Generally, companies use different contact center solutions for collections. However, the actions and tactics implemented are not always the most effective. This is where the partnership between humans and robots, to optimize the recovery in the contact center, plays a vital role.
Therefore, the use of automation solutions in the Contact Center integrated with artificial intelligence tools facilitates the implementation of innovative strategies for recovery management, providing the segmentation of debtors and the design of the process in a personalized way for each of these segments. It also increases the debt payment ratios, allowing recoveries in smaller amounts and with greater volume. All this, in alliance with the agents, for a perfect complement in the process. An ideal coalition for the optimization and automation of the recovery.
To better understand this issue, we invite you to watch this Webinar, recently held with one of our partners in South Africa, where we show you the benefits of this technology for debt collection management. As well as the barriers you can unlock now by implementing it and how to start using it today.
Current market situation
Now, with the demonized “new normal,” great changes have emerged in our daily routines. The combination of all these elements – the increase in debt, the slowdown in the economy, and the breakdown in routine – means that many people need a few nudges and reminders about their outstanding debts. Undoubtedly, this situation has generated that a great part of the consumption in the homes is supported by the debts and not by new incomes.
This is evidenced by this fact. The accumulation of debt of low- and middle-income countries worldwide, exceeded $ 8 trillion dollars at the end of 2019 and continues to increase, according to the International Debt Statistics 2021. As of January 2020, 44% of the least developed countries and other low-income developing countries were already in high-risk or over-indebted debt situations
Likewise, according to the United Nations, the situation of COVID19 has not only affected low-income countries. Middle-income countries, home to 75% of the world’s population and 62% of the world’s poor, are very vulnerable to a debt crisis, loss of access to markets, and capital outflows.
On the other hand, countries like Switzerland, Denmark, Norway, Canada, and the Netherlands are the countries where households are most indebted in the world in relation to GDP, however, where the debt has grown the most in recent years is in China, according to a report by the newspaper El Confidencial.
Well, today the world is at the highest point of debt in its current history.
How can companies recover more debt quickly and effectively? By automating processes!
The automation of processes and services plays a decisive role in increasing results by optimizing the required resources. Therefore, it is essential to have a technological solution that allows an optimal balance between operational costs and generated income.
Without a doubt, automation in the contact center speeds up and makes recovery processes more efficient. This allows you to reduce the number of calls handled by agents by 10 to 15%.
Likewise, automation and the possibility of self-management, increase the debt payment ratios, by improving the debtor’s experience, who does not have to talk to a person and feel judged.
In this way, the design of a strategy executed with the help of innovative tools is key to optimize recovery management. This is where the alliance between humans and robots will allow you to take this process to the next level.
Humans and Robots, the perfect partnership
Certainly, one of your main challenges is to manage to collect the overdue portfolio, no more than 30 days, in the shortest time possible. For this, you seek to implement innovative strategies and technological tools for contacting, negotiating, and complying with payments. Well, this is where technology will allow you to automate the collection management processes. Make the recovery faster and much more efficient.
With the implementation of a robot in your recovery strategy for small debts, you will increase useful contact by up to 25%, achieve up to 1000 automatic calls per hour, and even, implementing this technology, you will reduce operating costs by 20%. Without a doubt, it is the best option for the recovery of small debts.
The objective finally, is that the agents can be dedicated to more complex tasks and of greater value, while the robot is dedicated to the collection of small debts, which supposes many interactions and little Return on the Investment (ROI).
Collections Virtual Agent
It is a virtual assistant for collections, which drastically optimizes these processes. This innovative tool automates the process and management that takes place between the company and the debtor, emulates the experience given by an agent, follows the same business rules, and uses the same incoming and outgoing contact channels (voice, SMS, email, webchat, and mobile applications) allowing to optimize management processes and make debt recovery more profitable, efficient and productive.
Collections Virtual Agent not only automates debt collection. It enables it through natural and completely secure interactions, through the debtor’s preferred communication channel, and guarantees total satisfaction and excellence in the service provided.
Benefits of Collections Virtual Agent
- Reduces operating costs in the contact center
- Increases the efficiency of the collection process
- Increases productivity by optimizing agent management times
- Adapts the recovery process to the type of service, depending on the quality of the debt
- Multi-channel processes based on business rules, customer profiles, industry requirements, and security standards
In short, this technology is designed to optimize processes and collection management. As well as to facilitate payment, eliminate complexity, and reduce operational costs. In other words, to automate and make more efficient all this process, allowing agents to get involved in more complex activities that require 100% of their attention and leaving the robot for the process of recovering smaller debts, but in greater volume.
If you want to download the brochure and see more information about this and other specific recovery tools, you can do it here.