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How to improve Debt Collection with Artificial Intelligence?

by: Jeffery Hartman

· Intelligence,Artificial,AI,Debt Collection
How to improve Debt Collection with Artificial Intelligence?

If you’re a debt collection agency, you must already be aware of the fact, that frontline live agents form one of the core parts of your organization. The productivity of your live agent team is directly correlative to the revenue of your company. Since the frontline live agents are very key to the success of your debt collection organization, it is very important to manage this department with high significance.

However, if you’re highly dependant on the performance of agents, you may have to face substantial amounts of risk at the times of peak seasons. Here, the introduction of artificial intelligence can really help you by leaps and bounds. With Intelligent Virtual Assistants, the emulation and automation can be achieved with ease. Traditional SMS, interactive voice response systems over the phone, automatic chatbots are some of the methods that are being implemented with AI in the debt collection industry.

 

With the implementation of AI, you can automate self-servicing procedures for the customers, especially in the non-revenue generating spectrum of your services. Collection agents usually get a lot of inbound calls from the customers, among several are contacting for queries like updating their account information, making a payment, and many more. Automating such processes with AI can really save the agent’s productive time.

 

AI can also help you in deploying virtual assistant channels through which you can reach out to your customers through several mediums such as outbound calling, SMS, etc. Such practices can help you in automating the processes such as collecting the payment information, arranging payments, and several more. Customers across the country have already been receiving these automated services backed by AI in a very welcoming manner.

 

Not only the customer interacting, but AI can also help you in automating the transactions partially. As soon as a customer agrees to make a transaction, the AI backed virtual assistant can capture the credit card information and then transfer the information to and fro between a live agent and the virtual assistant.

 

With the growing trend of AI in the debt collection industry, it’s a high time for you to make a decision to implement the seamless artificial intelligence to increase the productivity of your debt collecting department.

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