Step by step to implement artificial intelligence in your collection processes

In less time than we thought, the use of artificial intelligence multiplied exponentially and today it is very likely that we will encounter at least one of these technologies in our daily lives. For example, at your bank. Practically, it is no longer necessary to go physically to financial institutions to carry out any procedure.

The implementation of chatbots or voicebots has made all of these processes easier. Making transactions, scheduling payments or monitoring your accounts is just a matter of a few clicks. All of this and more is possible thanks to conversational artificial intelligence.

However, if you came to this content, it is because you are interested in knowing more in depth everything that AI can offer you in terms of collection, from the most basic to the most complex and innovative. So, let's go step by step, keep reading and, when you're done, you'll either leave wanting to do more research or contact our Vozy agents to begin your implementation process. Let's get started!

What are chatbots and voicebots?

Before learning about any aspect of artificial intelligence in collections, you need to be very clear about these two concepts:

According to the Hubspot blog, a voicebot is a software that combines natural language processing and artificial intelligence to engage in conversations with other people, fluidly and with an agile response capacity that adapts to the reactions of your interlocutors.

Both terms basically have the same definition, but the difference is that chatbots are set up for text channels and voicebots are set up for audio channels.

But, if your intention is to learn more about the true foundations of artificial intelligence, you can enter here >> Origin and types of conversational AI, with this content you will really know what is at the heart of artificial intelligence.

What we came for! What is the step-by-step approach to implementing conversational artificial intelligence in collection?

Step 1:

Analyze the current context and see where the market stands. This analysis will give you a clear view of your current situation and will help you identify specific opportunities and challenges that AI can address.

In this context, some of the questions you should ask yourself are:

• What methods and tools are you currently using for collections?
• What are your success rates in debt recovery?
• What challenges do you regularly face in this process (for example, high delinquency, low response rate, long recovery time)?
• Where are the biggest bottlenecks occurring?
• How much time and resources are being allocated to these processes?
• Is your competition using artificial intelligence technology in their collection processes?
• What results are you getting with these technologies?
• Are there case studies or examples of success that you can analyze?
• Does your company have the necessary technology to integrate AI solutions?
• Are you ready to train your team in the use of new tools and processes?

This initial step is crucial to ensure that the implementation of AI is effective and beneficial to your company.

Step 2:

Understand the benefits that AI brings to the industry. This knowledge will not only allow you to visualize the positive impact of AI, but also to clearly communicate its advantages to your team and Stakeholders.

Some of the benefits we can mention to you are:

• Speed at the level of contactability
• Optimizing the time of human agents to deal with highly complex cases
• Fast and effective resolution of low-complexity cases
• Decrease in waiting times
• Predictive data analysis
• Sentiment analysis
• Segmentation of customers based on their payment behavior, credit history and other variables.
• Automating processes such as customer registrations or sending reminders
• Assessing customer credit risk and assigning risk scores based on various factors
• Minimizing human error

Knowing these collection benefits will allow you to design an implementation strategy that maximizes the positive impact of artificial intelligence on your processes.

Step 3:

Take into account ethical issues in implementing AI. As a business leader, it's critical that you take these aspects seriously to ensure that technology is used responsibly and fairly.

• Personal data protection: ensure that all data collected and processed is protected with the highest security standards. This includes the use of encryption and controlled access to information.
• Regulatory compliance: Verify that your AI implementation complies with all data protection regulations. Stay up to date on any changes to these laws and adjust your practices accordingly.
• Explanability of decisions: AI models must be able to explain why they make certain decisions. This is crucial to gain the trust of users and to allow human intervention when necessary.
• Transparency in the use of AI: Inform your customers about the use of AI in your collection processes. This includes explaining how your data is collected and used and what steps are taken to protect your privacy.
• Bias assessment: AI models must be reviewed and trained to minimize any type of bias. This includes reviewing training data to ensure that it does not reflect historical or social prejudice.

Step 4:

Identify opportunities in your company for AI. Finally, based on all of the above, it defines specific use cases where conversational AI can be applied:

• Reminder automation: Use chatbots and voicebots to send automatic payment reminders or notifications of overdue debts to improve the timeliness of payments.
• Query and Dispute Management: Implement conversational assistants to manage common queries and resolve disputes efficiently, freeing up human personnel to handle more complex cases.
• Predictive analytics: Apply AI to analyze customer behavior patterns and predict potential breaches, allowing your team to act proactively.
• Credit risk assessment: AI can help assess the credit risk of new customers or those who request credit extensions, analyzing payment histories and other relevant data to make informed decisions about approving or denying additional credit.
• Real-time support for billing inquiries: such as explaining details of an invoice, resolving minor disputes, or clarifying specific charges. This improves the customer experience and speeds up problem resolution.
• Verification of customer identity: quickly and securely. This includes verifying personal information through security questions or multifactor authentication.

Identifying and taking advantage of opportunities for implementing AI in collection improves the efficiency and effectiveness of collection processes, while positioning your company at the forefront of technological innovation. By focusing on the areas with the greatest potential for impact and developing a strategic plan for their implementation, you maximize the benefits of artificial intelligence and transform your business for the future.

Are you interested in continuing to learn about conversational artificial intelligence in the world of collections? Click here >> Smart billing or keep browsing our blog to delve deeper into the wonderful world of AI.

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