The costs of maintaining a traditional debt collection department are increasing, and the employees in these positions often face a negative reputation among debtors. For this reason, companies are seeking alternatives to traditional call centers. It turns out that artificial intelligence can help employees optimize processes and provide excellent support in their daily tasks.
One of the tools capable of handling incoming and outgoing calls in real-time is a bot. Its capabilities don’t end there; the bot can also negotiate with the customer. Users are increasingly recognizing the potential of computer programs supported by voice technology and artificial intelligence. A voice assistant is ideal support for many companies.
What processes can a bot automate in debt collection?
There are many processes and ideas for automation in debt collection, but their implementation largely depends on business needs and the capabilities of the company. This task should be approached gradually, without implementing every possible change at once. Deploying voicebots and chatbots requires time and testing to improve their performance and effectiveness.
The capabilities of a voice assistant are numerous, including:
Verifying caller information
Checking the consumer’s case status, such as the outstanding amount and reason for the debt
Presenting debt repayment options
Collecting debtor declarations regarding payments
Reporting collected information and data
Transferring the call to a phone consultant for more complex matters
Rescheduling a call for another day
Benefits of voice bots in debt collection
The biggest advantage of voice bots is supporting hotline employees, allowing them to engage in more creative tasks with the help of voicebots. The bot can not only maintain the current standard of customer service but even improve it. This is because the wait time for a call is reduced, and customers are satisfied with the quick service.
Introducing voice bots into a company does not necessarily mean layoffs for employees. Bots are primarily intended to assist them. The greatest value they bring is relieving the call center team of routine work, unpleasant and repetitive tasks, and less creative responsibilities. Voicebots excel in situations where empathy and creative solutions are not necessary, focusing on less complex tasks and those requiring decision-making. They work well in hotline operations, answering frequently asked questions. If you’re wondering how process automation can improve results in your company, the first step is to consider how to divide tasks between the voice bot and human employees.
Automating debt collection positively impacts process optimization, improving team efficiency and productivity while reducing costs. These savings allow for lower incoming and outgoing call rates. A voice chatbot provides not only assistance but also effective execution and a better customer experience.
Automatic Speech Recognition (ASR) - how voicebots work
Automatic Speech Recognition (ASR) is designed to recognize speech by a computer program. It is an interdisciplinary field that combines computer science and linguistics knowledge. The main goal of ASR is to develop technology and methodology that enables computers to recognize human speech and translate it into spoken language. In practice, voice bots, especially ASR, can convert sentences spoken by humans into text.
The recognition of human speech by artificial intelligence is achieved using a Text-to-Speech (TTS) synthesizer, which converts text back into speech. When combined with Speech-to-Text (STT), they form a cohesive ecosystem that allows computers to decipher human speech and generate responses through a voice interface.
Natural Language Understanding (NLU) is another step in the operation of bots. It determines what the computer learned from the user’s spoken words, recognizing their meaning and context. NLU is considered a challenging problem in the field of artificial intelligence.
What is the purpose of a voice interface?
A voice interface is a crucial element that influences the development of positive brand experiences. Its purpose is to communicate with a device using natural language. Advanced voice interfaces are capable of engaging in conversational exchanges and even conducting interactions that resemble human-human conversations. Their capabilities go beyond simple command execution, and the more advanced the interface, the better it is at building positive experiences with the company.
Voicebots and chatbots reduce debt and improve customer service
The use of phone bots has expanded across various industries, including medical, banking, and tourism. Will bots also be effective in virtual debt collection?
Voicebots and chatbots offer numerous possibilities in customer service processes. They make contact center work more efficient by streamlining monotonous tasks that were previously handled by humans. Modern voicebots effectively assist customers, easily respond to inquiries, and can even engage in natural conversations.
One advantage of bots is their real-time operation, regardless of the time or day. Customers appreciate the assistance of voice assistants in contact centers because they are not required to wait for a connection and can receive prompt responses, even on holidays.
The popularity of voicebots and chatbots continues to grow. Both companies and users are opting for artificial intelligence support. Studies show that customers are more likely to choose a voice assistant over conversing with a human.
The cost of implementing artificial intelligence may appear high. However, it is important to remember that introducing a bot into call center services can reduce costs and lead to savings throughout the organization. With the help of voicebots and chatbots, your company can achieve multi-level growth. Firstly, it will be recognized as more innovative and modern, and secondly, employees who previously handled repetitive tasks can focus on improving their skills in more creative assignments. The combination of these two factors leads to development and, consequently, better results.
How does the debt recovery process work with bots?
To initiate the debt recovery process using a bot, only a person who enters the invoice data into the system is required. There is no need to involve individuals with specific expertise; anyone familiar with computers can handle it.
The first step where a bot can assist in debt recovery is by entering the debtor’s information from the invoice. This information is manually inputted and directly loaded into the system. The next step involves selecting the debtor type, entering the phone number, and the current email address. Typically, artificial intelligence requires additional information about the basis for debt collection, the amount, and the payment deadline.
Once all the necessary information is entered into the system, it is time to activate the bot and observe how it performs the task.
The debt collection bot starts by sending reminders to the debtor, either through email or SMS. If this approach does not yield results, it continues internally established procedures according to a predefined scenario.
Why does the lack of empathy make bots more effective?
Negative emotions, stress, and tension are often part of a debt collector’s daily work routine. Conversations with clients can be difficult and emotionally taxing for consultants, and stress can hinder their effectiveness.
The lack of empathy in a voicebot designed for customer service in debt collection makes it an effective tool for supporting employees. It operates quickly, efficiently, and without unnecessarily prolonging conversations. A voicebot does not succumb to emotions during the debt collection process because it is incapable of experiencing them. It effectively follows procedures and remains unaffected by promises. As a result, it achieves its intended goal quickly.
A voice assistant brings benefits in many aspects. It improves company performance, enhances customer experience, enables employee development, relieves them from repetitive tasks, and swiftly achieves its objectives. It enhances a company’s image and allows employees to focus on more complex assignments, fostering creativity.
Swift handling of inbound and outbound calls
The biggest inconvenience for customers is the time they have to spend on hold, waiting to be connected to a consultant. The longer they stay in the queue, the worse their emotions become. Wasted time makes the customer feel undervalued, and their inquiry may seem insignificant.
The problem of staff shortages is affecting more and more contact center companies. This is another reason why customers may be forced to wait even longer for assistance. Even with a sufficient number of people in the team, they often can’t handle all incoming calls. Humans have limited capabilities in this regard, as they can only handle one call at a time, unlike a voicebot that can handle countless calls.
Debt collection from contractors is a difficult and mentally exhausting job. The employees’ greatest ally is their emotions, which often overpower them during challenging conversations. This lowers their effectiveness and hinders the achievement of their intended goals. Frequently repeated questions from customers do not help improve the image of this job position. Debt collection appears to be a difficult, monotonous, and stressful occupation.
If your company is struggling with these problems, introducing a voice assistant into your offering can be a good solution. Despite the high implementation costs, a properly implemented bot will bring significant savings. In addition to the financial aspect, it will contribute to improving the brand’s image, enhancing customer experience, and automating and optimizing processes. It will have a positive impact on employees, who will find an invaluable assistant in the bot, enabling them to perform more complex and creative tasks than before.
All these actions will benefit the overall business and allow your company to grow in the right direction.