Imagine the following: you have two databases, in one are all those customers with high-level financial loans, and in the other all the customers with low-level financial loans Which ones would you call first to carry out your collection strategies?
Surely, these are situations that you face every day and it is very likely that you will give priority to those with much higher amounts, but the reality is that with the implementation of artificial intelligence in your collection processes you don't have to choose.
Thanks to AI, financial organizations that manage call centers or have collection houses to carry out these processes have at their fingertips a revolutionary, comprehensive and transformative tool that can completely change the dynamics of interactions with customers and, therefore, the success in portfolio recovery.
In this context, How can AI not only improve operational efficiency, but also generate substantial value in the area of collections? In this article, we will explore in detail the various ways in which artificial intelligence can transform billing management in your call center, providing innovative solutions to face contemporary challenges, strengthening the relationship with your customers and leading you through intelligent collection.
Why does AI accelerate portfolio recovery processes?
When we approach the different collection processes, it becomes clear that the key to successful management lies in anticipation and agility in interactions. With this in mind, preventive collection becomes an essential pillar. This is where artificial intelligence brings significant value, offering an exceptional capacity to carry out preventive campaigns in a massive and efficient manner. Why?
1) For the ability to call many contacts in a short time. When it comes to collections, time is a precious resource, and the speed of portfolio recovery translates into a healthier financial flow. Artificial intelligence, in this sense, is presented as an invaluable ally, offering the ability to call 7X times more people than human agents. This approach not only accelerates recovery, but it also optimizes the time of human agents, allowing them to focus on cases of greater complexity and value.
2) By automating calls, WhatsApp payment reminders and managing conversations simultaneously. This eliminates the need for manual processes, allowing interactions to be more direct and efficient. In the same way, they allow you to deliver a multi-channel experience with fast and consistent communication.
3) Because the ability to negotiate and close payment agreements without sentimentality allows artificial intelligence to excel in quickly and effectively resolving low-complexity cases. In addition, they are available 24/7 and maintain the best mood since they are not affected by external factors.
4) Because it reduces waiting time, it better identifies the behavior of your customers and identifies new data to continue improving your service and making informed decisions based on data analysis.
In addition, by freeing human agents from repetitive tasks, AI allows for a more strategic approach to managing overdrafts, where greater negotiation skills and understanding are required.
But this doesn't end here, artificial intelligence allows you to automate and optimize your collection processes thanks to other features.
Other benefits of collecting with artificial intelligence
Predictive data analysis: AI has the ability to analyze large amounts of historical collection data to identify patterns and trends. This helps predict which customers are most likely to make payments and when. By anticipating customer behavior, call center staff can focus more on the accounts most likely to be successfully resolved.Sentiment analysis: Analyzes verbal and written interactions between collection agents and customers to assess tone and sentiment. This allows supervisors to identify areas for improvement in communication and provide feedback to agents to improve the customer experience. These first two points are part of a technology called speech analytics. Do you want to know more about it? Find all the information here Beyond words: the strategic value of Speech Analytics in your company
Customer Segmentation: based on your payment behavior, credit history and other variables. This allows collection strategies to be customized to fit the specific needs and preferences of each segment, increasing the likelihood of success.
Chatbots and virtual assistants: AI-powered chatbots can handle routine tasks and basic customer inquiries, freeing up call center staff to address more complex problems. Chatbots can also track payments automatically, send payment reminders via WhatsApp, provide balance information, and help establish payment agreements.
Process automation: The automation of repetitive tasks, such as updating customer records or sending payment reminders via WhatsApp, email or calls, reduces manual workload on call center staff. Not only does this increase efficiency, but it also reduces the possibility of human error.
Risk Scoring Systems: artificial intelligence has the ability to assess customer credit risk and assign risk scores based on various factors. This helps collection agents prioritize their efforts on customers who are most likely to default.
Real-time training and support: provides real-time assistance to agents during calls, offering suggestions on best trading practices and providing relevant information about the client's financial situation.
Before you finish reading this article, there is one very important factor that we want to highlight: although artificial intelligence provides us with efficiency and speed, let's not lose sight of the human touch that is still essential. Technology empowers us, but the art of relationships remains an irreplaceable factor. As part of the evolution towards intelligent collection, let's remember that, behind every debt, there is a story. Each customer is unique, with their own circumstances and challenges. Conversational artificial intelligence helps us accelerate processes, optimize resources and recover portfolios more quickly, but at the end of the day, empathy and understanding are still the most powerful tools for building lasting relationships.
So, as we embrace the future with cutting-edge technology, let's also embrace the opportunity to humanize our interactions. In a world driven by data and algorithms, let's remember that the essence of intelligent charging isn't just in numbers, but in the people behind them. Let's make smart billing an experience that leaves a positive mark every step of the way!
