From reminders to final payments, automated debt collection platforms manage the customer journey workflow.
When it comes to talking about their debt to creditors, people prefer to be contacted via their preferred digital messaging channels, like Web Chat, and opt-in messaging like SMSs and WhatsApp. They also respond better when the messages are personalised and delivered in a conversational tone.
Through Machine Learning, the software learns to understand human language and how best to respond, and these sophisticated AI chatbots can recognise entities (such as dates), context and intent, and then answer meaningfully in a two-way conversation.
AI collections chatbots are faster, less error-prone and less expensive than using only live agents for debt collection. For more on automation, have a look here: Automation and Customer Engagement: Why it Works for Contact Centres
Although digital assistants can deal with up to 70% of customer engagement tasks, there are times when the customer needs to talk to a live agent. Automated debt collection software will route a person to an agent if needs be, or once the more straightforward tasks like ID&V are taken care of.
Integration allows for data-rich conversations which increases accuracy and personalisation as useful data such as account history and payment status can be accessed in real-time.
By keeping a record of all customer engagement, the debt collection software keeps companies audit-friendly.
See here how automating your debt collection results in measurable upticks in agency and operational efficiency which can be seen in real figures, such as an increase of daily closed conversations to 300+ per agent.