiring any specialized IT staff on the agency’s end. Our team helps you set up the platform according to the type of campaigns you’re running and the type of debt you’re servicing.

Preset compliance filters: The platform is already preset with all the applicable compliance filters at the federal and state levels, ensuring that calling times and frequency are programmed to be fully compliant.

Go live in 48 hours: You can easily share your first campaign data via a simple flat-file transfer, and you’ll be able to go live in less than 48 hours.

Consumption-based pricing: The pricing model is consumption-based, so you pay for the minutes you use.


Are you ready to take the leap, or do you want to learn more about our solution? Schedule a call with one of our experts using the chat tool below.