2024 has been a year of incessant achievements and exponential growth for Skit.ai. Skit.ai became one of the few global companies that has automated over 1 billion spoken conversations and has helped collection companies resolve accounts worth $1 billion. In terms of technology, we took a quantum leap as it launched its omnichannel GenAI-powered multilingual assistants, saving around 1 million agent minutes for every client while achieving end-to-end collections. Skit.ai’s pioneering solution, the Collection Orchestration Platform, was behind the revolutionization of collections as it took an omnichannel, account-based approach to collections, maximizing connectivity and engagement while minimizing the efforts. The outcomes were consistent across industries such as accounts receivables, healthcare, auto finance, creditors, and fintech. We broadened our global presence by partnering with Fortune 500 companies and enterprises across the USA, Canada, and India. As part of this expansion, we introduced our bots in new languages, including Spanish and French, to cater to a more diverse audience.
Here’s a look at Skit.ai’s most remarkable moments in 2024.
From Voice AI to Omnichannel GenAI-Powered Multilingual Assistants
This year, Skit.ai introduced powerful advancements to enhance collections processes, redefine customer engagement, and deliver exceptional results for our clients.
We expanded our solutions from Voice AI to a fully omnichannel approach, incorporating SMS, Email, and Chat to enable smarter, two-way communication. By catering to customers’ preferred methods of interaction, we’ve ensured more effective and personalized engagements. Also, we launched our self-demo platform, which allows our prospects to explore and experience our voice and chatbots first-hand.
Our Large Language Model (LLM) bots reached impressive performance milestones. Successfully deployed across omnichannel, inbound, and outbound use cases, they delivered seamless and efficient interactions. Enhanced with compliance guardrails, these solutions are now more robust, ensuring adherence to industry standards while achieving exceptional results. Clients experienced a 20% improvement in RPC verification and a 30% increase in PTP capture rate, demonstrating the tangible impact of our LLM-powered innovations.
2024 also saw the launch of our Collection Orchestration Platform (COP), powered by an advanced Large Collection Model (LCM)-based strategy engine. By optimizing effort and maximizing outcomes, COP enables our clients to achieve even greater results with minimal time investment.
We also made significant enhancements to our analytics platform, streamlining account segmentation and tracking while introducing advanced tools for payment capture and payment history analysis. These upgrades provide clients with actionable trend data, offering deeper insights and making business and revenue metrics more predictable.
Additionally, our enhanced omnichannel analytics empower clients to understand user behavior both through channel-specific insights and channel-agnostic perspectives, driving more informed decision-making.
We’ve redefined collections processes with these innovations, delivering our clients more innovative, efficient, and compliance-driven solutions. As we progress, we’re excited to continue pushing the boundaries of what’s possible in collections with Conversational AI.
Spanish Language: A Major Success
Claiming support for a language is very different from deploying it and seeing it positively impact the real world. Our commitment to perfecting our Spanish bot’s accent and conversational ease has ensured its success across multiple channels. After rigorous testing supported by an in-house manual and automated QA process, the bot has delivered exceptional results for our Auto Finance clients. Its adoption continues to grow rapidly, reflecting its effectiveness.
Re-inventing Collection Processes with Conversational AI
This year marked a significant leap forward in our mission to revolutionize collections through Conversational AI. Our solutions are now driving transformation for over 100 companies, delivering measurable impact across industries. With a remarkable 50% increase in our client base, we’ve expanded our reach and deepened our impact globally. In India, we continue to serve Fortune 500 companies across diverse use cases, showcasing the versatility and scalability of our solutions. In the US, our suite of solutions is gaining momentum as more companies adopt Conversational AI and experience its benefits firsthand. We’re now extending our focus to enterprises, helping them leverage Conversational AI to enhance customer experiences and drive business growth.
As we look ahead, we’re excited to partner with enterprises and Fortune 500 companies worldwide, empowering them to redefine their collections processes and unlock new opportunities for success.
Partnerships That Drive Value
At Skit.ai, our partnerships are pivotal to delivering exceptional value to our clients. Integration partners play a crucial role in bridging the gap between our solutions and client needs, enabling seamless and impactful experiences.
This year, we strengthened our ecosystem by partnering with leading CRM platforms, including FACS by Finvi, CUBS by Finvi, DebtNet, IDMS, Automasters, DACKS, and both Cloud and On-Prem API solutions. These collaborations ensure streamlined workflows and enhanced efficiency for our clients.
To provide diverse and flexible payment options, we expanded partnerships with top payment gateway providers, including PDCFlow, Payment Vision, Paywire, Tratta.io, BillingTree, PayNSeconds, Revspring, Repay, PayNearMe, USAePay, Intellipay, Nuvei, and PaymentUs.
We partnered with leading telephony and SMS platforms such as TCN (introducing a co-sponsored plan for TCN users), Twilio, and My Call Cloud to ensure seamless communication and engagement. Additionally, we launched RPA solutions to simplify operations, enabling streamlined usage without the need for time-intensive integrations with legacy CRMs.
Delivering Outstanding Results As Always!
In 2024, our solutions consistently delivered exceptional results for clients, achieving 100% account penetration across outbound use cases. We successfully automated over 1 billion spoken conversations with our VoiceAI bot and resolved accounts that were worth $1 billion.
Our omnichannel bots proved highly effective, enabling up to a 40% reduction in the overall cost of collections and over a 20% decrease in operational expenses. Clients also reported impressive customer satisfaction, with average CSAT scores ranging from 3.5 to 4.5.
Our bots drove remarkable efficiency for inbound use cases, delivering up to 10X ROI. These achievements highlight the transformative impact of our Conversational AI in optimizing collections and enhancing client outcomes.
Skit.ai in the Spotlight!
In 2024, Skit.ai made waves with groundbreaking innovations, industry recognition, and impactful engagements. Here’s a look back at the milestones that defined 2024.
Our mission to bring a digital revolution to the collections landscape continued to gain significant recognition in 2024. Highlights included key announcements about our partnerships with Southwest Recovery Services and Uown Leasing and the launch of our omnichannel, GenAI-powered, multilingual assistants, which captured significant media attention.
We were honored to receive the Business Intelligence Group Artificial Intelligence Excellence Award 2024 for our groundbreaking achievements in Natural Language Processing earlier this year.
Skit.ai took center stage at several major industry events, including the RMAI Annual 2024 in Las Vegas, ARMTech 2024 in Nashville, the NIADA Convention & Expo in Las Vegas, the ACA Annual Expo in San Diego, and the Auto Finance Summit in Las Vegas.
This October, we launched SkiTalks, our in-house webinar series featuring insightful conversations and innovations in collections. With four successful sessions so far, this series is already a hit!
Introducing Our Brand-New Website!
This year, we unveiled our newly revamped website, reflecting Skit.ai’s rapid growth and evolution. Designed to embody our commitment to innovation, the site showcases our position at the forefront of Conversational AI and our dedication to delivering exceptional customer experiences. The website highlights how we’re transforming collections solutions for clients across industries worldwide.
Visit us at www.skit.ai!
Life at Skit.ai: Reflecting on 2024
As Skit.ai celebrates 8 incredible years, 2024 has been a vibrant journey of growth, camaraderie, and celebration. From an action-packed offsite and a fun-filled team movie outing for Kung Fu Panda 3 to a vibrant treasure hunt honoring Pride Month, we created countless memorable moments together. Townhall parties, dinner meets, and other bonding activities brought us closer, while Ethnic Day during Diwali and heartwarming potluck gatherings highlighted the diversity and spirit of our team. Each moment this year has strengthened our shared vision and deepened our sense of togetherness.
Here’s to more milestones, memories, and a thriving Skit.ai family in 2025!
Hungry for more? Follow our LinkedIn page and stay tuned for many more updates in 2025. Happy New Year!
