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cost of collections

Cost of Collections

Reduce Costs with an AI-Powered Collection Strategy

Maximize collection efficiency and reduce costs through intelligent automation and streamlined processes, ensuring faster recoveries
with minimal effort.

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Cognitive Customer Assistants

Boost efficiency, enhance agent productivity, and improve customer experiences with Skit.ai’s technology. By leveraging Conversational AI’s end-to-end collection capabilities, early adopters have significantly improved their collection efficiency while boosting agent productivity.

Higher Profits and ROI

  • Boost revenue
  • Reach untapped accounts
  • Establish multiple touchpoints at all stages of the
    debt or delinquency cycle
  • End-to-end collection automation
  • 24/7 availability

Lower Costs

  • Reduce staffing costs
  • Eliminate IVR costs
  • Minimize charge-offs
  • Reduce outreach costs

Lower Your Operational Costs with
AI-Driven Collection Automation

Implementing an omnichannel strategy boosts engagement and enhances debt resolution, with
SMS and email proving to be more cost-effective than calls. This approach has helped industry-leading
organizations significantly lower their collection costs while maintaining effective communication.

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With Skit.ai, you can automate key parts of your collection process, minimizing agent involvement and allowing your team to concentrate on high-priority tasks. Automating tasks such as logging, post-call interaction recording, compliance monitoring, and generating daily reports saves 20% of agent bandwidth. Additionally, by reducing voicemail drop-offs and freeing up 30% more agent capacity, this solution lowers costs, boosts productivity, and empowers your team to manage larger portfolios, leading to higher collections.

The cost of collections is much higher when a live agent dials and handles the call. With capabilities at par with a collection agent, Skit.ai helps you reduce the cost of outreach by 75%. Additionally, you will avoid investing resources on wrong-party contacts, callback requests, disputes, and so on.

With Skit.ai’s solution, you can accomplish much more with the same staff size. Embrace the efficacy and cost-effectiveness of omnichannel engagement to expedite and boost your collections.

Revenue Increasing

  • Reach untapped accounts
  • Establish multiple touchpoints at all stages of the debt or delinquency cycle
  • End-to-end collection automation
  • 24/7 availability

Cost Decreasing

  • Staffing costs
  • IVR implementation costs
  • Minimizing charge-offs
  • Outreach costs

Customer Success Story

Day Knight & Associates leveraged Skit.ai's Omnichannel Conversational AI solution to reduce the cost of collections by up to 2/3rds.

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Delivering Value to Over 100+ Collection Agencies

10X ROI

For Inbound

2X

Collections

2X

Connectivity

66%

Reduction in the cost of outreach

100%

Account penetration

Latest reads from Skit.ai

Explore Resources

Featured Resource

An Introduction to Large Collection Models

We leveraged Generative Al and consumer interactions to build a collection propensity score. Our Large Collection Model (LCM) can guide creditors and collection agencies in executing successful recovery campaigns by identifying engagement patterns.

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Blog

How Multichannel Conversational AI Can Reduce Collection Cost

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Blog

How Voice AI Helps Debt Collections Companies Improve Top and Bottom Lines

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