For anyone working in the accounts and receivables industry, it’s unlikely not to have heard of Conversational AI for collections. Whether you’ve attended an industry event or visited an industry news site, you’ve likely encountered this technology. Many collection agencies and creditors across North America are adopting it to accelerate and enhance their collection strategies and processes.
There are many known benefits to using Conversational AI for debt recovery. Contact center automation, rigid compliance guardrails, business growth, and cost-effectiveness are some of the ways different organizations benefit from it.
Many executives have reported that, since integrating voicebots and chatbots, they’ve been able to acquire larger debt portfolios, thanks to the increased outbound and inbound consumer engagement they’re able to handle. Others have reported that the technology’s consistency and reliability have been game changers; after all, artificial intelligence “never has a bad day.”
But what are some of the lesser-known benefits of adopting Conversational AI for collection calls and interactions?
Traffic Boost
This is every collector’s dream—increasing the inbound traffic from consumers who want to speak to an agent and resolve their debt. Thanks to Conversational AI, which acts as a first line of communication with consumers, you can automate most of your outbound traffic across multiple channels (voice, text, etc.), establish right-party contact, and even collect payments. The solution can easily transfer calls to your live agents, informing them of the relevant context and previous interactions.
“Skit.ai is helping us optimize agent bandwidth, as it enables our agents to spend more time answering high-value inbound calls,” said one of our clients, a collection agency’s chief operating officer based in Michigan. “With Skit.ai as our first filter, our long-term goal is to ramp up call automation and increase inbound calls. The Voice AI platform has already helped us take steps in that direction, with the 40% boost in inbound traffic as a testimony to the solution’s efficacy.”
Intelligent Conversations
Both our clients and the consumers interacting with our Conversational AI solution are positively impressed with how intelligent and humanlike the bot sounds. No matter what the user on the call says, the solution knows how to handle it, offering relevant and timely information and finding ways to solve problems in real time; it also ensures the conversation does not go off-topic. Whenever the consumer asks to speak to an agent or the solution is unable to help, the consumer gets transferred to one of your live agents or can request a callback.
The solution is context-rich, meaning that it tracks previous interactions to offer the user the best possible experience.
Positive Customer Experience (CX)
Consumers who have interacted with one of Skit.ai’s virtual assistants—chatbots, voicebots, email bots, etc.—can testify to its ability to deliver a positive customer experience.
First of all, with Conversational AI, consumers don’t have to wait—they get the assistance they need right away, without having to listen to a Mozart symphony or a time-consuming IVR menu.
With Multichannel AI, consumers can choose to interact via their preferred channels. Our research shows that different consumers and demographics have different preferences; some prefer texting, others speaking on the phone.
Conversational AI establishes right-party contact (RPC) in less than a minute; if the call is transferred to a live agent, consumers won’t need to repeat the RPC step, as their identity has already been authenticated.
According to industry data, the vast majority of consumers (88%) expect organizations to provide self-service support. We’re not surprised: the back-and-forth with AI is easy and painless.
Rigorous Compliance
With a multitude of ever-evolving federal and state regulations, collection executives and collectors often struggle to keep up with the changes. Compliance is one of the most serious pain points and concerns for the industry, as non-compliance can result in major financial losses for creditors and agencies.
Artificial intelligence can make your compliance more rigorous and your collection strategy more secure. Skit.ai’s Conversational AI solution has built-in filters designed to adhere to all telephony, data security, and collection-related regulations, such as the FDCPA, Reg F, and TCPA, among others.
With the appropriate guardrails, Conversational AI never goes off script or forgets a regulation; you can trust that, with all the correct compliance filters in place, the solution will rigorously follow every rule, including the Mini-Miranda and call frequency restrictions.
Perfect Timing
You can always count on artificial intelligence to be timely and precise.
An important aspect of the regulatory environment for debt recovery is call frequency, as outlined by Reg F and other state-level laws. Conversational AI always complies with those rules, initiating calls only at the right time of day and never exceeding the maximum number of call attempts allowed by the applicable regulations.
Additionally, follow-up timings with AI are always precise. If a consumer tells the AI that they’re not able to speak at a given moment and asks the solution to call back at a different time, you can be sure that the AI will call back at the exact time requested by the consumer.
Context Retention Across Channels
Going multichannel doesn’t only mean offering multiple communication channels, such as voice, text messaging, email, and chatbots. It also means that the technology is capable of retaining context across different channels. The solution remembers prior interactions, allowing for seamless transitions between channels. Let’s say a consumer interacts with the voicebot; if they start texting with your agency the following day, the SMS bot will pick up the conversation where the voicebot had left it.
This capability greatly enhances the customer experience by ensuring that users don’t have to repeat themselves or re-explain their situations, fostering a sense of understanding and trust. Additionally, with context retention, live agents can be better informed when they step in to support complex cases, leading to a more effective resolution.
By leveraging complex conversational capabilities and context retention, Skit.ai’s Multichannel Conversational AI solution not only adheres to regulatory requirements but also cultivates a more personalized experience for consumers. As the debt collection landscape continues to evolve, embracing these technological advancements will be key to fostering trust and satisfaction among consumers, ultimately leading to more successful outcomes for both consumers and collection agencies.
Are you interested in learning how Conversational AI can accelerate your collection strategy? Schedule a free demo with one of our experts.
