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How Multichannel Conversational AI Can Reduce Collection Cost

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.

Faster and Efficient Account Penetration with Conversational AI

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

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.


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

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.


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

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.