Hello! Welcome to Skit.ai. Click here to book a demo.

Author: Simone Somekh

Seamlessly Integrate Conversational AI with Your CRM Platform Using RPA

Posted on by Simone Somekh

When you adopt a Conversational AI solution for your collection business, one of the first challenges is getting it to exchange information with your company’s customer relationship management (CRM) platform. In this article, we’ll explain how you can integrate Skit.ai’s solution with your CRM system using a robotic process automation (RPA) approach. This method can save you time and money while requiring minimal technical expertise.

The Importance of CRM Software for Collection Agencies

CRM software is essential to gather, organize, and manage your accounts’ information. The benefit of integrating your Conversational AI solution with your CRM system is to easily personalize calls and quickly fetch consumer data in order to achieve end-to-end automation.

Whether it’s an outbound call—and your bot is calling a consumer to collect payment—or an inbound call—in which a consumer may call to request information on their account—you’ll need the bot to have access to the data.

The Challenges of Achieving a Conversational AI & CRM Integration for Collection Agencies

Collection agencies that want to adopt Conversational AI have a options to give the solution access to their CRM data.

To get access to CRM data, flat-file transfers and middleware are two ways to avoid a complex integration requiring building new APIs. It’s important to note that flat-file and middleware are not considered actual integrations.

SFTP Flat-File Transfer:

  • What it is: Campaign files are transferred directly from one system to the other—from the agency’s systems to the Skit.ai servers—usually via a Secure File Transfer Protocol (SFTP).
  • The advantage of flat-file transfers: This approach is very simple to execute, especially for basic data exchanges, requiring no IT effort and resources.
  • The disadvantage of flat-file transfers: This method does not provide real-time updates and is not automated, requiring the collection agency to handle file uploads on a regular basis.

Middleware Approach:

  • What it is: The middleware approach enables the Conversational AI platform to access the collection business’ CRM platform and store its encrypted data in the platform’s database. Additionally, every time the AI solution handles an inbound call with a consumer, it creates an SFTP file on the call and then uploads it on the client’s server.
  • The advantage of the middleware approach: It’s a more scalable solution and it’s good for inbound use cases, as it enables the Conversational AI solution to access consumer data.
  • The disadvantage of the middleware approach: It requires setup and maintenance and does not provide real-time updates, as the transfers only occur at regular intervals (e.g., once a day). It also can’t be used for outbound use cases.

API Integration:

  • What it is: An Application Programming Interface (API) enables different software applications (such as a CRM and a Conversational AI platform) to communicate with each other.
  • The advantage of API: It allows the Conversational AI solution to seamlessly access CRM data in real-time and in a structured manner. The CRM is updated in real-time with the outcomes of each interaction. Another benefit is that once the API is built and implemented, no further manual intervention is needed.
  • The disadvantage of API: APIs need to be available or custom-built, and they require programming expertise to implement and manage. CRM platforms usually don’t provide ready-made API integrations. This method requires a longer go-live timeline.

Due to the disadvantages of each method, we’ve adopted an alternative approach to solving this challenge.

What Is Robotic Process Automation (RPA)?

Robotic process automation (RPA) involves using bots to automate repetitive tasks and workflows by mimicking human actions to interact with systems and applications.

With RPA, the Conversational AI platform can automatically access a CRM without requiring an API setup. The collection business grants the bot access to the CRM platform and whitelists it to ensure that the server is recognized as secure. The RPA bot functions as a live agent, logging into the CRM system and interacting with it directly, without the need for integration.

This approach requires no IT effort on behalf of the collection business utilizing Conversational AI, resulting in significant cost savings.

How Does an RPA Bot Impact Debt Collection Use Cases?

An RPA bot with access to a collection agency’s CRM can do the following:

  • Fetch account information such as due balance
  • Update the CRM with promise-to-pay (PTP), payment date, and other outcomes
  • Add notes to the CRM, e.g. reminder to call consumer on payment date

All this can be automated and executed without any human intervention.

The RPA method only works with cloud-based CRM platforms, such as Finvi, Collect!, and Debtrak. It does not work with on-premises CRMs, such as CollectOne, Debtmaster, Latitude, and Gcollect. 

Curious to learn how Skit.ai can integrate with your existing CRM? Request a demo with one of our experts!

Why Creditors’ Rights Law Firms Are Deploying Multichannel AI

Posted on by Simone Somekh

Navigating the intricacies of debt collection is no easy feat—even for law firms specializing in the practice.

Creditors’ rights law firms engaged in collections often deal with hurdles such as staffing challenges, account penetration, compliance with the regulatory landscape, consumer engagement, and the high cost of traditional collection methods. Consequently, these firms are turning to cutting-edge technological solutions to streamline processes, aiming for greater efficiency and cost savings.

Like other areas of the accounts receivables industry, the legal collections field is undergoing rapid transformation. As the sector grapples with these changes, artificial intelligence has emerged as a pivotal tool. In this article, we delve into the impact of Conversational AI on creditors’ rights law firms and explore how a multichannel strategy can improve consumer outreach and debt recovery.

Why Law Firms in Debt Collections Are Adopting Conversational AI

The first—and often daunting—task for any organization involved in debt collection is outreach. It’s a multifaceted puzzle that demands not only reaching the consumer but also doing so in an effective and compliant manner. When dealing with large volumes of accounts, it can be challenging to reach every consumer, and it can be even more difficult to do so efficiently.

Conversational AI has revolutionized this process by automating consumer outreach, as well as the handling of consumer engagement and interactions via various channels, such as phone calls, emails, SMS, and web chat.A multichannel strategy enables collection agencies and lenders to cut costs, improve processes, and meet the diverse needs of consumers.

Here are some of the most common challenges faced by law firms involved in debt collections:

Regulatory Compliance: Law firms and agencies are the most careful and well-informed when it comes to complying with laws and regulations, including the TCPA, FDCPA, and Reg F.

Staffing: Collecting in-house requires hiring and retaining full-time staff, including legal assistants and live transfer agents, which is costly and time-consuming.

Outsourcing: Outsourcing collections to a third-party agency is a common practice, yet it’s an expensive option for law firms.

Call Volume: Maximizing the number of consumers reached, known as account penetration, can be a pain point that some companies end up compromising on, especially when dealing with hundreds of thousands of accounts.

Time and Resources: The last calling attempts before pursuing legal action cost time and resources, including establishing right-party contact (RPC).

How Multichannel AI Can Help Creditors’ Rights Law Firms

Conversational AI handles human-like conversations with consumers; here are some of the benefits it offers in the legal collections space.

An Outreach Revolution

Any entity performing collections must first perform consumer outreach. Multichannel Conversational AI has revolutionized this step by automating a diverse range of outbound communications tactics across multiple channels.

Conversational AI enables companies to automate thousands of consumer interactions within minutes at a fraction of the cost of a traditional collection call. Collection agencies have been relying on this solution for both outbound and inbound collection calls, successfully cutting costs and accelerating the recovery process. The bot can trigger the communication based on pre-determined criteria and identify itself and the collection entity.

This technology must not be confused with an IVR system. An IVR forces users to listen to lengthy menus that are mostly irrelevant. Research has consistently shown that IVRs are not popular among consumers. Unlike IVR, an AI-powered solution like Skit.ai handles intelligent, personalized, and effective conversations with consumers, eliminating wait times and cutting costs.

Multichannel capabilities enable companies to offer multiple channels to consumers, boosting engagement by enabling them to utilize their preferred mode of communication.

24/7 Inbound Support

Conversational AI can answer every single call or message from consumers at any hour of the day and on any day of the week, unlocking 24/7 inbound support for your consumers calling to ask questions or make a payment. Thanks to this technology, you won’t have to miss a single collection opportunity coming your way. 

Right-Party Contact Verification

AI can save a significant amount of time and resources invested in performing right-party contact (RPC) verification. Bots can easily verify RPCs at the beginning of an interaction with a consumer by using the last four digits of their social security number, date of birth, or zip code.

Disposition Capture and Payment

Given the bot’s ability to handle human-like, two-way, and multi-turn conversations with consumers, Conversational AI can provide information on the consumer’s debt and offer ways to pay it off. The bot can therefore capture promise-to-pay and collect the payment in multiple ways: via a live agent transfer, an SMS link leading to an online payment portal, or an on-call card payment.

Live Agent Transfer

Interactions with consumers are not always straightforward, and that’s why the bot is built to identify complex queries and scenarios in which a live agent transfer is necessary. The benefit of live agent transfers is that they’re context-based, as the solution shares the context and history of the interaction with the live agent.

Do you want to learn more about how Multichannel Conversational AI can help your company automate and streamline your collection process? Book a demo with one of our experts.

Contain BHPH Delinquencies with Multiple Follow-Ups

Posted on by Simone Somekh

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:

  1. Perform at least 5 contact retries per campaign, in compliance with federal and state regulations.
  2. 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.

Automate Early-Out RCM Collections with Conversational AI

Posted on by Simone Somekh

The complex world of healthcare revenue cycle management (RCM) and patient billing is evolving rapidly. New digital tools are enabling providers to tackle early-out collections, prevent charge-offs, and improve recovery strategies. For healthcare organizations’ patient billing and RCM providers, early-out collections are a crucial piece of the patient billing puzzle, and AI is here to help.

By contacting patients early and kindly after sending a bill, early-out practices encourage patients to make a payment before the bill is charged off and handed over to collections. This practice can significantly improve an organization’s cash flow as well as the customer experience. However, RCM businesses and divisions often lack the necessary resources to consistently implement early-out collections on a widespread scale.

In this article, we’ll explore how Conversational AI technology can streamline the revenue cycle management (RCM) process. This technology can significantly reduce the revenue cycle duration by automating two-way, human-like conversations with patients, engaging them effectively, and sending reminders through a multichannel approach. Ultimately, these advancements aim to enhance profit margins for healthcare providers.

Early-Out Collections for Healthcare RCM and Billing: Common Challenges and Pain Points

Early-out collection practices help prevent bad debt, encouraging patients to pay their bills in a timely manner. From the provider’s perspective, early-out practices help improve cash flow through revenue recovery.

However, that’s easier said than done. Here are some of the most common challenges and pain points faced by healthcare RCM and patient billing providers:

Patient outreach and follow-ups: The recentness of the bills presents an opportunity for collectors since the consumer is usually easier to reach. But to accomplish the goal, patients must be contacted timely and regular follow-ups must be conducted. The need for multiple engagements and touchpoints can represent a challenge when your business doesn’t have enough staff to handle all these calls manually.

Agent staffing: Agent bandwidth and staffing present a serious challenge for RCM providers. In the last few years, hiring and retaining staff has become very expensive for businesses, with attrition and training costs adding to the strain.

Thin profit margins: Due to low payments and high expenses, RCM businesses are seeing their profit margins shrink. Additionally, due to the rise of High Deductible Healthcare Plans, the average balance of self-pay accounts is higher, making it more difficult for patients to complete their minimum deductible payments.

Debt breakdowns and complex disputes: Patients may inquire into bill breakdowns and insurance intricacies. RCM agents are required to provide the bill breakdown, adding an extra layer of complexity to the recovery cycle.

Long recovery cycles: When it comes to healthcare bills, the clock ticks due to stringent deadlines. Failure to meet these deadlines will cause the bills to go delinquent. If insurance billing is not closed within 90 days of bill generation, insurers can reject any claims against the accounts later, impacting the healthcare provider. When the bill goes to collections, the involvement of third-party collection agencies will reduce the RCM provider’s margins. Additionally, if too many bills are charged off, the healthcare provider will likely stop working with the RCM provider.

What Is Multichannel Conversational AI for Patient Billing Collections

RCM providers are no strangers to software that can simplify and automate many day-to-day tasks. Conversational AI powered by large language models can transform early-out patient billing collections by automating patient outreach through multiple channels, such as phone calls, text messages, emails, and chatbots.

Outbound collections with intelligent bots enable RCM providers to reach as many patients as needed, engage them in human-like conversations, and encourage them to make a payment. This approach allows for effective patient outreach while optimizing the collection process and generating cash flow. Here’s what a bot can do:

  1. Initiate a call or send a text message to engage the patient.
  2. Authenticate the patient by verifying their identity.
  3. Provide bill breakdown and answer questions.
  4. Collect payments on-call or direct patients to a payment portal.
  5. Set up payment plans when needed, especially for high-amount bills.
  6. Transfer the call to a live agent when requested.

Skit.ai’s solution is compliant with all federal and state regulations, including the following laws: TCPA, HIPAA, and more.

The Benefits of AI in Early-Out Collections

Collect more payments: With Conversational AI, you can automate and schedule patient outreach at the right time and using multiple channels (e.g., phone and text messaging). This extensive outreach will generate more engagement and connectivity, driving more timely payments to your business.

Shorten the recovery cycle: Targeted outbound campaigns powered by AI will shorten the average recovery cycle, boosting cash flow.

Reduce charge-offs: Early-out collections enable you to reduce the number of charge-offs, i.e., bills that go into collections and become bad debt. Avoiding charge-offs will help you avoid additional headaches.

Solve staffing challenges: AI is not here to substitute humans but to augment their work. By adding AI to your current team, you’ll help them focus on disputes and complex cases and enable them to service a larger number of bills.

Save $$$: Leveraging artificial intelligence and automation can significantly drive down expenses and help you promote a healthy flow of payments.

Are you interested in learning how Skit.ai’s suite of multichannel solutions can benefit your business? Click here to schedule a consultation with one of our experts.

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

Posted on by Simone Somekh

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

Posted on by Simone Somekh

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

Posted on by Simone Somekh

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.

###

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

Posted on by Simone Somekh

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

Posted on by Simone Somekh

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 Messaging 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

Posted on by Simone Somekh

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!

Quick Links
Support
USA
  • 135 Madison Ave,
    7th Floor,
    New York NY 10016
By continuing past this page, you agree to our Terms of Service, Cookie Policy, Privacy Policy and Content Policies. All trademarks are properties of their respective owners. 2024 © Skit™. All rights reserved.