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industry: Collections and Payments

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!

Gain Competitive Advantage as a Small Third-Party Debt Collector

Posted on by Shrutidhara Kakoti

As a small third-party collection agency, it can be challenging to compete with larger firms. Companies often prefer to assign their accounts to larger agencies because they believe they can manage more accounts and achieve higher collection rates.

However, Conversational AI can change that for you and give you a competitive advantage over other collection agencies, including those larger than yours.

With Conversational AI, you achieve the following:

How AI Can Give an Edge to Small Third-Party Collection Agencies

Curious to learn more about how Conversational AI can help you gain a competitive edge over your competitors? Book a free 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.

How Multichannel Conversational AI Can Reduce Collection Cost

Posted on by Shrutidhara Kakoti

What is Multichannel Conversational AI in Debt Collection?

Multichannel Conversational AI automates interactions across various communication channels—such as voice, text, chat, and email—to engage with consumers through their preferred mode of communication and assist them in resolving their debt.

This significantly improves the consumer experience throughout the recovery journey. Consumers can seamlessly switch between channels without losing the context of their previous interactions.

The Multichannel Advantage

What benefits have early adopters of Multichannel AI seen in the accounts receivables industry?

Implementing a multichannel strategy has enabled industry-leading organizations to drastically reduce the cost of collections. Thanks to the technology, live agents can focus on more complex, revenue-generating tasks, while AI handles the most repetitive and routine tasks. This strategy boosts agent productivity and decreases agent dependency, solving the staffing and resource challenges many financial services organizations face.

Here are some examples of the overall improvements in collections a Missouri-based collection agency experienced by leveraging Skit.ai’s suite of Multichannel Conversational AI.

Curious to learn more about how Conversational AI can enhance your collections strategy? Book a free demo with one of our experts.

Faster and Efficient Account Penetration with Conversational AI

Posted on by Shrutidhara Kakoti

Are you grappling with the challenge of reaching out to a vast number of accounts with limited staffing resources?

Is the task of engaging meaningfully with each consumer proving to be a daunting feat? 

How Does Skit.ai’s Multichannel Conversational AI Help With Account Penetration?

Rapid Outreach at Scale

One of the most significant hurdles in collections is the sheer volume of accounts that need attention. Traditional methods involve reaching out to thousands of consumers, which is time-consuming and resource-intensive.

Skit.ai enables collection agencies of all sizes to reach thousands of accounts within minutes. You can automate compliant outbound outreach of your consumer portfolio and ensure 100% account penetration.

Skit.ai doesn’t just enhance outreach efforts; it also enables you to connect with consumers during weekends and after work hours when agents are usually unavailable for outreach campaigns, yet consumers are more inclined to pick up the phone and engage. 

Multichannel Engagement

Why give apples to your consumers when they’ve clearly said they want oranges?

Consumers nowadays have diverse preferences when it comes to communication channels. Depending on their demographics and behavior, they will prefer to use different channels.

Skit.ai offers multichannel engagement capabilities, enabling collections agencies to connect with debtors through their preferred mode of communication. 

Whether it’s sending personalized emails, automated SMS reminders, or initiating interactive voice calls, Skit.ai ensures that agencies can engage with debtors on channels they are most likely to respond to. This strategic approach significantly increases the chances of meaningful engagement and debt resolution, ultimately driving higher recovery rates.

Intelligent Insights and Analytics

Skit.ai provides collections agencies with many actionable insights to guide their decision-making process. It uses debtors’ response patterns to recommend best practices, such as when and how to reach out to effectively engage with debtors.

Merely increasing the frequency of contact with debtors doesn’t always translate to higher connection rates. Skit.ai’s software analyzes data and recommends the optimal number of engagement retries (while ensuring compliance with regulatory bodies) to achieve an optimal connection rate. It can also suggest the optimal mode of communication for better engagement.

Still don’t believe us? Hear it from our customers!

Curious to learn more about how Conversational AI can maximize your account penetration? Book a free demo with one of our experts.

Frictionless Debt Collection with Multichannel Conversational AI

Posted on by Shrutidhara Kakoti

Collecting delinquent debts from consumers has always been challenging for collection agencies, whether first- or third-party. Traditional debt collection methods often involve managing numerous accounts manually, which can be unreliable and lead to inefficiencies, delays, and customer dissatisfaction.

However, with the emergence of conversational AI automation, debt collection processes are undergoing a transformative shift. AI-powered multichannel communications is emerging as a powerful solution for the accounts receivables industry, offering a streamlined and compliant debt recovery process with an enhanced consumer experience.

In this blog post, we’ll discuss the ongoing shift toward multichannel communication and the impact these new tools have already had on many collection agencies.

What Is the Problem with Traditional Debt Collection Practices?

Traditional debt collection practices are slow and tedious. Most often they result in inefficiencies and delays. These methods lack flexibility and adaptability, hindering agents’ ability to address unique debtor situations effectively. Moreover, the manual nature of these practices increases the risk of errors and inaccuracies, further prolonging the debt collection process.

Diversified Communication Channels Are Essential

In today’s digital world, consumers expect and appreciate the flexibility to communicate through various channels according to their preferences. Offering multiple communication options not only enhances engagement but also caters to diverse consumer needs and preferences. For instance, some consumers may prefer only text messages or email communication for convenience, while others may only prefer phone calls.

Compliance Constraints Impact Engagement

Compliance regulations play a crucial role in debt collection practices, governing the frequency and manner in which collection agencies can contact consumers. Strict adherence to compliance guidelines is essential to avoid legal repercussions and maintain consumer trust.

However, compliance constraints can limit consumer outreach frequency, reducing engagement opportunities and debt recovery. 

Missed Payment Opportunities Due to Limited Agent Availability

The availability of agents is a critical factor in debt collection operations. However, agents cannot be available round-the-clock to address consumer queries and concerns. As a result, collection agencies may miss out on payment opportunities when consumers reach out for assistance during off-hours or weekends. 

Elevated Collection Costs

Traditional debt collection methods often incur high operational costs due to extensive manual processes and resource-intensive workflows. These costs include expenses related to manpower, infrastructure, training, and compliance. High attrition rates further exacerbate operational challenges, as collection agencies must invest in recruiting and training new agents to maintain workforce consistency. Non-compliance with regulatory requirements can result in hefty fines and penalties, adding to financial burdens.

Understanding Debt Collection With Conversational AI

Automated debt collection involves using conversational AI software to contact consumers (inbound or outbound) and optimize debt collection at various stages. Organizations can automate numerous stages of debt collection such as consumer outreach, right-party contact verification, payment reminders, negotiation, on-call payments, follow-ups, and answering queries; with conversational AI.

This can help improve the efficiency and effectiveness of debt collection processes, leading to better financial outcomes for the organization and the customers.

What Is Multichannel Conversational AI?

Multichannel communication is a critical component of automating debt collections through AI. Multichannel communication refers to the use of multiple channels, such as email, SMS, phone calls, and webchat, by collection agencies to engage with debtors. By utilizing multiple channels, AI-driven systems can effectively reach debtors, providing convenient avenues for them to address and resolve their outstanding debts. 

This multichannel approach caters to consumer preferences by offering a range of communication options, ensuring that each consumer can engage using their preferred channel. Furthermore, this strategy is context-based, meaning consumers can seamlessly switch between channels without losing the context of their previous interactions.

How Does Multichannel Conversational AI Help in Debt Collection?

The debt collection software market has been growing steadily, with most agencies adopting conversational AI to automate their processes and become more efficient while reducing collection costs. The debt collection software industry is expected to reach USD 2045.6 million by 2030. The industry is also anticipated to see further growth with a CAGR of 9.2% in the near future, especially with the emergence of LLMs (large language models) like ChatGPT.

Tailoring Communication to Preferred Channels for Increased Engagement

Reaching debtors through their preferred mode of communication ensures personalized interaction. Understanding that not everyone may be available for phone calls, leveraging various channels allows agencies to effectively engage consumers in ways that resonate with them. This becomes particularly relevant in the wake of the digital shift witnessed post-COVID-19. Embracing multichannel communication expands opportunities for engagement, aligning with evolving consumer behaviors and preferences.

According to a case study by Salesforce, a debt collection agency achieved a 12% increase in its collection rate by implementing personalized communication strategies tailored to customer personas. AI algorithms, debtor data, and consumer behavior are analyzed to customize communication approaches. 

Improved Collections with Enhanced CX

Agencies increase contact rates and engagement levels by leveraging multiple communication channels. This improved communication in turn fosters a positive customer experience, as debtors receive timely resolutions and responses. Enhanced customer experience facilitates debt resolution and strengthens the agency’s reputation and customer relationships.

Compliance and Risk Mitigation

Utilizing a multichannel approach for debt collection not only promotes efficiency and effectiveness but also helps businesses comply with evolving regulations in a fast-changing industry. Every communication is documented and traceable and remains within regulatory limits with centralized consumer interactions.

Agencies can stay compliant in many ways with the multichannel approach for communication with consumers. For instance, the 7-in-7 rule mandates that debt collectors cannot contact consumers more than seven times within seven consecutive days. Similarly, the Mini Miranda rule stipulates that collectors must disclose their identity and the purpose of their communication during contact. 

Agencies can drive campaigns through various channels, stay compliant with these laws, or even efficiently track and regulate outreach frequencies with each consumer.

Managing Inbound Queries and Ensuring 24/7 Availability

Multichannel communication ensures that consumer queries are promptly addressed whenever they reach out be it on weekends or after work hours. Whether it pertains to payments or other inquiries, AI software can answer consumer queries, ensuring zero wait times and seizing every collection opportunity. Chat options provide consumers with a self-serve menu, enabling them to address basic FAQs and clarify queries easily.

Cost of Collection

Multichannel conversational AI significantly reduces the cost of collection by streamlining workflows, optimizing agent bandwidth, and minimizing manual intervention. By automating repetitive tasks and leveraging multiple communication channels, AI-driven software enhances operational efficiency and reduces overhead costs associated with debt collection processes.

The Impact of Multichannel Conversational AI Automation on Debt Collection

Collection agencies have observed significant impacts on their collections through multichannel conversational AI.

Conclusion

Automated multichannel conversational AI represents a shift in debt collection practices, offering agencies the tools and capabilities to streamline processes, enhance customer experiences, and drive better outcomes. 

Agencies can achieve higher contact rates, personalized interactions, and improved efficiency, ultimately leading to faster debt recovery and increased profitability; by leveraging AI-powered systems to automate communication across multiple channels. As the debt collection landscape evolves, organizations embracing multichannel conversational AI will position themselves for long-term success.

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.

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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

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