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24.02.21

Robots and debt collection: Can the revenues be increased 5x within 30 days?

Debt collection is a stressful topic-for both lenders and customers. We all know-lenders know- within the industry, it is the massive overhead. Till money is around, the debt collectors will be around too- let’s say forever. Tough guys, well-dressed, intimidating at the doors, holding court warrants, and asking for money- they happen to be a company’s defense or offense front runners. Debt collectors are responsible for bringing in the revenues. Thus, the increment of a company’s income directly depends upon the productivity of the agents.

If we shed light upon the mechanism of the debt collection industry, it has always operated on call-and-respond formula. Collectors locate the debtors and contact them directly. In present times, automated tools are revolutionizing the debt collection industry as they tend to speed up the whole process by removing potential human errors. The worth-mentioning AI tools are automated chatbots, website portal negotiators, interactive voice response systems, and opt-in short message service (texts). Human agents are warming up to the idea of using these automated tools to support their decision-making processes of collections. The real question is are these conversational AI tools even worth the hype? Can they boost the debt collection rate? Let’s find out.

1
Deduction in operational costs:
We don’t say that voice AI robots are human employee replacement tools rather both human employees and bots share a symbiotic relationship. By employing automation for debt collection, major operational costs can be cut back. Voice AI Robots are equally beneficial for consumers and creditors. For the past few years, the increased benefits of automated debt collection have gained the spotlight and now, the debt collection industry is employing AI Robotic technology at an exponential rate. Here is why- you use a program that is much efficient as compared to the human force. An AI Robot can handle around 1500 calls per minute, handle multiple languages, enhances speed and stability, and ultimately, gives conversion rates a much-needed boost.
2
Increase in profitability:
If implemented properly, AI can help in improving productivity as well as profitability. The team of debt collectors and agents, which often is referred to as 'offense', can better manage their time and decisions using such automated tools. Voice AI robots add on scalability and conversion that lets the debt collectors enjoy the innumerable benefits of automation. As the robots handle more calls as compared to the human agents, they organically contribute to the increased revenues and ultimately, elevated profits.
3
Elimination of non-value activities:
No doubt that the conventional debt collection approach has always been time-consuming and expensive. It involves hiring language experts and deploying a studio to record sessions with them to add a 'believability' factor to the calls. The premium voice robot technology utilizes advanced software that not only translates the texts to audio but in a voice and cadence that is indistinguishable from a human voice. Thus, the clients end up believing that it’s the human on the other line that they are talking to. With voice AI, you can even develop a literal voice for your business.
4
Automated recovery:
The debt collection companies can reach the defaulter or delinquents through AI-generated calls, messenger, and WhatsApp bots for the recovery or promise-to-pay calls without any extra human intervention or costs. Voice AI robots are 100 times cheaper than a recovery human team.
5
Improved customer care:
Voice AI helps debt collection companies to have a stronger relationship with their customers. The debt collection companies can enhance the customer care and journey through appropriately handling and communicating with their clients through deploying a personalized 24×7 experience.

Final Words
Thus, it is clear that reassessing the conventional recovery system through AI-based enhancement significantly improves the performance of recoveries. However, still knowing that AI voice robots are indistinguishable from human debt collectors with the added benefits that they are an omnichannel solution, multilingual, scalable, programmed to recognize human emotions, and a self-hosted solution, some of the companies still hesitate in employing this revolutionary technology. Yes, we know that nobody wants to hear from a robot on a call. But this drawback has actually opened door to a gazillion of opportunities that assist debt collectors in outdoing their competitors and skyrocketing their profits.
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