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How Multichannel Conversational AI Can Reduce Collection Cost

Shrutidhara Kakoti

May 23, 2024

collection costs

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.


Resources

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SkiTalks: Abhinav Tushar on Machine Learning and Bias in Conversational AI for Collections

Abhinav Tushar, Skit.ai’s Head of Machine Learning, discusses how LLMs are reshaping automated consumer conversations in the collections space and their direct influence on enhancing the overall consumer experience. What advancements in Conversational AI are you most excited about currently?  At Skit.ai, we focus on helping businesses derive value from Conversational AI. We’re particularly interested […]

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Gain Competitive Advantage as a Small Third-Party Debt Collector

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 […]

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