Incorporating a new AI-powered technology can cause apprehension, and understandably so. Unanswered questions about deployment challenges, efficacy, and compliance can be discouraging for collection agencies. But over the years, Voice AI has become easy to deploy, requiring no tech personnel from collection agencies, and can be deployed within a day or a week. With the economic downturn unfolding and intensifying industry consolidation, there is a need for urgent action; now is the time for collection agencies to embrace this cutting-edge technology. Article banner

The ARM industry has adopted technology as it evolved; Auto-dialers, IVRs, CRMs, and ERPs, which have solved numerous bottlenecks. But the core challenges remain persistent and debilitating:

  • Low account penetration

  • Meeting compliance requirements

  • Agent attrition and availability

  • Cost of collections

None of the present technologies can solve these problems simultaneously, except for Conversational Voice AI. The question then arises–why and how–does conversational Voice AI possess the capabilities to transform collections fundamentally?

  • Infinitely Scalable Consumer Conversations: Voice AI solution opens new doors of opportunity for collection companies to connect with the consumer in intelligent, personalized conversations. This means 100% account penetration in a matter of minutes.

  • Debt Portfolio Segmentation: Instantly gaining visibility into your entire portfolio with data-supported insights:

    • RPCs and WPCs

    • Consumer dispositions or propensity to pay

    • Disputed debt

    • Attorney representation

    Agents can thus enhance the efficiency of the collection procedure and use their time more efficiently by focusing on customers with a high probability of payment.

  • Augmenting Agents: A live collector is only assigned to handle complex calls or requests made by the customer. As a result, a significant number of calls are dealt with by the Voice AI platform, which generates considerable benefits and enables the live collector to concentrate on more critical tasks. Escalated calls are accompanied by conversation summaries, allowing the collector to pick up where they left off. Also, the Voice AI solution has consistent outreach, connecting the right person at the right time and reducing the low-value workload of the agent significantly.

  • Cost of Collections: Scalable consumer conversations at a fraction of cost allow the collection agencies to process a significant fraction of their portfolio hitherto left unprocessed because of cost and agent bandwidth constraints.

Is Conversational AI for Everyone?

This technology is suitable for any agency, regardless of its size. Here are some parameters to understand the nature of this technology:

  • Ease-of-use: The solution can be managed without involving any team members from the agency, as it is user-friendly and does not require coding.

  • Integrations Capabilities: The solution's versatility allows for easy integration of multiple third-party systems, including payment gateways used by collection agencies, CRMs, and other operational systems, without disrupting normal organizational operations.

  • Compliance: The technology helps collection companies improve compliance with Reg F. and all other regulations, primarily because the Voice AI does not deviate from the scripts and provides accurate information to the consumers, minimizing, thus, the probability of litigation. Also, updating the solution for any changes in the regulations is effortless, thus further preventing any possibility of litigation.

Accelerate Recovery with Conversational Voice AI

Several pioneers are reimagining their businesses using Voice AI as the industry sets off on a wave of transformation.

Collection agencies can handle more debt with the same staff, and their improved agent abilities allow them to increase their collection success rate. Additionally, accessing all accounts in just minutes aids in faster debt collection.

Would you like to explore the future of debt collection with Voice AI? - Speak With Our Conversational Voice AI Expert.


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