How AI Voice Assistants help digital collection agencies to scale dramatically?
Major stakeholders in the debt collection industry are up against serious roadblocks to enhance collections. From creditors to every subsequent collection agency is facing this uphill task. There are primarily two reasons for this state of affairs. To begin with, the regulatory and compliance structure that the collection agencies must follow are changing drastically. In addition, bringing down costs has become extremely difficult.
To make matters worse, the typical solutions such as Robocaller and outbound IVR voice blasters that are rampant in today’s market are not capable of conversations, feedback, and insights. Conversely, an AI voice assistant can bring about genuine and human-like conversations with customers.
Effect Of AI Voice Assistants on Debt Collections
AI voice assistant is a combination of conversational AI and human intelligence. They are capable of relevant interactions with customers to lend them support during the entire collection process. They also make sure that compliances and regulations are strictly adhered to. Read on to discover the many reasons why AI voice assistants are deployed in debt collections.
Mechanization And Organization
AI voice assistants can reach out to customers and then single out the complex cases that require the attention of human agents. The prevailing system demands agents to call the entire list of contacts irrespective of the nature of the case being simple or complex. With the help of AI voice assistants, all the contacts are called at the appropriate time and in a matter of hours. The AI calls are then organized depending on the nature of each debtor. They can be: inclination to pay, denial to pay, mistaken party contacts, debated debt, call-back later, verification appeal and so on.
Along with collecting payment from willing debtors, AI voice assistants can further mediate and provide other payment options. They also update them on the upcoming due date for payment. In addition, AI voice assistants reach out to debtors who could not be contacted in the first attempt sans involvement of human agents. This reduces the workload of human agents significantly.
Enhance Customer Reach
With the use of AI voice assistants in handling debtors, collection agencies can handle more portfolios or more customers with the same number of human agents. This shows how the same support team can handle more volume of business with more impressive outcomes. Collection agencies can undertake more portfolios or bigger ones as a result of their better customer reach.
Reduced Cost and Better Collection Speed
AI Automation of call centers with AI voice assistants ensures consistent service quality and speed. Their metrics can be volatile when new human agents with less experience become part of the team. It will also avoid operational problems like continuous hiring and training.
AI voice assistants can make huge volumes of calls simultaneously and economically in a very short duration of time. Being machines, they are extremely punctual and can make AI calls to debtors who ask for a callback. Moreover, they make timely reattempts when the chances of reaching the contact are high. Lastly, this can all be done while adhering to the stipulated compliance structure.
Better Recovery and Collection Performance
Sustained efforts are a prerequisite for better collection and recovery. With the right push, a debtor who is ready but unable to pay might end up paying after a few months. Besides, what makes the real difference is the persistence with which collection agencies get in touch with the segment of debtors who are most likely to pay.
Quite naturally, a large proportion of the debtors may not answer the calls the first time and may request a callback at a later date and time. Moreover, it will be almost impossible for human agents to follow up on every single debtor, but for AI voice assistants, it is a walk in the park.
Reduce Errors and Assure Compliance and Security
AI voice assistants can avoid a considerable amount of agent training and monitoring. Large employee turnover, along with considerable training costs makes it quite expensive to meet the demands of compliance. In addition, AI voice assistants work with minimal errors and can be updated with relative ease. This enhances compliance in a significant way. Lastly, they can also be trained in regulatory frameworks which ensures seamless adherence to consumer data security and protection.
Better Customer Satisfaction
AI voice assistants can facilitate smooth, respectful, and positive experiences for the customers. This will further result in a positive attitude toward the collection process and render a positive brand image.
It is imperative that technology is used to create a competitive edge by dealing with important business demands. There is more than enough evidence to prove that AI voice assistants can foster cost optimization and manage a wider customer base, while reducing operation challenges pertaining to regulatory compliances, and team management.
